HUNTSVILLE, ALA. — Sam Berns of NorthMarq Capital's Rochester, N.Y., office has arranged a $16.47 million loan for a Huntsville apartment complex. AmeriSphere Mortgage Finance funded the loan for the 204-unit Main Street Apartments. The 35-year loan carries a 4.95 percent interest rate and a 35-year amortization.
Multifamily
LEXINGTON, S.C. — An undisclosed party has borrowed $14.5 million for the 204-unit Overlook at Golden Hills Apartments in Lexington. The Fannie Mae DUS loan carries a 5.82 percent interest rate during its 10-year term. A 30-year amortization schedule is also included in the loan. Ronen Abergel of Arbor Commercial Funding arranged the financing.
SPRINGFIELD, MO. — NorthMarq Capital has arranged $3.7 million in first mortgage acquisition financing for Hunter’s Glen Apartments. Located in Springfield, the property offers 168 apartment units. The financing was based on a 10-year term with a 30-year amortization schedule. Greg Duvall of NorthMarq arranged the financing through the company’s seller-servicer relationship with Freddie Mac. The borrower was not disclosed.
NEW HAVEN, CONN. — Arbor Commercial Funding has arranged $1.26 million in Fannie Mae DUS financing for Carriage Hills Apartments, a 22-unit multifamily property located in New Haven. The loan carries a 6.02 percent interest rate, a 10-year term and a 30-year amortization schedule. John Edwards of Arbor's Boston office originated the financing on behalf of the undisclosed borrower.
AUSTIN, TEXAS — Marcus & Millichap has completed the sale of Shady Oaks South Apartments, a 238-unit multifamily property located in Austin. The Class B community is situated at 4320 S. Congress Ave. It contains a mix of one- and two-bedroom units and occupancy was 75 percent at the time of the sale. Norman Eastwood of Marcus & Millichap's Dallas office represented the seller, a Houston-based partnership, and procured the buyer, a local private investor. The acquisition price was not disclosed.
PARIS AND GARLAND, TEXAS — Dallas-based Henry S. Miller Brokerage (HSMB) has completed two Texas transactions. In Paris, HSMB's Mark Porterfield represented Paris Properties Ltd. in the sale of a 100-unit multifamily property to Lafayette, La.-based Entourage Legacy. The property is known as Regency Apartments and is located at 25265 Lamar Ave. Occupancy was 97 percent at the time of closing. Richard Pool of Shreveport, La.-based Pool Realty Services represented the buyer. Jay Porterfield of Arbor Commercial Mortgage arranged the acquisition financing. In Garland, HSMB's Dan Spika represented Shelbo Development in the acquisition of a 42,000-square-foot industrial facility. Situated at 2950 W. Miller Road, the property totals 10 acres and contains direct rail access. The buyer plans to utilize the property for storage. Larry Leon of CB Richard Ellis represented the seller, Pro-build Real Estate Holdings. The acquisition prices in both transactions were not disclosed.
MORRISVILLE, N.C. — Jeff Frankel and Charlie Robinson of NorthMarq Capital have arranged a $19.17 million mortgage for the Legends at Preston apartment complex. The Morrisville property houses 382 units. AmeriSphere Multifamily Finance funded the 5-year loan. The loan carries a 2-year interest-only period and a 30-year amortization.
SPRINGFIELD, MO. — NorthMarq Capital has arranged first mortgage acqusition financing of $3.7 million for Hunter's Glen Apartments, a 168-unit multifamily complex in Springfield. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq's seller-servicer relationship with Freddie Mac. Greg Duvall of the firm's Kansas City regional office completed the deal.
ALBANY, N.Y. — Albany-based NAI Platform has completed the sale of an apartment building located at 357-363 Morris St. in Albany for $2.4 million. The building contains 31 units; it was built in 1929 to house nurses working at nearby Albany Medical Center, and today it primarily houses medical school students . NAI's Fred McLaughlin represented the seller, and Tom Cairns, also of NAI, represented the buyer. Both parties were undisclosed.
DALLAS — Arbor Commercial Funding has arranged $6.84 million in Fannie Mae DUS funding for Carlisle on the Creek, a 176-unit multifamily community located in Dallas. The loan carries a 7-year term with a 30-year amortization schedule and a 5.55 percent interest rate. Anthony Tarter of Arbor's Dallas office originated the financing, which includes reserves for capital improvements to the property. The borrower's name was undisclosed.