DALLAS — CB Richard Ellis Capital Markets has arranged acquisition financing in the amount of $4.5 million for Sycamore Tree Apartments, a multifamily community totaling 96 units at 5051 Lahoma St. in Dallas. The financing was arranged through C-III Commercial Mortgage and terms of the floating rate include a 2-year term, interest only and 85 percent loan to cost. Charles Foschini, Christopher Apone and Christian Lee of CBRE's Debt & Equity Finance and Institutional Group in Miami arranged the financing on behalf of Advenir Inc., a South Florida-based provider of multifamily real estate investment and management services.
Multifamily
PALMER TOWNSHIP, PA. — The 216-unit Woodmont Place at Palmer, located at 100 Woodmont Circle in Palmer Township, is now open. The 19-acre property offers one- and two-bedroom floor plans, a fitness center, clubhouse, walking trails, picnic areas and dog runs. Woodmont Properties developed the property.
DALLAS — McCallum Crossing, a 322-unit multifamily complex located at 7720 McCallum Blvd. in Dallas, has been sold by Newport News, Va.-based Texas McCallum Crossing Partners, Ltd., to Saratoga, Calif.-based MMeadows Crossing LLC for an undisclosed price. The garden-style property features 306 one-bedroom units and 16 two-bedroom units and was built in 1985. Peter Hartnett of Hendricks & Partners' Dallas office and George Deuillet III of its Austin office represented the seller.
HOUSTON — Grapevine-based SQN Realty Finance, LLC, a real estate investment firm formed this past March, has completed its first equity investment in a lender-owned multifamily property called Applewood Village in Houston. The property includes 92 units and is located at 15455 Ella Blvd., less than one-half mile from Interstate 45. It was foreclosed on in 2010 and was being operated by a management company hired by the special servicer. SQN Realty Finance has plans for minor renovations to the property during the next 6 months. Houston-based Mosaic Residential has taken over the management of the property, while AHC Construction, a Houston-based contractor, is performing the renovations. SQN Realty Finance is a subsidiary of New York-based SQN Capital Partners, an alternative investment management firm specializing in direct investments in hard assets. It invests in various property types with a concentration in the major Texas markets and a secondary focus on major markets in the Southwest.
CHEVERLY & FORESTVILLE, MD. — Jason Smith of NorthMarq Capital's Bethesda, Md., office has arranged a $58.1 million floating-rate loan through Natixis Real Estate Capital on behalf of a joint venture between Foulger-Pratt Cos. and DLJ Real Estate Capital Partners. The joint venture will use the funds for the acquisition and repositioning of a 1,107-unit apartment portfolio containing four properties. The properties are the 366-unit Cheverly Terrace and 190-unit Hanson Arms Apartments, located in Cheverly, and the 404-unit Pennbrooke Terrace and the 147-unit Valleybrook Apartments, located in Forestville.
ALEXANDRIA, VA. — The Carlyle Group and AION Partners have selected Bainbridge Cos. to renovate and manage the 570-unit CITYSIDE Huntington Metro, located at 6034 Richmond Hwy. in Alexandria. The $9.5 million renovation will include upgraded amenities, landscaping, interiors and exteriors.
BOYNTON BEACH, FLA. — Marcus & Millichap has sold Easco Apartments, a portfolio of two apartment buildings, totaling 64 units, for $2.4 million. Brandon Rex and Tal Frydman of the Fort Lauderdale office represented the seller, a St. Petersburg, Fla.-based private investor and secured the buyer, a Delray Beach, Fla.-based limited liability company.
CHAMPAIGN, ILL. — Arbor Commercial Funding has secured a $33.62 million Fannie Mae DUS loan for the refinancing of 309 East Green, a 416-unit student housing property located near the campus of the University of Illinois in Champaign. The loan carries a 10-year term and a 30-year amortization schedule. Patrick McNulty of Arbor's Chicago office arranged the loan on behalf of the undisclosed borrower.
NEW HOPE, MINN. — Minneapolis-based Towle Financial Services has arranged $4.2 million in permanent financing for Chardon Court Apartments, a 129-unit multifamily community located in New Hope. The funds will be used by the undisclosed borrower to pay off the bond-financed first mortgage as well as make capital improvements. The non-recourse loan carries a 10-year term and a 5.6 percent fixed interest rate. Peter Austin of Towle originated the financing.
NEW YORK CITY — A 4,762-square-foot, 22-unit retail condominium, located at 456 West 19th St. and Tenth Avenue in New York City, has been sold for $6.55 million. Ronald Solarz, Eric Anton and Eric Weinberg of Eastern Consolidated represented the seller and procured the buyer, a New York-based private company.