EAST NORRITON, PA. — Jenkintown, Pa.-based Scully Co. is nearing completion for the newest phase of Dekalb, an apartment community located at 2609 Dekalb Pike in East Norriton. The new phase of the community comprises 72 units in two elevator-served buildings. The residences consist of a mix of one-, two- and three-bedroom units and range from 860 to 1,400 square feet in size. Rents range from $1,275 to $1,695 per month. The first phase of Dekalb was built more than 40 years ago.
CORPUS CHRISTI, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $13.9 million in Freddie Mac funds for the refinancing of Alta Bayside, a 270-unit multifamily community located in Corpus Christi. The property is situated on approximately 15 acres at 1701 Ennis Joslin Road. It consists of 10 three-story buildings with an average unit size of 1,088 square feet. Community amenities include a clubhouse, a fitness center, a pool, a sand volleyball court, a game room, reserved boat parking and storage units. HFF's Matt Kafka secured the loan, which carries a 7-year term and an adjustable interest rate. Proceeds will be used to retire the property's existing construction loan. The borrower was Wood Partners.
SAN DIEGO — Apartment Consultants Inc. has brokered the $1.75 million acquisition of a 24-unit studio apartment building located at 1541 8th Ave. in downtown San Diego. ACI’s Terry Taylor represented Scott Smith in his purchase of the property from Ralph Garner, who was represented by Allan Frostrom of Mission George Realty.
SARATOGA SPRINGS, N.Y. — Albany, N.Y.-based Omni Housing Development has completed the first phase of the $18 million renovation of Embury Apartments, a 192-unit senior housing community located in Saratoga Springs. Phase I saw the completion of renovations to the East Tower, one of the community's two 14-story residential towers. Construction included asbestos removal, replacement of all windows and insulation, the conversion of several units for handicapped residents and the addition of ADA-compliant bathrooms. Energy Star appliances were also installed, as was a Wi-Fi hub. The tower will be available for resident occupancy in February. The completion date for the entire project is next summer. CK Dennis Architects is serving as the project architect and MLB Construction is the general contractor. Omni is co-developing the project with Embury Apartments Inc., the property's non-profit owner.
MARYLAND — Deutsche Bank Berkshire Mortgage has provided RREEF with an $86.9 million loan to refinance three apartment complexes in Maryland. The Fannie Mae DUS loan carries a 60-percent loan-to-value ratio and a 10-year, interest-only term. The properties are the 402-unit Huntington at King Farm, located at 801 Elmcroft Boulevard in Rockville; the 258-unit Courts of Avalon, located at 9000 Iron Horse Lane in Pikesville; and the 210-unit Versailles, located at 111 Versailles Circle in Towson.
CHICAGO — Essex Realty Group has brokered the sale of a five-building multifamily portfolio in the South Shore neighborhood of Chicago for approximately $3.25 million. The 153-unit portfolio includes 7800 South Essex, 7801 South Essex, 7800 South Kingston, 7801 South Kingston and 7545 South Yates. David Goss and Jon Morgan of Essex Realty brokered the transaction. The buyer and seller were not disclosed.
SAN ANTONIO — Houston-based Cambridge Development Group has opened The Preserve on Fredericksburg, a 376-unit luxury apartment community located in San Antonio. Situated on 25 acres at 10422 Huebner Road, the project was designed by Dallas-based Humphreys & Partners utilizing the architect's Big House prototype, which places 10 to 14 units in a building that resembles a single-family residence. The Preserve will contain 35 such buildings with a mix of one- and two-bedroom units as well as private parking garages built into the structures. Community amenities include a clubhouse that features a trophy room, a fitness center, a business center, a gourmet kitchen and a conference room. Additional amenities include a two-level, outdoor swimming pool with a waterfall and oversized hot tub; an outdoor fire place; a California kitchen; a cabana and two dog parks. Sustainable features of The Preserve include energy-efficient windows, Energy Star-rated appliances, native landscaping and water conservation measures. Dallas-based CF Jordan served as general contractor for the project. Leasing and property management services are being provided by San Antonio-based The Lynd Company.
LAURINBURG, N.C. — Meridian Capital Group has arranged a $4.5 million loan for the 154-unit Plaza Terrace Apartments in Laurinburg. Alliant Capital financed the 10-year loan, which carries a 5.53 percent fixed interest rate. Mike Brown and Noam Kaminetzky of the Meridian’s Boca Raton, Fla., office secured the loan.
CHARLOTTE, N.C. — Charlotte-based CampusWorks is set to build The Flats at Mallard Creek, a 131-unit, 386-bed off-campus student housing development to serve students at the University of North Carolina at Charlotte. Located at Mallard Creek Church Road and Bonnie Cone Lane, the project is slated for completion in time for the 2010 academic year. CampusWorks has partnered with a Florida-based developer for The Flats at Mallard Creek, marking the third asset CampusWorks has provided construction services for in the UNCC market. Other projects include University Village and University Club.
MANITOWOC, WIS. — Berghammer Construction Corp. has completed the construction of the first phase of St. Mary’s Felician Village campus renovation and repositioning. Located in Manitowoc, the campus offers assisted and independent living options, skilled nursing and rehabilitation as well as activities and other amenities for senior citizens. The first phase of the project included the demolition of several existing structures on the 22-acre campus, and the construction of a new community-based residential facility, a 20-bed rehabilitation household and the Village Square building. Construction is currently under way for the second phase, which includes the development of a 64-bed skilled nursing facility and a 16-unit residential care apartment complex. Completion of the second phase is slated for August 2010. Eppstein Uhen Architects is providing architectural services for the three-phase project.
