ENCINITAS, CALIF. — NorthMarq Capital has arranged a $6.45 million first-mortgage loan for The Sands, a 58 single-pad mobile-home park located at 1624 North Hwy. 101 in Encinitas. Set up by the firm’s Charles Cotsalas and Ernest DesRochers, financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq worked in conjunction with Michael Groothuis of Groothuis & Co.
Multifamily
MISHAWAKA, IND. — Marcus & Milichap has brokered the separate sales of two multifamily properties in Mishawaka. The assets include the 82-unit McKinley Woods and the 154-unit Pin Oak Manor. Michael Wernke and James Walsh of Marcus & Millichap represented the sellers, POM Associates and Pin Oak Apartments LP, in the transaction. The buyers and acquisition prices were not released.
HAWTHORNE, CALIF. — Marcus & Millichap has negotiated the almost $6.73 million purchase of an 81-unit apartment property located at 13715 Cordary Drive in Hawthorne. The brokerage firm’s Gordon Reese represented the buyer, a limited-liability company, in the transaction.
LOUISVILLE, KY. — Greenwich, Conn.-based Shamrock Multifamily Management has acquired Creekside at St. Matthews in Louisville. The 540-unit multifamily property sold for an undisclosed price. The buyer plans to renovate and reposition the asset. CB Richard Ellis' Indianapolis-Cincinnati Multi-Housing Group represented the sellers, Buckingham Companies and Concert Realty Partners, in the transaction.
PAXTON, MASS. — Construction has topped out for a new 200-bed residence hall on the campus of Anna Maria College in Paxton. The $9 million project includes the construction of a three-story, 65,000-square-foot building. The residence hall will house sophomores and juniors in suite-style units, with each suite containing six students in single- and double-occupancy bedrooms. The first floor will contain a large community room and the upper two floors will contain additional study, lounge and laundry areas. Completion is slated for this fall. Worcester, Mass.-based Cutler Associates is providing design/build services.
CHARLOTTESVILLE, VA. — Education Realty Trust (NYSE: EDR) has acquired two apartment communities located near the campus of the University of Virginia for $23 million. The seller was Wade Apartments, which is one of the largest student housing owners in the market. Wertland Square is a 152-bed community located within walking distance of campus next to The Corner. Completed in 2006, the apartment mix consists of 50 two- and four-bedroom units. The average monthly rent is $708 per bed. Jefferson Commons is an 82-bed community located at the corner of Jefferson Park Avenue and Valley Road. It opened in 2007 and the average monthly rents is $578 per bed. Both communities were fully occupied at the time of the sale and are 100 percent pre-leased for the 2011-2012 school year. With the acquisition, EDR now owns three communities in the market. Last fall, it acquired GrandMarc at The Corner, a 641-bed community that was purchased for $45.5 million. In addition, EDR mentioned that it is working with Wade Apartments on a plan to develop a parcel of land the latter company owns on Brandon Avenue adjacent to the South Lawn of the UVA Grounds. The project could contain as many …
SILVER SPRING, MD. — New York-based The Praedium Group and Fairfield Investment Co. have partnered to acquire Hampton Hollow Apartments, which is located at 3408 Hampton Hollow Dr. in Silver Spring. The 176,166-square-foot, 240-unit multifamily property sold for $31 million. Apartment amenities include security systems, washers and dryers, fireplaces and private patios or balconies with built-in storage units. Community amenities include a clubhouse with a full bar, a resort-style swimming pool and Jacuzzi, a state-of-the-art fitness center, a picnic area, a car wash and a recycling center. The seller was not disclosed.
LINCOLN, NEB. — NorthMarq Capital has arranged $4.72 million in first mortgage financing for Park Ridge Apartments in Lincoln. The 91,464-square-foot multifamily property offers 96 units. Financing was based on a 35-year term and a 35-year amortization schedule. NorthMarq's John Reed arranged the financing for the undisclosed borrower through NorthMarq's relationship with Johnson Capital Huntoon Hastings Inc., HUD 223F.
LONG BRANCH, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a 64-unit multifamily property located at 135 Rockwell Ave. in Long Branch for $4.53 million. The two-story building contains one-bedroom units. Occupancy was 95 percent at the time of the sale. CBRE's Charles Berger represented the New York-based seller. The buyer was from out of state.
CARMEL, N.Y. — Radnor, Pa.-based L&M Design has completed the Phase I design for Hillcrest Commons, a planned 76-unit senior housing community located in Carmel. The project will consist of one- and two-bedroom residences in three elevator-served buildings on 81 acres. The developer is Elmsford, N.Y.-based Wilder Balter Partners. Construction will begin in May.