BOCA RATON, FLA. — An area real estate firm has sold the 248-unit Eden Condominiums to a joint venture of Priderock Capital Partners and an investment firm managed by URDANG, a subsidiary of BNY Mellon Asset Management. Terms of the transaction were not disclosed. Construction on the Boca Raton property, which features an 18,000-square-foot clubhouse and a pool, started in 2002 and is still unfinished. The buyers plan to complete construction by the end of 2010, converting the condominiums to apartments and renaming the property The Heritage at Boca Raton.
FORT LEE AND MORRIS COUNTY, N.J. — NorthMarq Capital has secured a total of $17.15 million in financing for three New Jersey properties. In the first transaction, NorthMarq arranged $8.9 million in permanent Fannie Mae DUS funds for Hampshire House, a 205-unit, luxury co-op property located at 1590 Anderson Ave. in Fort Lee. The borrower, which consists of trustees, will use the 20-year, self-liquidating loan to retire an existing loan on the property held by an insurance company. Greg Nalbandian of NorthMarq's New Jersey office arranged the transaction through Amerisphere Multifamily Finance. In the second transaction, Nalbandian worked on behalf of an undisclosed party to refinance the loans on two flex properties located in Morris County. The loans are for $4.125 million each and both carry 75 percent loan-to-value ratios. The properties total 173,000 square feet. The lender was a regional bank.
HILLSBOROUGH COUNTY, FLA. — Garrison Developer Group of Florida has broken ground on the 351-unit Preserve at Alafia, the first phase of a $100 million mixed-use project. The five-story luxury apartment complex is located on the Alafia River in Hillsborough County and features 3,000 feet of frontage on a wildlife conservation area. The entire mixed-use development is slated to deliver during the summer of 2011.
CHICAGO — Place/BV Student Housing Fund has closed on the construction loan for the $58.8 million Tailor Lofts in Chicago. Scheduled for delivery in August, the 477-bed Tailor Lofts will serve students of more than 20 Chicago-area colleges and universities. The project features 135 fully furnished units with full kitchens, including dishwashers, private bathrooms and views of downtown Chicago. Amenities include wireless Internet access, plasma televisions and DVRs in each unit, an activity center with pool tables and gaming systems, a computer lab, study rooms, a 24-hour fitness center, a high-pressure tanning dome, and a laundry center and trash chute on each floor. BVP Managers, a joint venture between Atlanta-based Place Properties, an affiliate group of companies and Chicago-based Blue Vista Capital Management, serves as the manager of the fund.
NEW YORK CITY — GFI Realty Services has arranged the sale of a New York City multi-use property for $3 million. Located at 100 Eighth Ave. in Manhattan, the property includes a two-story building and a three-story building that contain two commercial units and three apartment units. The undisclosed buyer plans to complete capital improvements to the property and keep it as a long-term investment. Yosef Katz and Roni Aboudi of GFI represented the undisclosed seller, and Shawn Sadaghati of GFI represented the buyer.
JACKSONVILLE, FLA. — Walchle Lear Multifamily Advisors has represented an undisclosed party in its $1.5 million sale of an apartment complex to a private buyer. The 52-unit Jacksonville property was built in 1964. The Florida-based firm's Erik Bjornson represented the seller in the transaction.
LEBANON, TENN. — Deutsche Bank Berkshire Mortgage has secured a $17.8 million construction loan for the 210-unit Callis Hills Apartments. The Lebanon complex will encompass 11 buildings and feature a pool, a fitness center and a tennis court. The HUD loan is insured by the Federal Housing Administration. The 40-year loan has a fixed interest rate.
ORLANDO, FLA. — Panther Properties Investment has purchased the 306-unit Venue Apartments in Orlando from the FDIC for $26.5 million. The FDIC had acquired the property as part of its takeover of IndyMac Bank. The property, which is located on 27.83 acres, was developed in 2005 by Wood Partners. Features include a fitness room, a media center and a pool. Venue Apartments was first sold in May 2006 for $48 million. Cushman & Wakefield represented the FDIC in the transaction.
AUGUSTA, GA. — Arbor Commercial Mortgage has arranged a $3.12 million loan for the 64-unit Avalon Apartments in Augusta. Fannie Mae DUS funded the 10-year loan. The loan carries a 6.15 percent interest rate and a 30-year amortization schedule.
PHILADELPHIA — Arbor Commercial Funding has secured $4.62 million in Fannie Mae DUS financing for Cloverly Park Apartments, a 52-unit multifamily community located in Philadelphia. John Kelly of Arbor's Boston office originated the loan, which carries a 10-year term, a 30-year amortization schedule and a 6.14 percent interest rate. The borrower was not disclosed.