LA GRANGE, GA. — M&I Bank has provided a $17 million loan for the construction of Woodland Trail, a 236-unit apartment complex in La Grange. The site is being developed by the Woodland Trail Associates Joint Venture; the Kalikow Group, a member of the joint venture, has already invested $3.03 million in the project. Woodland Trail will serve as housing for workers at the planned $1.2 billion Kia Motors plant, which will open in late 2009.
NEWARK, N.J. — New Brunswick, N.J.-based Tekton Development Corp. has been selected as the general contractor for Richardson Building Lofts, an approximately $17 million apartment conversion project located at 50-60 Columbia St. in Newark. The building currently consists of a six-story, 66,000-square-foot structure originally constructed in 1912 as a jewelry factory. It will be converted into 67 loft-style apartment units. Sizes will range from 750 to 1,300 square feet, with some duplex units available. Building amenities will include a business center, two fitness rooms and cold storage space. A two-story addition will be added to the building, which will be capped by a green roof. Richardson Building Lofts is being developed by Newwork Real Estate and will apply for LEED-Silver certification. Completion is scheduled for September.
WILMINGTON, DEL., AND NEW YORK CITY — Marcus & Millichap has completed two Northeast multifamily transactions for a total of $5.66 million. In the first transaction, Mark Thompson and Adam Simon of the firm’s Philadelphia office represented the buyer in the $3.42 million purchase of Courtyard Apartments. The 122-unit, garden-style property is located at 9 Courtyard Lane in Wilmington. It comprises two- and three-bedroom units. The buyer, a limited liability company, plans to invest approximately $2 million in capital improvements to the property. In the second transaction, Marcus & Millichap’s Peter Von Der Ahe and Matthew Barbaccia represented both parties in the $2.24 million sale of a two-property portfolio located in the Bronx, New York City. The two buildings are located at 1049 and 1153 Boynton Ave.; the former property contains 20 units and the latter contains 24 units. Both properties have undergone recent renovations and both include 3,693 square feet of developable air rights.
RICHFIELD, MINN. — Daniel Trebil in the Minneapolis office of NorthMarq Capital has arranged $24.3 million in first mortgage financing for Crossroads at Penn, a multifamily community located in Richfield. The loan for the 698-unit community was based on a 10-year term with 2-year interest only, followed by a 30-year amortization schedule. Financing was arranged for the borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Also in Richfield, Brian Hennen in the Minneapolis office of NorthMarq Capital has arranged $5 million in first mortgage financing for Colony Apartment Homes. Financing for the 212-unit community was based on a 7-year term with a 30-year amortization schedule. The loan was arranged from the undisclosed borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.
CHICAGO — Marcus & Millichap has brokered the sale of The Farcroft, a mid-rise multifamily community located at 1337 West Fargo Ave. in Chicago’s Rogers Park neighborhood. A locally based operator has purchased the 13-story building from a private partnership for $8.05 million, with a cap rate of 5.63 percent. The property houses two studios, 72 one-bedroom and 12 two-bedroom units. Capital improvements to the building, which was built in 1928, include a new elevator, a façade restoration, the replacement of nearly all the windows and a new boiler. Eric Bell in the Chicago office of Marcus & Millichap represented the seller; Doug Fischer of Essex Realty represented the buyer in the transaction.
NORTH BRUNSWICK, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of Northwood Estates, a 253-unit apartment community located at 500 Adams Lane in North Brunswick, for $27.5 million. In addition to the apartment units, the property includes 17 townhomes and six ranches. Occupancy was 93 percent at the time of closing. Kislak’s Barry Waisbrod represented the seller, an estate, and Jonathan Greenberg, also of Kislak, represented the buyer, a private investor.
TULSA, OKLA. — KeyBank Real Estate Co. had secured $11.3 million in Fannie Mae financing for two multifamily properties located in Tulsa. In the first transaction, KeyBank arranged $8 million for the refinancing of Pomeroy Park Apartments, a 230-unit, Class B property. The borrower was Pomeroy Park Apartments LLC. In the second transaction, KeyBank arranged $3.3 million for the refinancing of Southern Hills Villa, a 107-unit, Class B property. The borrower was Southern Hills Villa LLC. Both properties were acquired out of distress several years ago and subsequently underwent substantial capital improvements. Terms of the loans were not disclosed.
VAN NUYS, CALIF. — Franklin Management has acquired a 53-unit apartment community, which is located at 6125 Fulton Ave. in Van Nuys, for $5.2 million or $98,113 per unit. The property features 22 studio/one-bath units, 31 one-bedroom/one-bath units, a fitness center, a clubhouse, an on-site laundry facility and a swimming pool. Rick Raymundo of Marcus & Millichap represented the buyer; Chris Malcolm of Coldwell Banker represented the seller, 6125 Fulton Apartments LLC, in the transaction.
SEATTLE — An undisclosed private investor has purchased 6000 Northwest, a 11-unit multifamily property in Seattle. Located at 6000 24th Ave. Northwest, the property sold for $2.7 million. Built in 1967, the asset features four one-bedroom/one-bath plus den units, four two-bedroom/one-bath units, two two-bedroom/one bath plus den units and one three-bedroom/two-and-a-half bath plus den units. Daniel Swanson and Blake Rodgers of Marcus & Millichap’s Seattle office represented the undisclosed seller; Swanson also represented the buyer in the transaction.
HAMILTON TOWNSHIP, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of Miry Run, a 144-unit multifamily community located at 145 Brookwood Rd. in Hamilton Township, for $11.12 million. The garden-style apartment community comprises 108 one-bedroom and 36 two-bedroom units; it was 98 percent occupied at the time of closing. GHA’s Joseph Brecher and Joel Schwartz represented the seller, Tower Management, and procured the buyer, an undisclosed investor.