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.
Multifamily
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.
Los Angeles — Behringer Harvard has purchased The Gallery at NoHo Commons, a 438-unit multifamily community built in 2007. Located at 5416 N. Fairview Avenue adjacent to the North Hollywood Metro Station in Los Angeles, the development consists of five four-story residential buildings with amenities including a resort-style swimming pool and spa in a landscaped plaza, a state-of-the-art fitness center, a business center, a social lounge, a recording studio and two five-story parking garages. The purchase price was not disclosed.
Aurora, Colo. — Apartment Realty Advisors (ARA) recently brokered the sale of Highland Point, a 319-unit property located at 16894 E. Arkansas Avenue in Aurora. Chicago-based Redwood Capital purchased the property for an undisclosed price from an unnamed seller, which was represented by ARA’s Denver-based principals Jeff Hawks and Doug Andrews. Built in 1984, Highland Point was 95 percent pre-leased at the time of the sale.
KANNAPOLIS, N.C. — Joel Coykendall of NorthMarq Capital’s Jacksonville, Fla., office has secured a $29.6 million loan for the 312-unit Integra Springs Apartments in Kannapolis. The financing is a 23-month construction loan that turns into a 40-year permanent loan. AmeriSphere Mortgage Finance funded the loan, which carries a 40-year amortization schedule.
NEWARK, DEL. — Student housing developer Campus Living Villages is nearing completion for Studio Green Delaware, a student housing community located at 91 Thorn Lane, near the campus of the University of Delaware, in Newark. The project consists of the approximately $6 million conversion of the former Towne Court/Park Place Apartments, which was first built in the 1950s. The new Studio Green will contain 665 units in a mix of one-, two-, three- and four-bedroom residences. A 10,000-square-foot clubhouse called The Centre will feature a fitness center, an indoor basketball court, a yoga studio, a business center and meeting rooms, a game room, a screening room, an outdoor lounge, and a heated, saltwater swimming pool. Other amenities include on-site tanning facilities, laundry facilities and a bus stop for the university's bus service.
SOUTH PASADENA, CALIF. — Marcus & Millichap has brokered the transaction of an eight-unit apartment property in South Pasadena. Located at 1822 Camden Ave. and 2036 Huntington Dr., the property sold to an undisclosed buyer for $1.8 million or $212.41 per square foot. Priscilla Nee of Marcus & Millichap represented the undisclosed seller; Maurius Jeffrey, also of Marcus & Millichap, represented the buyer in the deal.
MCMINNVILLE, ORE. — Robert J. Lynch and Andrea E. Lynch of Beaverton, Ore., have acquired Brockwood Village in McMinnville for $1.2 million. The 26-unit multifamily property is located at 730 S.W. Brockwood Ave. Grayson Pounder of Hendricks & Partners represented the seller, Layfayette, Ore.-based Patsy L. Roth, in the transaction.
LILLINGTON, N.C. — Dave Keller of Holliday Fenoglio Fowler’s Indianapolis office arranged a loan for the 82-unit Campus Habitat 9 student housing complex. The property is located adjacent to the Campbell University campus at 25 Landis Lane in Lillington. Coastal Federal Credit Union funded the 5-year loan, which carries a 7 percent interest rate. Campus Habitat, which can house 224 students, features a gaming room and a fitness center.
MEMPHIS, TENN. — Bill Jones of Love Funding’s New York City office has arranged more than $6.54 million in loans for two Memphis apartment complexes. The 171-unit Breezy Point Apartments has received $3.69 million, and the 138-unit Rolling Hills Apartments has received $2.85 million. The loans carry a 5.02 percent fixed interest rate and were funded through the HUD 207/223(f) program.