OKEMOS, MICH. — The Detroit office of Hendricks & Partners (H&P) has brokered the sale of Cedar Creek, a 256-unit apartment community located at 4394 Okemos Rd. in Okemos. H&P’s Kevin Dillon and Andrew Bayster represented the seller, Farmington Hills, Mich.-based Cedar Creek Associates LP. The buyer, Orchard Lake, Mich.-based Cedar Creek MS LLC, plans to undertake significant capital improvements to the property. The acquisition price was not disclosed.
CARMEL, N.Y. — The grand opening has been held for the first building at The Retreat at Carmel, a 215-unit residential condominium project currently under construction in Carmel. Developed by Bloomfield, Mich.-based Pulte Homes, the community comprises eight buildings with two levels of single-story residences over a garage. The community is being targeted to seniors. Prices range from $319,990 to $449,990. Community amenities include a 7,100-square-foot clubhouse that contains an outdoor heated pool and sundeck, a putting green, a ballroom with a catering kitchen, a fitness center, an arts and crafts room, a game room with billiards tables, a lounge with a fireplace, and locker rooms. The Retreat at Carmel also includes single-family residences priced from the mid $400,000s.
MATTAPAN, MASS. — Arbor Commercial Funding has arranged a $7.22 million loan for Tennis Road Apartments, a 55-unit community located in Mattapan. The loan carries a 10-year term with a 30-year amortization schedule and a 6.12 percent interest rate. John Kelly of Arbor’s Boston office originated the financing through the Fannie Mae DUS product line. The borrower was not disclosed.
OKLAHOMA CITY — New York City-based Avant Capital Partners recently closed an approximately $4.58 million bridge loan for the acquisition and renovation of a 209-unit apartment complex in Oklahoma City. Avant secured the interest-only loan through its relationship with a community bank at 5.25 percent. The loan, which was based upon 70 percent loan-to-cost, is convertible to permanent financing upon completion of the renovation and lease-up. The undisclosed sponsors are multifamily investors with a strong operational presence in the Oklahoma City market.
SEATTLE — Timothy McKay of Marcus & Millichap’ Seattle office represented the private seller in the disposition of a four-unit apartment property, which is located at 2331 Minor Ave. E. in Seattle. The property sold for approximately $1 million. The asset currently features two two-bedroom/one-bath units, which are approximately 950 square feet, and two one-bedroom/one-bath units, which are approximately 780 square feet. Additionally, the property offers four garages and three additional off-street parking stalls.
CARY, N.C. — Ocala, Fla.-based Edwards Construction Services has nearly finished work on the 61,956-square-foot Sunrise Senior Living facility in Cary. Features of the property include a full-service kitchen, laundry and hair-care areas, an entertainment center, a library and a crafts area. The $11 million project was originally slated to deliver in December.
CHICAGO — The Illinois office of Meridian Capital Group has originated $5.08 million in financing for four Chicago multifamily properties. The portfolio comprises 28 residential units located on West Wrightwood, West Warner, West Addison/West Patterson, and West Grace avenues. Meridian’s Joseph Schwimmer secured the loans, which include 5- and 10-year terms with interest rates of 5.65 percent. The borrower and lender were undisclosed.
NEW YORK CITY — New York City-based Metro Loft Management has opened the remaining 200 rental apartments at 20 Exchange Place for occupancy. The luxury apartment tower is located in the Financial District of Manhattan, New York City, and is bordered by Hanover, William, and Beaver streets. The units are located on floors 16 through 57 and range from studio to two bedrooms. Unit amenities include 11-foot ceilings and views of the Manhattan skyline. Building amenities include 24-hour doorman, concierge and valet services; a fully equipped fitness center; and a residents’ lounge with pool tables and plasma televisions. A landscaped sundeck on the 19th floor will be open by spring. In addition, the building features more than 100,000 square feet of retail space. Monthly rents for the apartments start at $2,100. Metro Loft Management is the owner and developer of the project.
EL PASO, TEXAS — Construction has begun for Fst Ave Lofts, a $3 million residential project located at 300 S. Florence St. in El Paso. The project comprises nine for-sale loft condominiums, as well as approximately 6,000 square feet of ground-floor retail and commercial space. Community amenities include a rooftop terrace, private parking, building security and resident storage space. Completion is scheduled for the end of summer or fall of this year. The project is owned and is being developed by The El Paso Project LLC. Wright & Dalbin Architects is serving as project architect, with Cumbre Builders providing general contracting services. The El Paso Project has committed to redevelop the downtown El Paso area and create a vibrant, pedestrian-friendly urban environment.
CHICAGO — Construction is wrapping up for Phase I of Parkhomes, the residential component of the Lakeshore East mixed-use development currently under development in Chicago. Phase I comprises 25 residences in two groupings. The first grouping includes 10 three-story homes ranging in size from 3,565 to 3,956 square feet. The residences include private attached parking and optional private elevators within the homes. The second grouping includes 15 single-story, duplex and triplex residences in a seven-story building. Amenities include balconies and terraces, and units range in size from 2,300 to more than 3,000 square feet. The homes are priced from $1.2 million to $2.6 million. Initial occupancies are planned for this summer. Lakeshore East is being developed by Magellan Development Co. across from Chicago’s Millennium Park. Upon completion, the $4 billion project will include up to 4,950 residences, 2.2 million square feet of commercial space, 1,500 hotel rooms, 770,000 square feet of retail space, a 6-acre public park and a planned elementary school.