FRISCO, TEXAS — Atlanta-based Post Properties is nearing completion for Post Sierra at Frisco Bridges, a 269-unit luxury apartment community located in Frisco. The community comprises four-story buildings with one- and two-bedroom apartments that range in size from 600 to 1,300 square feet and range in price from $750 to $1,550 per month. Community amenities include wine lockers, a clubroom with a demo kitchen and flat screen televisions, a fitness center, an Internet café and a swimming pool. Post Sierra also features 30,000 square feet of retail space. It is part of the 36-acre Sierra Frisco master-planned project that is currently under development. The apartment project broke ground in late 2007; first move-ins are expected in April.
OAKLAND, CALIF. — Joel Kelly of NAI BT Commercial’s Multifamily Group represented Wayne & Bette Tarr Revocable Trust in the acquisition of Staten Crest Apartments complex for approximately $1.95 million or $149,615 per unit. The 13-unit property feature nine 800-square-foot one-bedroom/one-bath units; one 950-square-foot one-bedroom/one-bath penthouse with city views and private elevator access; and three 1,050-square-foot two-bedroom/two-bath units with master suites. 373 Staten Trust sold the property, which is located at 373 Staten Ave.
MCLEANSBORO, ILL. — Swansea, Ill.-based Holland Construction Services has completed the $4 million Fox Meadows Supportive Living Facility located on South Marshall Avenue in McLeansboro. The 30,430-square-foot senior living community houses 41 studio and one-bedroom apartments. The property includes a central full-service kitchen and dining room, and kitchenettes within individual residences. McLeansboro-based Blair Minton and Associates will manage the property. Sugar Grove, Ill.-based Gleason Architects provided design services for the project.
FLORIDA — Altamonte Springs, Fla.-based Forum Architecture & Interior Design has completed design work for four multifamily properties currently under construction in Florida. The buildings span more than 1.6 million square feet and carry an estimated cost of $99 million. The 612-unit Glen at Cagan Crossings, located in Clermont, Fla., is being constructed by Winter Park, Fla.-based Walker & Co. Victoria Park, a 348-unit complex located in Polk County, Fla., is being built by Winter Park Construction. The 280-unit Lakeside Village Apartments, located in Windermere, Fla., is being built by Lake Mary, Fla.-based Altman Contractors. Lakeside Terrace, an 84-unit senior housing center located in Winter Haven, Fla., is being built by Altamonte Springs-based Picerne Construction.
HOBOKEN, N.J. — Construction has been completed for Garden Street Lofts, a $16.8 million residential redevelopment project located in Hoboken. The project consisted of the conversion of a former coconut processing and storage warehouse first constructed in 1919 into 30 loft-style condominiums. A seven-story, 35,054-square-foot addition was built onto the existing 42,888-square-foot building. Garden Street Lofts features one-, two- and three-bedroom units, as well as 7,500 square feet of ground-floor retail space. It is applying for LEED-Silver certification, which would make it the only LEED-certified residential building in Hoboken upon receiving the designation. The project is currently 50 percent sold. Garden Street Lofts is owned by Bijou Properties LLC. The general contractor was Del-Sano Contracting Corp. and the project architect was Sharples Holden Pasquarelli Architects.
CHICAGO — Dallas-based BMC Capital has originated a $1.16 million loan for the acquisition of a multifamily property located at 2402 N. New England in Chicago. According to BMC Capital, the company was able to originate a non-recourse loan, as well as limit the costs, maximize the loan dollars and negotiate no holdbacks for deferred maintenance for the 25-unit apartment complex. Additional terms of the loan were not disclosed.
NEW YORK CITY — A partnership between Jonathan Rose Cos. and The Fortune Society has broken ground for the construction of a $42 million affordable housing complex located at 625 W. 140th St. in West Harlem, New York City. The 114-unit building is located adjacent to The Fortune Academy, a complex run by The Fortune Society that provides transitional housing and services for formerly incarcerated men and women. The new project will provide affordable housing for Fortune Society and the surrounding Harlem community, as well 20,000 square feet of program space for Fortune Society. In addition, the project is applying for LEED-Gold certification. Sustainable features include a green roof with a rooftop garden and a rainwater harvesting system, aluminum solar shades on the building’s south-facing façade, toxin-free paints and materials, and high-efficiency mechanical systems. The project is being developed jointly by Jonathan Rose Cos. and The Fortune Society. The project architect is Curtis + Ginsberg Architects and the general contractor is Lettire Construction. Completion is expected in mid-2010.
PHILADELPHIA — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has completed two multifamily sales for a total of $3.1 million. The first property, The Marsden Apartment, is a 32-unit community located at 8532-8552 Marsden St. The second property, Palmar Apartments, is a 25-unit community located at 5926 Bustleton Ave. The former property traded for $1.85 million and the latter traded for $1.25 million. GHA’s Eli Rosen represented the seller, Marsden-Palmer Management, and procured the private buyer in both transactions.
QUAKERTOWN, PA. — The Annapolis, Md., office of Tremont Realty Capital has arranged a $9.36 million loan for the refinancing of Richland Meadows, a 70-acre, 406-unit manufactured housing community located near Interstate 476 in Quakertown. John Chase of Tremont originated the financing through one of Tremont’s correspondent lenders. Terms of the loan include a 10-year term, non-recourse, with a 65 percent loan-to-value ration and a 6.4 percent interest rate. The borrower was not disclosed.
OKLAHOMA AND TEXAS — Arbor Commercial Funding has arranged three loans totaling $5.11 million for three multifamily communities. Jay Portenfield of Arbor’s Dallas office secured the loans through the Fannie Mae DUS product line. In Broken Arrow, Okla., a $2.18 million loan was secured for the refinancing of the 120-unit Treetops Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.83 percent interest rate. In San Antonio, a $1.6 million loan was secured for the 64-unit Amber Square multifamily property. The loan also carries a 10-year term and 30-year amortization, but with a 6.11 percent note rate. Finally, in Universal City, Texas, a $1.33 million loan was secured for the 61-unit Pebble Beach Apartments. The loan carries identical terms to the financing arranged for Amber Square. The borrowers were not disclosed.