DALLAS — Memphis, Tenn.-based Financial Federal has expanded its commercial/multifamily division by opening an origination office in Dallas under the direction of Don Farmer, a mortgage banking veteran. Farmer most recently served Bridger Commercial Funding in Dallas. Financial Federal is a Program Plus Seller/Servicer for Freddie Mac as well as a loan production and servicing correspondent for several life insurance companies.
DENVER — Pinnacle Real Estate Advisors LLC has managed the $5.1 million sale of the 81-unit William Tell Apartments, an affordable housing community located at 1599 Williams Street in central Denver. Constructed in 1964, the multifamily property consists of eight studio, 72 one-bedroom/one-bathroom units and one two-bedroom/one-bath unit. Pinnacle’s Joe Hornstein, Kevin Calame and Matt Lewallen assisted both the buyer, Brothers Redevelopment, and the seller in the transaction.
AUSTIN — Education Realty Trust has executed a 60-year ground lease with the Board of Regents of the University of Texas System for a new collegiate apartment community near the University of Texas at Austin (UT-Austin) campus. Construction is expected to begin this summer for a summer 2013 opening. Named 2400 Nueces for its address, located at the intersection of 24th Street and Nueces, the community will be two blocks from UT-Austin's core. The building will contain residential floors above parking along with mixed-use retail at street level. The 304 units will provide 622 beds in a mix of studio, one-, two-, three- and four-bedroom apartments. The project is targeted to meet LEED Silver certification requirements and will be financed through Education Realty Trust's On-Campus Equity plan — The ONE PlanSM. Page Southerland Page will serve as the project's architect and Hensel Phelps Construction Co. will serve as its general contractor.
FT. COLLINS, COLO. — NorthMarq Capital has arranged $7 million in refinancing for the 345-unit Aspenleaf Apartments located at 3501 S. Stover Street in Ft. Collins. Built in 1973, the multifamily complex consists of 15 two-and-a-half-story buildings and includes a clubhouse, a heated swimming pool, a playground, and basketball, volleyball and tennis courts. NorthMarq’s Steve Koeneke and Chris Williams arranged the financing for the borrower.
ST. LOUIS PARK AND ROCHESTER, MINN. — NorthMarq Capital has arranged $17.35 million in combined first mortgage financing for two multifamily properties in Minnesota. The Edge at Uptown, a 139-unit property located at 3025 Ottawa Ave. and 4725 Minnetonka Blvd. in St. Louis Park, received $8.5 million. The 146-unit Sunset Trail Apartments, located at 3625 and 2655 41st St. N.W. in Rochester, received $8.5 million. Financing for both transactions was based on a 10-year term and were arranged for the undisclosed borrowers by NorthMarq through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq's Minneapolis Regional office arranged the loans.
NEW YORK CITY — Marcus & Millichap (M&M) has arranged a multifamily loan and brokered the sale of a multifamily property in New York City. First, Sean Mooney of M&M Capital Corp. arranged a $2.94 million loan to refinance a 19-unit apartment building located in Brooklyn's Park Slope neighborhood. The loan carries a 5.37 percent fixed interest rate and a 10-year term. In the second deal, a team from M&M's Manhattan office brokered the sale of a 12-unit apartment building located at 1899 7th Avenue in Manhattan for $1.8 million. The team of Peter Von Der Ahe, Scott Edelstein, Sean Lefkovits and Seth Glasser represented the seller and buyer. All parties involved in the two deals were not disclosed.
DOBBS FERRY AND HASTINGS ON HUDSON, N.Y. — Houlihan-Parnes Realtors has sold Osborn Manor Apartments, a 78-unit, garden-style apartment community located on 300 Broadway in Dobbs Ferry. The buyer's name was not released. In addition, Houlihan-Parnes secured a $13.05 million first mortgage for Hastings Terrace Apartments, a 120-unit community located at 555-565 Broadway in Hastings on Hudson. The loan carries a 4.5 percent note rate with interest-only payments for the first 2 years, a 5-year term after that, and a 5-year extension option. The lender was a local savings bank.
NEW ALBANY, IND. — Tikijian Associates has completed the sale of Knobs Pointe, a 384-unit apartment community located in New Albany. The acquisition also includes a 23,000-square-foot shopping and office complex adjacent to the apartments. The buyer, Ohio-based Bluestone Property Management, plans to invest $3 million to renovate the property, including a complete upgrade of the property's electrical system, refurbishment of common halls and unit interiors, a new swimming pool and extensive exterior improvements. An affiliate of New York-based Sovereign Bank sold the property for an undisclosed price.
NEW YORK CITY — Time Equities has purchased two Manhattan apartment buildings for $3.65 million. The buildings are located at 153 and 155 E. 37th St. in the Murray Hill neighborhood. They were originally constructed as two separate townhomes but converted into one-bedroom apartments in the 1950s. Christopher Sjurset of Marcus & Millichap and Todd Jacobs of Bold New York represented the undisclosed seller. Hy Schermer provided in-house representation for Time Equities.
GAINESVILLE, FLA. — NorthMarq Capital has arranged $1.47 million in first mortgage financing for Parkside Apartments I & II in Gainesville. The property offers 28 apartment units. Lamar Sarra of NorthMarq's Jacksonville, Fla., regional office secured the financing. The financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged the loan through its seller-servicer relationship with Freddie Mac.