EDMONDS, WASH. — Norris Beggs & Simpson has secured $3.7 million in financing for the 38-unit Fairway Apartments. The 15-year-old complex is located at 7310 208th St. S.W. in Edmonds. The 3-year loan comes with a 6.25 percent interest rate and a 30-year amortization schedule. Erich Guenther of NBS’ Seattle office arranged the loan.
SEATTLE — Timothy McKay of Marcus & Millichap’s Seattle office represented a private investor in the sale of a four-unit apartment complex to an undisclosed party for $1 million. The complex, located at 2331 Minor Ave. E in Seattle, includes two two-bedroom/one-bathroom units and two one-bedroom/one-bathroom units. Amenities include four garages and three off-street parking spots.
BIRMINGHAM, ALA. — Birmingham-based Colonial Properties Trust has closed a $350 million credit facility secured by 19 multifamily properties for repurchase by Fannie Mae. The 10-year facility, which carries an interest rate of 6.04 percent, was originated by PNC ARCS LLC. Colonial Properties will use the proceeds to pay down its $675 million unsecured line of credit and pay debt maturities through 2010.
HOLLYWOOD, FLA. — A private investor from Miami Beach, Fla., has sold the 72-unit Washington Park Apartments to a Miami-based company for $4.27 million. The property is located at 6111 Washington St. in Hollywood. Elliot Shainberg of Marcus & Millichap’s Miami office represented the seller, and the firm’s Andrew Jordan and Paul Nudelman represented the buyer.
LOS ANGELES AND HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sales of three Los Angeles-area multifamily properties for a total of approximately $5.8 million. First, the firm completed the sale of a 24-unit apartment building, located at 7621-7627 South Broadway, for $1.9 million. Josh Cohen and Tom Watkins of Marcus & Millichap’s Long Beach, Calif., office represented both undisclosed parties in the transaction. Nate Bascom, also of the Long Beach office, provided additional assistance on the buyer side. Cohen & Watkins also represented both sides in the disposition of a 12-unit apartment building located at 4214 S. Hoover Street in Los Angeles. Both parties were undisclosed. The property traded at a price of $672,000, or $154 per square foot. Finally, Marcus & Millichap’s Long Beach office brokered the sale of a 15-unit apartment building, located at 1401-1407 Havenhurst Dr. in West Hollywood, for $3.3 million. Marcus & Millichap’s Steve Soqui represented the seller, while Brendan Erickson, also with the firm, represented the buyer. In addition, Michael Derk with Marcus & Millichap’s Capital Markets group secured acquisition financing for the property in the amount of $2.15 million.
LOS ANGELES — Meridian Capital Group has arranged a total of $7.18 million in financing for four Southern California multifamily properties. First, Alex Katz of Meridian’s Los Angeles office secured a $5.15 million loan for two properties, totaling 58 units, at 1707-1759 Calle Jules in Vista and 1337 North Broadway in Escondido. Terms of the loan include a 5.78 percent fixed rate, non-recourse, and a 10-year term. Additionally, Ben Grossman, also of Meridian’s Los Angeles office, secured $2.03 million for 16 multifamily units located at 5414 Fountain Ave. in Hollywood and 14 Ozone Ave. in Venice Beach. Meridian originated the loan on behalf of Monem Corp. Terms of the loan include a 5.5 percent fixed interest rate and a 10-year term. The borrowers in both transactions were undisclosed.
ATLANTA — Atlanta-based Isakson Living is eyeing a 2009 groundbreaking on its 266-unit Peachtree Hills Place retirement community. The $200 million project spans 23.3 acres on Peachtree Hills Avenue in Atlanta. The development includes a 58,000-square-foot clubhouse and a 15,000-square-foot fitness center with a pool. Delivery is expected in 2011.
ST. LOUIS — Ken Aston and Paul Cunningham of the St. Louis office of Hendricks & Partners have arranged the sale of a 40-unit apartment community located at 5386-5390 Pershing Ave. in St. Louis. Locally based Rack Holdings LLC purchased the property from MIRP/DeBaliviere II. The cost of the sale was not disclosed.
WORCESTER, MASS. — Arbor Commercial Funding has arranged $2.68 million in Fannie Mae DUS financing for Franklin Street, a 55-unit multifamily property located in Worcester. John Kelly of Arbor’s Boston office originated the loan, which includes a 10-year term, a 30-year amortization schedule and a 6.15 percent interest rate. The borrower was not disclosed. Arbor Commercial Funding is a wholly owned subsidiary of Arbor Commercial Mortgage.
WINTER PARK, FLA. — Winter Park-based Cobalt Capital has secured $11.3 million in equity for the 360-unit Coventry Park apartment community. The $45.21 million property, located at the intersection of Interstate 95 and J. Turner Boulevard in Winter Park, is expected to deliver in the first quarter of 2010. Winter Park-based Epoch Properties is developing the complex. Planned amenities include a clubhouse, a pool, an indoor basketball court and a theater.