OMAHA, NEB. — The Omaha office of NorthMarq Capital has arranged two loans totaling $7.6 million. In the first transaction, NorthMarq secured a $6.1 million loan for Woodbridge Senior Apartments, a 107-unit, age-restricted senior community located in Omaha. The construction to mini-permanent loan carries a 3-year term with interest-only payments during the construction period, followed by a 25-year amortization schedule. Gary Rifkin of NorthMarq arranged the loan on behalf of the borrower, Calamar Enterprises through TierOne Bank. In the second transaction, NorthMarq arranged $1.5 million in first-mortgage financing for a 13,905-square-foot Walgreens pharmacy located in Omaha. Terms of the loan include a 10-year term with a fixed interest rate and a 20-year amortization schedule. Gary Rifkin of NorthMarq arranged the loan between the borrower, BDRE-Lake LLC, and the lender Enterprise Bank.
NEW YORK CITY — Max Herzog and Michael Diaz of CB Richard Ellis (CBRE) Capital Markets in New York City has arranged $6.16 million in financing for 321 Bedford Park Blvd., 2969-73 Briggs Ave., and 1302-04 Rosedale Ave. in the Bronx in New York City. The three multifamily walk-up rentals total 147 units and are part of a larger portfolio. The financing extended to the borrower consists of $4.6 million in permanent mortgages and a $1.56 million line of credit. The non-recourse permanent financing was arranged by a local New York Bank at 5.875 percent fixed rate for a 7-year term with interest-only for 3 years followed by a 30-year amortization schedule. The line of credit was structured at rate of Prime plus 0.5 percent and is collateralized by all three properties allowing the borrower flexibility in using these funds.
ALBANY, N.Y. — Charles Cotsalas of NorthMarq Capital’s Long Island regional office and Ernest DesRochers of NorthMarq Capital’s New York Metro regional office have arranged $2.8 million in first mortgage financing for the Campus View Apartments in Albany. The multifamily property contains 114 units. Financing was based on a 10-year term with a 5-year rate review and a 30-year amortization schedule. The loan was arranged for the borrower, Campus View II Apts., LLC.
SCOTTSDALE, ARIZ. — NALS Arizona, an affiliate of Santa Barbara, Calif.-based Nevins Adams Lewbel Schell, has acquired San Tropez, a 316-unit upscale apartment community located at 2700 N. Hayden Rd. in Scottsdale. Chicago-based BEL-EQR | Limited Partnership sold the property for $29 million. Built in 1989, the community was 93 percent occupied at the time of acquisition. The property features a resort-style swimming pool with spa, sand volleyball courts, a clubhouse and a fitness center. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller in the deal.
ATLANTA — Georgia State University has opened an 87,000-square-foot freshman residence hall at the corner of Piedmont and Edgewood avenues in Atlanta. The $15.7 million property features 107 suites, which can accommodate 325 students. Each room contains cable and Internet connections, and lounges outfitted with a 50-inch television can be found on each floor.
HOUSTON — The Washington, D.C. office of Love Funding has arranged $5.52 million in acquisition financing for Crystal Falls Apartment Homes, a 165-unit multifamily community located in Houston. Constructed in 1984, Crystal Falls contains nine two- and three-story buildings. Amenities include a pool and hot tub, a clubhouse, an exercise room, a laundry room and gated access. The loan includes a 5.35 percent fixed interest rate and a 25-year amortization schedule. It was originated by Love Funding’s Holly Bray, who utilized the HUD 223(f) program. The borrower was not disclosed.
NORFOLK, VA. — Norfolk Housing has obtained a $44 million construction loan for its 307-unit The District at ODU student housing facility, which is slated for completion in June. Located near Old Dominion University and East Virginia Medical School in Norfolk, the four-story property will house 909 students. Amenities include a swimming pool, a fitness center and a computer lab. The loan carries an interest rate of less than 4 percent and will convert to a 10-year mortgage with an interest rate of less than 7 percent when construction is complete. Philadelphia-based NAI Bluestone Real Estate Capital arranged the loan.
WEST PALM BEACH, FLA. — Two Florida-based private investors have sold the 94-unit Haverhill Garden Apartments to an undisclosed Wellington, Fla.-based buyer for $4.26 million. The six-building property is located at 1909 Haverhill Rd. in West Palm Beach. Daniel Cunningham and Derek Gibbs of Marcus and Millichap’s Fort Lauderdale, Fla., office brokered the sale.
ARVADA, COLO. — Foothills Apartments Denver has acquired Apple Creek Apartments, a 219-unit multifamily property located at 9750 W. 59th Ave. in Arvada, for $11.8 million or $53,881 per unit. Built in 1987, the property comprises 19 three-story buildings offering a mix of studio, one- and two-bedroom units. Community amenities include a heated swimming pool, laundry facilities and barbeque areas. David Potarf, Daniel Woodward, Jordan Robbins and Charles LeClaire of Marcus & Millichap represented the buyer and the seller, Apple Creek Housing Associates LTD/Apple Creek 24 LTD, in the transaction.
RAMONA, CALIF. — Tucson, Ariz.-based Ramona Terrace Community LLC has purchased Ramona Terrace Estates, a 218-space manufactured-housing property in Ramona. The property, which is located at 1212 H St., sold for $16 million or $73,459 per space. The 26.79-acre site consists of 218 doublewide manufactured homes. The buyer plans to continue to operate the property as a seniors manufactured-housing community. Jonathan Harrison of Marcus & Millichap represented the buyer; Huntington Beach, Calif.-based All California Brokerage represented the undisclosed seller in the transaction.