JERSEY CITY, N.J. — The 467-unit The Residences at Dixon Mills has started its next phase of redevelopment, which includes the hallways, lobbies and courtyard areas. Nancy Santos, LLC, was the architect for the project and designed each of the five buildings to have their own style through color schemes, artwork and light fixtures that match the old style architecture of the development.
ALPHARETTA, GA. — Chicago-based Waterton Residential has acquired Parc Alpharetta, a Class A, age-restricted, multifamily community in Alpharetta. Located just west of Georgia 400 off Westside Drive, Parc Alpharetta is a four-story, two-building structure containing 210 units and is an active adult (55-plus) community. Constructed in 2008, it offers services and amenities including a fitness center, exercise classes, a library and business center, shuttle services, planned social events, walking paths, a luxury pool and an upscale community room. Parc Alpharetta was acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment venture. It was originally developed by Wood Partners and Parc Communities.
BRADENTON, FLA. — The 336-unit Sawgrass Cove Apartments, located at 4801 47th Ave. West in Bradenton, has sold for $23.2 million to Sawgrass Cove Apartments, LLC, a joint venture between New York-based Atlas Real Estate Partners and Florida-based Andover Real Estate Partners. Amenities include a resort-style pool, tennis courts, fitness center and business center. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando, Fla., office represented the seller, Chicago-based Equity Residential.
FREDERICKSBURG, VA. — Greg Duvall of NorthMarq Capital's Kansas City, Kan., office has arranged first-mortgage financing of $15 million for the 200-unit Greens of Salem Run, located at 5600 Salem Run Blvd. in Fredericksburg. The 10-year financing has a 30-year amortization schedule and was secured through AmeriSphere Family Finance, a Fannie Mae DUS Lender.
WOODBRIDGE, N.J. — Woodbridge-based Helios Capital has completed the acquisition of a $2.69 million non-performing loan for a 30-unit, 18,613-square-foot multifamily building in Manhattan's Upper East Side. Josh Malka of Helios Capital represented the buyer, an affiliate of Brick Realty Capital. The lender was a New York-based bank.
COLORADO SPRINGS, COLO. — NorthMarq Capital has arranged $7.275 million in first-mortgage financing for Sienna Place Apartments, a 312-unit multifamily complex in Colorado Springs. The loan has a seven-year term and a 30-year amortization schedule. Financing was arranged by Northmarq's Daniel Trebil, senior vice president and senior director of the firm's Minneapolis regional office, and David Link, senior vice president and senior director of the firm's Denver regional office. NorthMarq arranged this financing through its seller-servicer relationship with Freddie Mac.
WINTER HAVEN, FLA. — CB Richard Ellis has arranged the sale of the 460-unit Berkshires at Winter Haven, located in Winter Haven, for $12.2 million. The property, which was 90 percent leased at closing, features two pools, a fitness center and tennis courts. Shelton Granade and Luke Wickham of CB Richard Ellis' Central Florida Multi-Housing Group represented the seller in the transaction. Robbins Property Associates was the buyer.
MOUNT PLEASANT, S.C. — Grandbridge Real Estate Capital has closed a $26.8 million first-mortgage loan for Gregorie Ferry Landing Apartments, a proposed 240-unit property located in Mount Pleasant. The 40-year construction and development loan has a 40-year amortization schedule. The loan was funded through FHA's 221(d)(4) loan product and was originated by Mike Ortlip and Josh Davis of Grandbridge's Charlotte, N.C., office. The complex is part of a planned 23-acre, mixed-use development.
ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of a two-building, 23-unit apartment complex located at 510-512 5th Ave. in Asbury Park. Steven Follman represented the seller, 510-512 Fifth Avenue Apartments, Inc., and procured the undisclosed buyer.
KERRVILLE — The Cirrus Group, a healthcare development company, and its development partner McFarlin Group have begun construction on River Point of Kerrville Assisted Living and Memory Care, a senior living community located on Bandera Highway in Kerrville. Upon completion in spring 2012, the property will offer 33 assisted living units and 20 memory care units built on a site with views of the Guadalupe River. The Cirrus Group has developed multiple healthcare properties across the nation with McFarlin Group, including Orchard Park of McKinney in McKinney, Texas.