PANAMA CITY BEACH AND CLEARWATER, FLA. — ECI Capital of Atlanta has purchased the 268-unit Cabana West Apartments in Panama City Beach from an undisclosed seller for $20.5 million. ECI will invest more than $2.5 million to convert the condominiums to rental properties. The complex is 50 percent occupied. John W. Stone and Jason Stanton of Colliers Arnold’s Clearwater office represented the buyer. Stone and Stanton also represented Denver-based New South at Longbranch I & II in its sale of the 184-unit Longbranch Apartments in Clearwater to Tampa, Fla.-based Wisco I for $6.99 million. Wisco will spend $1 million to upgrade the property, which is 60 percent occupied. NAI Tampa Bay’s John Burpee represented the buyer.
COUNCIL BLUFFS, IOWA — John Bendon in the Omaha regional office of Minneapolis-based NorthMarq Capital has arranged approximately $15.22 million in first-mortgage financing for a multifamily property located in Council Bluffs. The loan for the 190-unit River Park Apartments was based on a 10-year term, with a 30-year amortization schedule. NorthMarq arranged financing for the newly constructed, Class A community through its seller/servicer relationship with Freddie Mac.
NEW ALBANY, IND. — Hendricks & Partners has brokered the sale of Sheffield Square, an apartment community located at 600 Country Club Dr. in New Albany. The 152-unit property was acquired for $6.6 million by Evanston, Ill.-based CSE Property Co., which purchased Sheffield Square From Indianapolis-based Buckingham SS LLC as part of a 1031 exchange. The 18-building community houses one-, two- and three-bedroom garden apartments on an 11.98-acre site. Amenities at the property include secured entry garden buildings, 334 parking spaces and 52 carports, and a swimming pool with a sundeck. Rick Vidrio, Todd Stofflet and Rick Brace in the Detroit office of Hendricks & Partners negotiated the sale.
NEW YORK CITY — Marcus & Millichap has completed two multifamily sales in Manhattan, New York City, for a total of $6.65 million. First, the firm completed the sale of a five-story property, located at 493 Second Ave., for $3.85 million. The building contains 16 residential units, two commercial units and 9,135 square feet of developable air rights. Rents for both types of units are currently below market levels. Peter Von Der Ahe and Joseph Koicim of Marcus & Millichap’s Manhattan office represented the seller, a Hong Kong-based family, as well as the buyer, a prominent New York City-based landlord. Additionally, Marcus & Millichap completed the sale of a nine-unit, brownstone apartment building, located at 131 W. 80th St. on the Upper West Side, for $2.8 million. The four-story building contains five rent-controlled units, three rent-stabilized units and one free-market unit. Koicim represented the buyer, a New Jersey-based family. Von Der Ahe and Scott Edelstein, also of Marcus & Millichap, represented the seller, a private investor.
HOUSTON — Capmark Finance has arranged a $27.5 million loan for the refinancing of Westcreek at River Oaks, a 574-unit multifamily property located at 2049 Westcreek St. in Houston. The property is situated on 14.5 acres and was 96 percent occupied at the time of closing. Matt Greer of Capmark’s Austin, Texas, office originated the financing, which includes a variable interest rate, a 75-percent loan-to-value ratio and a 7-year term with a 30-year amortization schedule. The borrower is Houston-Westcreek Partners LP, an affiliate of Cypress Real Estate Investors. The lender was Freddie Mac. In addition, the Dallas office of Capmark arranged $6.5 million in floating-rate, interim financing for a 7.73-acre land parcel located in Irving. The parcel is situated adjacent to the Four Seasons Resort & Club Dallas at Las Colinas. The loan, which carries interest-only payments for a 3-year term, was originated by Capmark’s Ashley Harkness on behalf of Bentley Forbes, Ltd. The lender was Legacy Texas Bank.
FORT WORTH, SAN ANTONIO AND ARLINGTON, TEXAS — The Dallas office of PNC ARCS has secured a total of $13.65 million in Fannie Mae financing for three Texas multifamily communities. In Fort Worth, a $5.6 million loan was arranged for the 256-unit Park Place Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.35 percent fixed interest rate. In San Antonio, a $4.25 million loan was secured for Forest Ridge Apartments I and II, two adjacent multifamily properties that total 208 units. The loan carries a 6.39 percent fixed interest rate, a 15-year term with a 30-year amortization schedule and interest-only payments for the first 2 years. Finally, a $3.89 million loan was secured for Trinity Oaks Apartments, a 206-unit community located in Arlington. The loan carries a 10-year term, a 30-year amortization schedule and a 6.37 percent fixed interest rate. Each of the communities includes a swimming pool and laundry facilities; Forest Ridge and Trinity Oaks also feature fitness centers. The borrowers in all three transactions were undisclosed.
SAN FRANCISCO — San Francisco-based Wells Fargo has closed $543 million in Fannie Mae secured credit facility for Equity Residential. The interest-only loan carries an 8-year term, with a fixed rate for 7 years; the last year is a floating rate. The loan is for 19 multifamily properties, totaling more than 5,200 units, throughout California, Colorado, Arizona, Florida, Massachusetts, Washington and Virginia. Phil Morse of Wells Fargo Multifamily Capital’s McLean, Va., office originated the transaction.
TURNWATER, WASH. — Cohen Financial has arranged a $17 million loan for the refinancing of the Tabula Rasa Apartments in Turnwater. Located at 1840 Trosper Rd. SW, the 136,700-square-foot property consists of 118 one-, two- and three-bedroom apartments, and an upscale clubhouse and leasing office. Peter Norrie of Cohen Financial secured the $17 million loan, which equated to a 70 percent loan-to-value and carried a 7-year term loan with a 30-year amortization schedule, the first 12 months interest only. The lender is GSE and the borrower is a Yakima, Wash.-based multifamily real estate developer.
GLENDALE AND LONG BEACH, CALIF. — Marcus & Millichap has completed two multifamily transactions in California that total $4 million. In the first transaction, Earle Hyman and Michael Chukerman of Marcus & Millichap represented the undisclosed buyer in the acquisition of a 6-unit multifamily property. The property is located at 730 Raleigh St. in Glendale. In the second transaction, an undisclosed buyer purchased 20 Bay Shore Avenue, a 9-unit apartment property located in Long Beach. The asset sold for $2.4 million. Gordon Reese represented both undisclosed parties in the transaction.
LITHONIA, GA. — Mercy Housing Southeast of Atlanta has acquired the 406-unit Highland Place Apartments in Lithonia from Miles-Alexandra for an undisclosed price. The buyer plans to spend $30,246 per unit to renovate the apartments; each unit will include washer and dryer hookups, new ceiling fans, new cabinetry and Energy Star appliances. Mercy has plans to turn the community building into a place to house a fitness center, a social room and the rental office. The company will also build a swimming pool, sports courts and a playground area at the property. The renovations are expected to be complete by the fourth quarter of 2010. Boston Capital provided tax credit equity for the purchase.