LONG ISLAND, N.Y. — The Long Island office of NorthMarq Capital has arranged $77.42 million in first-mortgage financing for a portfolio of Fairhaven Apartments properties located throughout Nassau and Suffolk counties on Long Island. The portfolio totals 1,188 units and includes five apartment communities located in Carle Place, Mineola, Nesconset, Woodbury and Hicksville. The loan carries a 7-year term with a 30-year amortization schedule. The adjustable interest rate has a floor of 4 percent and a lifetime cap of 7.25 percent. NorthMarq’s Charles Cotsalas and Ernest DesRochers arranged the loan on behalf of the undisclosed borrower through Freddie Mac.
ROUND ROCK AND DENTON, TEXAS — Acting as project architect, Altamonte Springs, Fla.-based Forum Architecture & Interior Design has completed two Texas multifamily projects. The first, Colonial Grand at Ashton Oaks, is a 362-unit apartment community located in Round Rock. It contains a mix of one-, two- and three-bedroom units ranging in size from 785 to 1,195 square feet. Amenities include a 6,500-square-foot clubhouse with a fitness center, an Internet café and a resort-style swimming pool. Colonial Properties is the project’s developer. The second project is The Forum at Denton Station, a $45 million student housing community located in Denton. The project consists of 348 units in a mix of one-, two-, three- and four-bedroom residences. Amenities include a 16,000-square-foot clubhouse and recreation building, three volleyball courts and a resort-style pool with a sundeck. Parkland Development Corp. is the project’s developer.
HOUSTON — Moody Rambin Interests Investment Services has brokered the sale of George B. Lindler Apartments, a bank-owned multifamily property located in Houston. The community is situated at 4107 Almeda Genoa Rd. and contains 54 apartments. Jody Czajkoski of Moody Rambin represented the seller, Amegy Bank, N.A.; Czajkoski also represented the buyer, First Almeda Investments. The acquisition price was not disclosed.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged a $4.9 million loan to refinance a Houston multifamily project. The loan carries a 3-year term and a fixed interest rate, and was secured through one of LMI’s correspondent lenders. Jamie Millin of LMI arranged the deal. The borrower and details regarding the property were not disclosed.
SAN DIEGO AND EL CAJON, CALIF. — Apartment Consultants Inc. (ACI) has brokered two multifamily transactions in California totaling $4.04 million. In the first transaction, Avalon 45th Street LLC purchased Avalon Villas Condominiums, a 16-unit residential property located at 4067-79 45th St. in San Diego, from Bay Crest LP for $1.4 million. Dave Plutner of DP Properties represented the buyer; Adam Jacks of (ACI) represented the seller. In the second transaction, Lemon Grove, Calif.-based 1360 Melody LP acquired Melody Apartments, a 20-unit apartment community located at 1360 Melody Lane in El Cajon, from El Cajon-based 3K & J LP for $2.64 million. Norm Root of ACI represented the buyer and seller in the transaction.
TAMPA, FLA. — Jupiter, Fla.-based Landmark Residential has purchased the 438-unit Three Palms Apartments from a joint-venture between a Blackrock-managed fund and BH Equities for $23.5 million. Located on North Dale Mabry Highway in Tampa, the property is 90 percent occupied and recently underwent a $3.9 million renovation. Three Palms includes four pools, a heated spa and a fitness center. John Selby and Jim Bobbitt of CB Richard Ellis’ Tampa office represented the seller.
TAMPA, FLA. — Jupiter, Fla.-based Landmark Residential has purchased the 438-unit Three Palms Apartments from a joint-venture between a Blackrock-managed fund and BH Equities for $23.5 million. Located on North Dale Mabry Highway in Tampa, the property is 90 percent occupied and recently underwent a $3.9 million renovation. Three Palms includes four pools, a heated spa and a fitness center. John Selby and Jim Bobbitt of CB Richard Ellis’ Tampa office represented the seller.
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.