IRVING, TEXAS — NorthMarq Capital has arranged $8.68 million in first-mortgage financing for Waterford at Valley Ranch, a 300-unit multifamily community located in Irving. The loan carries a 10-year term with a 30-year amortization schedule, and it was secured by William Haley with NorthMarq's Houston office. The borrower was Waterford at Valley Ranch LLC and the lender was Alliant Capital, a Fannie Mae DUS lender.
GASTONIA, S.C. — Bill Matone of NorthMarq Capital’s Charlotte, N.C., office has secured a $3.06 million loan for the 102-unit Carriage House Apartments. The property is located in Gastonia. Freddie Mac financed the 10-year loan, which carries a 30-year amortization.
OMAHA, NEB. — The Omaha regional office of NorthMarq Capital has arranged a first mortgage for Bennington Hill Apartments, a 129-unit multifamily property located in Sioux Falls. S.D. The $6.5 million loan carries a 10-year term with a 30-year amortization schedule. John Reed of NorthMarq arranged the financing for Bennington Hill LLC through an affiliate, AmeriSphere Multifamily Finance.
MILLBRAE, CALIF. — Marcus & Millichap has brokered the $33.8 million sale of Waterstone Millbrae, a 136-unit multifamily property located 15 miles south of San Francisco in Millbrae. Located at 509 Poplar Ave., approximately 1 mile from the Millbrae Caltrain/BART (Bay Area Rapid Transit) station, Waterstone Millbrae was built in 1971 and was recently remodeled. The property features one- and two-bedroom floor plans averaging 841 square feet and includes amenities such as a swimming pool and spa, a cardio-fitness center and a clubhouse. Marcus & Millichap’s Stanford Jones, Sal Saglimbeni and Phil Saglimbeni represented the seller, Pacific Property Company. The buyer was a private party.
WOODLAND HILLS, CALIF. — San Francisco-based The Swig Company LLC and an institutional real estate investment fund managed by Capmark Investments LP have teamed up to acquire 250-unit The Arbors at Warner Center multifamily community, located in the Warner Center area of Woodland Hills, for $33 million. Investors Property Services will handle the day-to-day property management of The Arbors.
LAWRENCEVILLE AND DECATUR, GA. — Cushman & Wakefield has brokered the sale of two Atlanta-area apartment complexes for $43.5 million. B&M Management purchased the 586-unit Madison at River Sound from an undisclosed seller for $39 million. The property, which is 93 percent occupied, is located at 980 Walther Blvd. in Lawrenceville. Southwood Real Estate purchased the 254-unit Covington Glen from Freddie Mac for $4.5 million. Located at 5816 Covington Highway in Decatur, the property is 70 percent occupied. Chris Span, David Gutting, Larry Orr and Nathan Swenson of Cushman’s Atlanta office represented the buyers and sellers.
TAMPA, FLA. — Northview Realty Group has acquired the 280-unit Lofton Place apartment complex from an undisclosed seller for $16 million. The 17-acre property, which is located at 5412 Deerbrook Creek Circle in Tampa, is 97 percent occupied. Features include a swimming pool, a spa and a fitness center. ARA Finance funded 75 percent of the transaction with a 10-year loan at a 5.66 percent interest rate. Kevin Judd of Apartment Realty Advisors’ Orlando, Fla., office, Dick Donnellan of the firm’s Boca Raton, Fla., office and Patrick Dufour of the firm’s Tampa office represented the seller.
LOS ANGELES — Grubb & Ellis has represented Chinatrust Bank USA in the sale of The Flat, a 206-unit REO apartment conversion that the bank took ownership of in September. Located at 750 S. Garland Ave. in Los Angeles, the property was sold to SA Properties Holding LLC in an all-cash transaction. Grubb & Ellis’ Phillip Sample and Chris Cooney represented the buyer.
TEXARKANA, TEXAS — Johnson Capital has secured $4.86 million in construction-to-permanent financing for a new senior housing facility in Texarkana. The project, which will be known as The Magnolia, will be a 40-bed facility specializing in Alzheimer's care. The loan features a 40-year, self-amortizing term following a 16-month construction period. Paul Mogote of Johnson Capital's Dallas office arranged the loan, which was placed with a HUD-insured loan group and was provided under Section 232 of the Fair Housing Act. The borrower is a first-time developer.
FORT MYERS, FLA. — A partnership among Behringer Harvard Opportunity REIT II, DeBartolo Development and Christian Tyler Properties has acquired the senior mortgage debt associated with the 408-unit Palms of Monterrey multifamily complex from the property’s previous owner. The complex was built in 2001 and is located at 15250 Sonoma Dr. in Fort Myers. Apartment amenities include a clubhouse with a business center, two heated pools, a lighted tennis court and a racquetball facility. The Palms of Monterrey, which started life as a collection of condominium units, will be repositioned as apartments.