PENNSYLVANIA — NorthMarq Capital has arranged $40.43 million in first-mortgage financing for a five-property multifamily portfolio located in southeastern Pennsylvania. The properties, which contain a total of 960 units, are located in Shillington, Camp Hill, Allentown, Lancaster and Sunbury. They are subject to Section 8 housing assistance. The loan carries a 10-year term, a 30-year amortization schedule and was provided by Freddie Mac. David Farrell of NorthMarq's Kansas City office arranged the loan on behalf of the undisclosed borrower.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 24-apartment portfolio located within a 111-unit building at 200 W. 108th St. on Manhattan's Upper West Side. for $7 million. Two-thirds of the units involved in the sale are market-rate. Eastern Consolidated's Deborah Gutoff and Brian Ezratty partnered with Gjon Kalaj of Meridian Real Estate Group to represent the seller, a trustee. George Moss, also of Eastern Consolidated, procured the buyer, 108 Amsterdam Realty Co. LLC.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 34-unit multifamily property located at 1973 Amsterdam Ave. in new York City for $4.3 million. The property was purchased by an undisclosed party at a 6.44 percent cap rate. Peter Von Der Ahe and Scott Edlestein of Marcus & Millichap's Manhattan office represented the seller, a private investor.
LUBBOCK — Holliday Fenoglio Fowler (HFF) has arranged $25.87 million in financing for The Suites at Overton Park, a 298-unit multi-housing community across from Texas Tech's campus in Lubbock. HFF worked exclusively on behalf of the borrower, McDougal Cos., to secure the 5-year fixed-rate loan with Freddie Mac. The Suites at Overton Park is situated on 5.8 acres at 2300 Glenna Goodacre Blvd. Completed in 2008, the four-story property features a parking garage, a resort-style swimming pool, a walking track, a media room, a fitness center and laundry facilities. It is 99 percent leased. The HFF team representing McDougal Cos. was led by Mona Carlton.
LUBBOCK — Walker & Dunlop has provided a $4.1 million permanent refinance loan for Waterside Village, a 185-unit garden-style apartment community built in 1978 in Lubbock. The loan was structured with a 10-year fixed-rate term and a 30-year amortization. Located at 2310 70th St., the community was 91 percent leased at closing.
CHICAGO — Chicago-based Pritzker Realty Group and Atlanta-based TriBridge Residential have create a new joint venture with an initial capital commitment of $75 million. The JV is seeking multifamily acquisitions and development opportunities across the South. It has already acquired property in Austin, Texas and Orlando, Fla.
PROVIDENCE, R.I. — Core Investments/SMC Corp. has purchased the apartment component of a downtown Providence multifamily community from Boston-based WinnCompanies for an undisclosed amount. The transaction involved 231 units within The 903 Residences, a 330-unit property located at 903 Providence Place. The units were 98 percent leased at the time of closing. Constructed in 2005, The 903 Residences features garage parking, a clubhouse, a resort-style swimming pool and sundeck, a fitness center, a business center and a media room. The CB Richard Ellis/New England team of Paul Donahue and Travis D'Amato represented the seller and procured the buyer.
NEW YORK CITY — First move-ins will begin in June for 25 Broad at The Exchange, a new luxury apartment community located in Manhattan's FInancial District. Located at the intersection of Broad Street and Exchange Place, the 20-story building will contain 305 luxury one- and two-bedroom apartments. Amenities include a fitness center with a yoga studio, a residents' lounge, a children's playroom and landscaped outdoor spaces. Monthly rents will start at approximately $3,000. LCOR is developing the project and Rose Associates is leasing it.
WAKEFIELD, MASS. — The Federated Companies has acquired an approved multifamily development in project in Wakefield. The company will begin construction in the next few weeks for Legacy Park Wakefield, a 128-unit multifamily community. The project will comprise two four-story apartment buildings and one three-story townhome building. Units will be in a mix of one- to three bedrooms and range in size from 842 to 2,250 square feet. Completion is expected in the first quarter of 2012.
HOBOKEN, N.J. — Advance Realty has commenced the environmental remediation for its first development project in Hoboken. Willow14 will be a seven-story, 140-unit luxury apartment building that will feature 22,000 square feet of retail space and 376 below-grade parking spaces. The 1-acre site, which is located at the corner of Willow and 14th streets, had previously been used for gas manufacturing and as a auto repair shop. The project, which will begin vertical construction later this year and be ready for occupancy by the end of 2013, will be seeking LEED certification.