DEERFIELD BEACH, FLA. — Willow Lake Estates Inc. has completed the disposition of Country Knolls and Highland Village, two manufactured housing communities consisting of 666 lots on approximately 90 acres in Deerfield Beach. Additionally, the properties offer 5,360 square feet of retail/office space. The assets sold for $23.65 million. The buyers were Highland Village MHC, Country Knoll MHC and Highland Village Commercial. Barbara Welch and Bob Pino of Coldwell Banker Commercial NRT brokered the transaction.
CHICAGO — Essex Realty Group has brokered the bulk sale of six townhomes, which are located at 7002-16 W. Medill in Chicago's Montclare neighborhood. The asset consists of six three-bedroom/2.5-bath row-house style townhomes and includes 12 garage spaces. Jim Darrow and Jordan Gottlieb of Essex represented the undisclosed buyer, which acquired the property for $1 million. The seller was not disclosed.
SAN ANTONIO — Legacy Heights, a 306-unit Class A multifamily property has sold in San Antonio for an undisclosed amount. Located at 1320 Austin Hwy., it sits on 13.6 acres and includes one-, two- and three-bedroom units that are fully leased. Amenities include a clubhouse with a game room, a fitness center and a swimming pool. Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fenoglio Fowler (HFF) represented the seller, a joint venture between Nationwide Insurance Co. and Embrey Partners Ltd. Crow Holdings Realty Partners V, LP, the latest real estate fund from Crow Holdings, purchased the property.
OCEAN RIDGE AND TALLAHASSEE, FLA. — The Orlando, Fla., office of Hendricks & Partners has completed the sales of two multifamily properties in Florida. In the first transaction, Jeffrey Eder acquired a 2.85-acre multifamily development site in along the Intracoastal Waterway in Ocean Ridge. Capstone Realty sold the property for $1.2 million. Cole Whitaker of Hendricks & Partners brokered the transaction. In the second deal, 1560 High Road LLC purchased Star Suites on High, a 35-unit multifamily property located at 1560 High Road in Tallahassee, for $1.97 million. Hendricks & Partners' Hal Warren represented the seller, McLean, Va.-based J.E. Roberts Companies, in the transaction.
UNIONDALE, N.Y. — Uniondale-based Arbor Commercial Funding has arranged three Fannie Mae loans for multifamily properties located throughout the Northeast. In the first deal, John Kelly of Arbor's Boston office secured $4.8 million under the lender's DUS program for Pastorius Court Apartments, a 42-unit property located in Philadelphia. In the second deal, Brian Scharf of Arbor's Uniondale office secured $4.56 million under Fannie Mae's 3Max product line for a 60-unit property located at 655 E. 233rd Street in the Bronx, New York City. In the final deal, Edward Petti of Arbor's New York City office secured a $3.15 million DUS loan for Northbrook Apartments, a 66-unit community located in Bridgeport, Conn. All three loans carry 30-year amortization schedules. The first two loans carry 10-year terms, and the third loan carries a 7-year term.
CHICAGO — Leopardo, serving as construction manager, has completed the construction of Tailor Lofts, a 10-story student-housing property located at 315 S. Peoria in Chicago. The 275,000-square-foot property features 135 student apartments offering a total of 441 bedrooms. Each apartment is equipped with a kitchen, granite countertops, a dishwasher, a microwave, plasma televisions per bedroom and individual bathrooms in most units. Additional amenities include a tanning room, a fitness center, a lounge area, 11,400 square feet of retail space and a two-story, 15,000-square-foot parking garage. Fitzgerald Associates provided architectural services for the project.
NEW YORK CITY — NorthMarq Capital has arranged $16 million in first-mortgage financing for 75 Henry Street, a 33-story co-op building located in Brooklyn. The building contains 370 units and is situated within the borough's Brooklyn Heights neighborhood. The loan carries a 10-year term, a 30-year amortization schedule, a 4.79 percent interest rate and a 12 percent loan-to-value ratio. The lender was Freddie Mac. Frank Relihan of NorthMarq's Washington, D.C., office secured the loan on behalf of Whitman Owner Corp.
NASHVILLE, TENN. — Associated Estates Realty Corp., along with minority-interest holder Bristol Development Group, is developing Vista Germantown, a multifamily property located in downtown Nashville. The property will offer 242 apartment units, structured parking, a fitness center and an outdoor pool. Merit Enterprises, a wholly owned subsidiary of Associated Estates, is serving as general contractor for the project, which is scheduled for completion in spring 2012. Additionally, the property will be managed by Associated Estates.
CARY, N.C. — Tampa, Fla.-based Phillips Development & Realty LLC has selected McShane Construction Company’s Southeast Region to construct Phillips Swift Creek, a 196-unit multifamily property at 2025 Swift Commons Lane in Cary. Situated on 13.18 acres, the 239,196-square-foot property will be comprised of seven three-story buildings and one split-level building. The complex will offer one-, two- and three-bedroom apartments featuring stainless steel appliances, granite countertops, a garden-style soaking tub and a patio or balcony. Additional amenities include laundry facilities, enclosed garage space, a car wash, an outdoor grilling area, a resort-style swimming pool and a clubhouse with a fitness center, a media room and a kitchenette/party area. Atlanta-based The Preston Partnership is providing architectural services for the project, which is slated for completion in July 2011.
NEW YORK CITY — Arbor Commercial Funding has arranged $83.1 million in Fannie Mae funds for the refinancing of Sand Castle Apartments in the Rockaway neighborhood of Queens. The 917-unit property has historically maintained 100 percent occupancy and units that are being continually renovated. The loan, which was originated by John Kelly of Arbor's Boston office, ccarries a 7-year term, a 30-year amortization schedule, an 80 percent loan-to-value ratio and a 1.2 debt service-coverage ratio. The borrower's name was not released.