MIAMI — Carrfour Supportive Housing has received $17 million in financing through HUD's Neighborhood Stabilization Program 2 to renovate three formerly distressed apartment complexes in Miami. Carrfour will renovate 56 units at Harvard House, located at 2020 NE 169th St. The $4.4 million project will begin later this month with completion slated for late 2012. At Hampton Village, located at 4301 NW 29th Ave., the company will renovate 100 units, representing a $6 million investment. Construction will begin this summer and completion is expected in late 2013. Carrfour will also renovate 100 units at Tequesta Knoll, located at 1629 NW 14th Terrace in Miami. Construction for the $5.6 million project has started and will be completed in late 2012.
CHICAGO — Marcus & Millichap Real Estate Investment Services has arranged the $515,000 sale of an apartment building in the Chatham neighborhood of Chicago. The 25-unit property is located at 8125 S. Evans Ave. Anthony Hardy of Marcus & Millichap's Oak Brook, Ill. office and Marc Sommer of the firm's Chicago office represented the seller, a limited liability company. The duo also secured the buyer, a limited liability company.
NEW YORK CITY — A brick multifamily building located at 155 Newton St. in Greenpoint has sold for $2.1 million. The 7,257-square-foot building includes eight apartment units. The units have recently been renovated along with the building's mechanical systems. Mark Lively, Brock Emmetsberger and Brendan Maddigan of Massey Knakal Realty Services represented the buyer, a local owner, in the transaction. They also represented the seller.
HOUSTON — HFF has arranged the sale of the 456-unit Westchase Creek (formerly known as Camden Creek), located at 3000 Woodland Park Dr. in Houston's Westchase District. Craig LaFollette, Todd Stewart, Tre Banks, Chris Curry and Todd Marix of HFF's Houston office represented the seller, Camden Property Trust, in the transaction. The buyer was a joint venture partnership between Allen Harrison Co., Dome Equities and Equity Resource Investments. HFF also arranged a 7-year, 2-year interest only loan through its Freddie Mac Program Plus Seller/Servicer Program. HFF's debt placement team was led by Cortney Cole of HFF's Houston office. Allen Harrison Co. will execute a capital improvements plan for the property, which was 96 percent occupied at the time of the sale.
SAN ANTONIO — NorthMarq Capital has arranged a $22.02 million construction loan and $8.09 million in joint venture financing for the 344-unit Pecan Springs Apartments, located on the northeast corner of UTSA Boulevard and Interstate 10 in San Antonio. John Stewart and William Jackson of NorthMarq's Dallas office arranged the 3-year loan and joint venture partnership through a regional commercial bank and an institutional investor.
SEWICKLEY, WEXFORD PENN. — Cabot, Penn.-based Concordia Lutheran Ministries has purchased two seniors housing communities in Pennsylvania for $7.8 million. The properties include Pristine Pines, a 56-unit community in the Pittsburgh suburb of Sewickley, and a 28-unit community in Wexford. The Sewickley community included the sale of several adjacent acres on which Concordia plans a large expansion. Benjamin Fireston and Jacob Gehl of Marcus & Millichap's Chicago office represented the seller, a private equity fund with offices in New York and Dallas. They also secured the buyer.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has arranged the $700,000 sale of an 8-unit apartment building in Brooklyn. The property is located at 248 Stockholm St. Erik Lundberg of Marcus & Millichap's Brooklyn office represented the seller, a private investor. He also represented the buyer, a private investor.
NEW YORK CITY — Madison Realty Capital has closed a $14.5 million bridge loan for a 90,000-square-foot condominium construction project in Kew Gardens.The project includes 52 residential units, an 8,224-square-foot community center and a 52-space parking garage. The financing provided by MRC enables the borrower to recapitalize and complete the project.
GRAND PRAIRIE — The 164-unit Lexington Apartments, located at 201 W. Tarrant Rd. in Grand Prairie, has been sold. The property is currently 90 percent occupied. Sam Pettigrew of Dallas-based The Cantrell Company & Partners represented the buyer, Lexington Prairie LP, and the seller in the transaction.
CITRUS HEIGHTS, CALIF. – The 124-unit Antelope Woods Apartments in Citrus Heights has received $7,260,000 in financing. The refinance loan includes a seven-year term and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. It was written to a 75 percent loan-to-value with a 1.43x debt-service coverage ratio. The property was built in 1986 and is situated on more than five acres. Financing was provided by Jeff Burns and Verne L. Murray of Walker & Dunlop. The loan was originated by Ron Peters of Preferred Capital Advisors.