ST. LOUIS — Opus NW has completed the development of Nine North, a condominium complex located at 9 N. Euclid in the Central West End of St. Louis. The mid-rise building offers units with hardwood floors, 10-foot ceilings, floor-to-ceiling windows, Bosch kitchen appliances, European-style bath features and private balconies. Community amenities include an urban garden area, a pool, a hot tub, a fitness center, a grilling area and perennial gardens.
Multifamily
CHERRY HILL, N.J. — Behringer Harvard has acquired Burrough's Mill Apartment Homes, a 308-unit multifamily community located in Cherry Hill. Situated on 25.7 acres, the property contains 32 two-story buildings. The units comprise a mix of one, two and three bedrooms. They range in size from 835 to 1,450 square feet and more than half contain private garages. Community amenities include a clubhouse with a fitness center, a sauna and a business center. Other amenities include a resort-style swimming pool, a tennis court, a scenic pond, a walking trail and gated access. Behringer Harvard acquired the property through a joint venture between its Behringer Harvard Multifamily REIT I affiliate and PGGM Private Real Estate Fund, which assists large Dutch pension funds with real estate investments. The acquisition price was not disclosed.
PHILADELPHIA — Meridian Capital Group has arranged $2.53 million in non-recourse financing for the refinancing of three Philadelphia multifamily properties. The President, The Bel Air and Chelten Arms Apartments are located at 425, 427 and 500 W. Chelten Ave., and contain a total of 93 units. Josh Gorsky of Meridian's New Jersey office arranged the financing, which carries a 10-year term with a 30-year amortization schedule and fixed interest rates of 5.72 and 5.75 percent. The borrower and lender were undisclosed.
CANYON, TEXAS, AND WEATHERFORD, OKLA. — NorthMarq Capital has arranged a total of $6 million for the refinancing of two Collegiate Station student housing properties. Collegiate Station at Canyon contains 108 units and is located near West Texas A&M University in Canyon. Collegiate Station at Weatherford contains 120 units and is located near Southwestern Oklahoma State University in Weatherford. Robert Hernandez of NorthMarq's Tampa, Fla., office arranged the financing on behalf of the undisclosed borrower. The lender was First United Bank.
WEST PALM BEACH, FLA. — The Grand Isles @WPB has purchased the 103 units at the Grand Isle condominium complex from Grand Isle FL-PFG for $6.15 million. The property is located at 4145 N. Haverhill Rd. in West Palm Beach. The seller had unloaded 217 units of the 320-unit property, but was unable to sell the remaining spaces, which faced foreclosure. Keith Kidwell of Fort Lauderdale, Fla.-based Moecker Realty and Les Byron of Sperry Van Ness represented the buyer.
NORTH BRANCH, MINN., AND FRANKLIN, WIS. — Welsh Capital recently closed on two loans totaling $6.4 million for two commercial properties in North Branch and Franklin. In the first transaction, Welsh arranged $1.5 million in refinancing for a 54-unit multifamily property in North Branch. In the second transaction, $4.9 million in acquisition financing (loan assumption) was secured for a 155,320-square-foot multi-tenant industrial building in Franklin. Additional terms of the transactions were not disclosed.
DAYTON, OHIO — Love Funding’s Washington, D.C., office has secured a $1.4 million loan for the refinancing of Country Brooke, a 107-unit multifamily housing complex in Dayton. The 285,579-square-foot complex consists of six two-and-a-half story buildings and features a playground, picnic areas with grills and laundry facilities. Holly Bray of Love Funding originated the 25-year loan, which carries a 5.55 percent fixed-interest rate, through the HUD 207/223(f) loan program.
MANAHAWKIN, N.J. — The Walters Group is nearing completion for Stafford Park Apartments, an affordable housing project located on Stafford Park Boulevard. Next month will see the completion of two of the five planned buildings at the project, which will bring 46 units online. At full build-out, Stafford Park Apartments will contain a mix of one-, two- and three-bedroom units with rents ranging from $468 to $1,207 per month. Amenities will include a clubhouse with a fitness center and a playground. The project is applying for LEED-Silver and Energy Star certification. Stafford Park Apartments is part of the larger Stafford Park redevelopment project. The retail portion of the project includes Target, Costco, Best Buy, Dick's Sporting Goods and PetSmart. A 565-unit, age-restricted housing community is also being planned.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $9.5 million first-mortgage loan for the refinancing of a 13-story luxury apartment building located in Manhattan, New York City. Situated within the Plaza district, the building contains 68 rental units and four ground-floor commercial spaces. Occupancy was 98 percent at the time of closing. Keith Kurland of the New York City office of CBRE Capital Markets secured a non-recourse loan with a 5-year, interest-only term and a 5.19 percent fixed interest rate. The loan was arranged in-house by CBRE Multifamily Capital, a Fannie Mae DUS lender.
IRVING, TEXAS — Marcus & Millichap has completed the sale of West Wind, a 160-unit apartment community located in Irving. The property, which is situated at 1306 N. Nursery Rd., was constructed in 1980. Will Balthrope and Ryan Epstein of Marcus & Millichap's Dallas and San Antonio offices represented the seller, an undisclosed partnership. The pair also represented the owner, an undisclosed limited liability company. The acquisition price was not released.