BEVERLY HILLS, CALIF. — 320 North Crescent Drive LLC has acquired a 10,098-square-foot multifamily property, which is located at 320 N. Crescent Dr. in Beverly Hills, for $3.1 million. Hamid Soroudi of Charles Dunn Co. represented the buyer; Soroudi and Cari Widman, also of Charles Dunn Co., represented the seller, MRD Properties, in the deal.
Multifamily
DOWNERS GROVE, ILL. — McShane Construction Co. has completed the development of The Residences at the Grove, a 294-unit luxury multifamily community located at the intersection of Interstate 355 and Butterfield Road in Downers Grove. The 433,932-square-foot property was developed by M&R Development. The property consists of three eight-story apartment buildings featuring 270 residential units and 24 townhomes. The community also features a clubhouse with a reception area, a business center, a kitchen, a fitness center and an outdoor swimming pool. Cordogan Clark & Associates provided architectural services for the project.
COLLEGE STATION, TEXAS — Collegiate Development Construction Services I, LLC, will build Texas A&M University’s new 250-unit student housing project in College Station. TAMU University Apartments, which is being designed to meet LEED Homes Silver standards, will be located on approximately 6.5 acres at University Drive and College Avenue. The six-building community will span 239,795 square feet and will include 293 on-site parking spaces. Amenities at TAMU University Apartments will include a commons area with picnic tables and barbeque grills, bicycle racks and a separate common laundry building. Completion is scheduled for July 2010.
SUGAR LAND, TEXAS — Tradition Senior Living, LP, has plans to develop a full-service retirement community in Sugar Land called The Tradition-Sugar Land. The resort-style project, which will be the first Continuum Care Retirement Community (CCRC) in southwest Houston and eastern Fort Bend County, will feature accommodations for both independent and assisted-living residents. Located off Highway 6 between U.S. Highway 59 and Texas Highway 90A, the gated community will be situated within Lake Pointe Town Center, a mixed-use development in First Colony. Planned Community Developers, Ltd., is the developer of First Colony, which is a 9,700-acre master-planned community in Sugar Land. Amenities at The Tradition-Sugar Land include a fitness facility with an indoor pool, limited-access garage parking, and a wireless emergency response system. Opening is planned for mid-2011.
OMAHA, NEB. — NorthMarq Capital’s Omaha office has secured a $6.1 million first mortgage construction mini-perm loan for Calamar Enterprise Inc. for Woodbridge Senior Apartments in Omaha. The age-restricted, senior-living facility offers 107 apartment units. Gary Rifkin of NorthMarq arranged the 3-year loan, which has a 25-year amortization rate, for the Wheatfield, N.Y.-based borrower.
TULSA, OKLA. — Alliant Capital has completed the $4.8 million refinancing of Executive Series, a 133-unit multifamily community located in Tulsa. The loan includes a 10-year term and a 30-year amortization schedule. Yuri Kletsman of Alliant arranged the loan on behalf of the borrower, Executive Series LLC. The lender was not disclosed.
VICTORVILLE, CALIF. — The Housing Authority of San Bernardino County has acquired a $13.3 million bank note for The Andalusia, a new 168-unit multifamily property located at 13520 Third Ave. in Victorville. At the time of acquisition, 128 units were completed with 90 percent occupancy. The buyer plans to complete construction on the remaining 40 units. The property consists of 42 two-story buildings offering two- and three-bedroom units. Other amenities include a clubhouse and a swimming pool. Anton Qiu of TRI Commercial/CORFAC International brokered the deal.
ST. PETERSBURG, FLA. — The design has been completed for Richman Group’s 156-unit Booker Creek Apartments in St. Petersburg. The property will be constructed on a former mobile home park. Amenities include a 4,300-square-foot clubhouse, a pool and a car care center. Altamonte Springs, Fla.-based Forum Architecture & Interior Design provided architecture services.
CORAL GABLES, FLA. — Miami-based JCON Group Corp. has broken ground on the 36-unit rental townhouse development Villa Majorca for Florida East Coast Realty. The property is located at the intersection of Majorca Avenue and Le Jeune Road in Coral Gables. Bellin & Pratt of Coral Gables designed the project.
LOS ANGELES — New Keap Investments has received a $4.64 million loan to refinance its 98-unit Oliver Cromwell apartment complex. The property, which was built in 1927, is located in the Koreatown district of Los Angeles. The 10-year loan carries a 30-year amortization schedule. Yuri Kletsman of Alliant Capital’s New York City office secured the loan.