HILLSBOROUGH COUNTY, FLA. — Birmingham, Ala.-based Prudential Huntoon Paige has secured a $48 million construction loan for Tampa, Fla.-based Garrison Developer Group of Florida's 351-unit The Preserve at Alafia. The luxury apartment complex is located on the Alafia River in Hillsborough County. The five-story project features 3,000 feet of frontage on a wildlife conservation area and is currently 55 percent leased. The Preserve is slated to deliver during the summer of 2011. The complex is being developed with Alafia Crossing, a mixed-use development complimented by a Holiday Inn.
Multifamily
CHARLOTTE, N.C. — GE Capital Corp. has funded a $6.2 million loan for Pfalzgraf Communities 4's 358-unit Casa Del Lago apartment complex. The property is located at 5417 Albemale Road in Charlotte. The loan carries a 12-month, interest-only term. Kevin Jenkins of NorthMarq Capital's Charlotte office secured the loan.
COLUMBUS, OHIO — Scott Paull of NAI Ohio Equities has brokered the sale of Stonegate Square Apartments, which is located at the intersection of Morse and Karl roads in Columbus. An undisclosed buyer purchased the 76-unit multifamily property for $1.47 million or $19,408 per unit. The property was 87 percent occupied at the time of closing and offers one- and two-bedroom units. The seller was not disclosed.
COLUMBIA, MO. — NorthMarq Capital’s Kansas City regional office has arranged $11.75 million in first mortgage financing for Grindstone Canyon Apartments, a 200-unit multifamily complex located in Columbia. Brent Blake of NorthMarq secured the financing, which carries a 10-year term and a 30-year amortization schedule, for borrowers Columbia Apartment Co. and The New Solana Center. The financing was arranged through NorthMarq’s seller-servicer relationship with Freddie Mac.
ST. LOUIS — David Garfinkel and Jeffrey Chaney of NorthMarq Capital’s St. Louis regional office arranged a $7.03 million loan for the Lofts of Lafayatte. Located in St. Louis, the apartment property offers 109 units. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged through NorthMarq’s seller-servicer relationship with Freddie Mac. The borrower was not disclosed.
NEW BRUNSWICK, N.J. — Marcus & Millichap has completed the sale of a 42-unit apartment property located in New Brunswick for $4.68 million. Constructed in 1999, the community contains 27 studios, 11 one-bedroom units and four commercial units. It is situated just outside the campus of Rutgers University. Maz Radwan of Marcus & Millichap's New Jersey office represented the seller, a New Jersey-based developer, and secured the buyer, a New York-based private investor completing a 1031 exchange. The acquisition price was not disclosed.
WEBSTER, N.Y. — NorthMarq Capital has arranged $20.82 million in first-mortgage financing for Webster Green, a 192-unit multifamily community located in Webster. The loan, which was provided by Amerisphere Multifamily Finance through the Fannie Mae DUS program, carries a 10-year term and a 30-year amortization schedule. Sam Berns of NorthMarq's Upstate New York office secured the funds on behalf of the undisclosed borrower.
RALEIGH, N.C. — Alexander Kaushansky of Arbor Commercial Funding's New York City office has originated an $11.2 million loan for Blackwolf Run apartments. The 168-unit complex is located in Raleigh. Fannie Mae financed the 10-year loan, which carries a 5.75 percent interest rate and a 30-year amortization schedule.
CARBONDALE, ILL. — NorthMarq Capital has arranged $22 million in first mortgage financing for Aspen Court, a student-housing complex located in Carbondale. The newly constructed property provides 307 units for the students of the University of Southern Illinois. John Bendon and Jason Kinnison of NorthMarq’s Omaha, Neb., office secured the financing through the company’s seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization rate. The borrower was not disclosed.
OMAHA, NEB. — John Bendon and Jason Kinnison of NorthMarq Capital’s Omaha office has arranged a $3.22 million loan for Crown Park in Omaha. The multifamily property offers 56 apartment units. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac for the undisclosed borrower.