MOUNT PLEASANT, S.C. —CNL Macquarie Global Growth Trust and Woodfield Investors have entered into a joint venture to build a 258-unit, Class A multifamily residential development on 32 acres in Mount Pleasant. The partnership purchased the raw land for $3.4 million. Woodfield will manage the construction and development, while CNL Macquarie Global Growth Trust will provide capital, strategic guidance and oversight. Construction will begin in the third quarter this year.
Multifamily
CHARLOTTE, N.C. — Boston-based UC Funding has closed on a $4.7 million acquisition loan on Maple Run Apartments in Charlotte. The loan will be used to purchase the property and to fund a renovation reserve, interest reserve and an escrow for taxes and insurance. The loan was made to an entity controlled by John Lichtman of Boca Raton, Fla.-based Levinson & Lichtman and Bob Nass of Landmasters.
NEW YORK CITY — Broad Street Development (BSD) has acquired the two-building parcel, located at 209-219 Sullivan Street in New York City, for $33 million from The Children's Aid Society. BSD has planned a redevelopment resulting in approximately 60,000 square feet of condominium residences. Helen Hwang of Cushman & Wakefield's NY Capital Markets Group was the sole broker in the transaction.
HOBOKEN, N. J. — Cushman & Wakefield's Metropolitan Area Capital Markets Group has brokered the sale of the 214-unit 800 Madison, located at 800 Madison St. in Hoboken, from Tarragon Corp. to CB Richard Ellis Investors. Cushman & Wakefield initially marketed the property for sale during its construction but the asset was taken off the market in 2009 when Tarragon filed for bankruptcy. The developer emerged from Chapter 11 in July 2010 and Cushman & Wakefield brought the community to the market again.
MYRTLE BEACH, S.C. — The 272-unit Flintlake Apartments, located at 650 West Flintlake Ct. in Myrtle Beach, has been purchased by AVR-525 Associates for $19.5 million. Coastal Apartment Advisors represented the seller, a TIC consisting of Myrtle Beach Tiffany L.P., Myrtle Beach Village South L.P. and Myrtle Beach Wellington L.P.
MACON, GA.; JACKSONVILLE, FLA.; AND KNOXVILLE, TENN. — Southeast Apartment Partners has brokered three multifamily sales. The 188-unit Rivoli Run in Macon sold for $9.85 million to a growing regional investment group. Robert Stickel of the Atlanta office represented the seller. In Jacksonville, the 358-unit Wellington Place Apartments was purchased by Tampa-based Landmark Residential with financing provided by Freddie Mac. Brian Moulder of the Jacksonville office represented the seller, a special assets servicer. In Knoxville, the 198-unit Plantation Manor sold for $9.15 million to Charleston, S.C.-based Chartwell Holdings. Marc Robinson, Joshua Goldfarb and Tyler Averitt of the Atlanta office represented the seller, a special servicer.
DECATUR, ILL. — Marcus & Millichap's National Seniors Housing Group has brokered the sale of Lincoln Manor, a 140-bed senior housing property in Decatur, for $6.5 million. Situated within a half-mile of Decatur Memorial Hospital, the property recently under went a substantial renovation. Mark Myers of Marcus & Millichap's Chicago office arranged the deal. The buyer and seller were undisclosed.
BRIGHTON, MICH. — Bernard Financial Group has arranged a $1.75 million loan for Lexington Manor Apartments, a 120-unit, garden-style community located in Brighton. Dennis Bernard and Kevin Kovachevich of Bernard originated the loan on behalf of Lexinton Manor Apartments LP. The lender was StanCorp Mortgage Investors.
SOMERS POINT, N.J. — Joshua Lipsey of Marcus & Millichap Capital Corp.'s New Jersey office secured a $7.5 million refinancing loan for a 214-unit multifamily property in Somers Point. The 10-year loan has a fixed-interest rate and a 30-year amortization.
LEWISVILLE — The Praedium Group, based in New York City, and Dallas-based Price Realty Corp. have acquired the 362-unit Hidden Creek, located at 1200 College Pkwy. in Lewisville. Hidden Creek offers studio, one-, two- and three-bedroom units as well as a resort-style pool with gazebo and heated spa, a club house, a volleyball court, a fitness center, a billiard room and a business center. John Brownlee of HFF represented the lender, Freddie Mac, in direct negotiations with Praedium and Price Realty.