BEAUMONT, TEXAS — Hendricks & Partners (H&P) has arranged the sale of Seville, a 90-unit apartment community located at 4325 Crow Rd. in Beaumont. The Section 8 property caters to elderly and disabled residents. Kevin McCarthy and Jeff Eisenhardt of H&P’s Houston office represented the seller, Keswick, Va.-based Seville Apartments, Ltd. The buyer, Plymouth, Minn.-based Dominium Acquisition, plans to complete substantial improvements to the property over the next 12 months. The acquisition was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing.
BILOXI, MISS. — An affiliate of Dawn Properties has received a $23.86 million loan to refinance the 316-unit Grand Biscayne Apartments, located at 14510 Lemoyne Blvd. in Biloxi. Grand Biscayne encompasses 30 two- and three-story buildings on 18 acres. Complex amenities include a swimming pool, a fitness center and a business center. The 7-year loan comes with 2 years of interest-only payments and a 30-year amortization. The loan to value ratio is 80 percent. Thomas Hagwood of Capmark Finance’s Birmingham, Ala., office arranged the financing through the company’s Freddie Mac program.
HILLSBORO BEACH, FLA. — An affiliate of New York-based Marrano/Marc Equity Corp. has completed the first phase of the 29-unit 1200 Hillsboro Mile development. Located in Hillsboro Beach, the completed phase features 11 luxury condominiums outfitted with high-end appliances and full-size washers and driers. The second phase will include construction of a second building to house the remaining 18 condominiums. The property is being built to hurricane resistant codes and includes steel-reinforced concrete walls and impact-resistant glass. Property amenities include a fitness center, a social room and an outdoor pool and sauna.
MANHATTAN, KAN. — PNC ARCS has provided $4.8 million in financing for Woodway Apartments located in Manhattan. Situated on 5 acres, the 88-unit garden style community includes a swimming pool and laundry room. The loan was based on a 7-year term, with a 30-year amortization schedule at a fixed rate of 6.225 percent. Financing was originated by PNC ARCS’ San Francisco office through Fannie Mae.
WATERBURY, CONN. — The Multi-Housing Team of CB Richard Ellis (CBRE) has brokered the sale of six multifamily properties located in the greater Waterbury area for $36.4 million. The portfolio totals 723 units, and the properties all contain HUD financing and/or subsidies. They consist of: Southwood Apartments, a 168-unit property located at 933 Rubber Ave. in Naugatuck; Prospect Towers, a 151-unit community located at 34 Prospect St. in Waterbury; Exchange Place Towers, a 150-unit property located at 44 Center St. in Waterbury; Flanders West, a 145-unit property located at 1 and 3 Darling St. in Southington; and Countryside I and II, two communities located at 12 Wolf Hill Rd. in Wolcott that total 55 and 54 units, respectively. Michael Stone and Jessa Kurzman of CBRE represented the seller, Creative Management & Realty Co., and procured the undisclosed buyer in each transaction.
MONTCLAIR, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has completed the sale of 31 The Crescent, a three-story, walk-up apartment building located in Montclair, for $2.35 million. The property is composed of 14 two-bedroom units containing more than 1,100 square feet of living space each, as well as a screened-in porch. The community was fully occupied at the time of closing. The buyer was 507 Grand Street Associates LP, which completed the acquisition through a 1031 exchange. Ken Uranowitz and David Jarvis of Gebroe-Hammer represented the seller Shelane Montclair LLC. Uranowitz also represented the previous owner of 31 The Crescent when it was sold to Shelane Montclair LLC in 1995.
UNION CITY, N.J. — Rocha Construction & Development is advancing construction for Altessa, a 15-story residential condominium building located in Union City. The property will feature 100 residences in a mix of one-, two- and three-bedroom units, which will range in size from 812 to more than 1,400 square feet. Prices will start at $310,000. Each unit will come with an on-site, secured parking space, and some of the units will include outdoor patios. Building amenities include a landscaped rooftop deck that features scenic views of the New York City skyline, an elevated outdoor pool and a running track. Other amenities include a fitness center and a lounge with a flat-screen television. The units will go on sale in early 2009. The completion date for the project was not disclosed.
NEW YORK CITY — The Community Preservation Corporation and the New York City Department of Housing Preservation & Development have provided $4.2 million in construction and permanent financing for the development of three affordable housing buildings in the Wakefield neighborhood of the Bronx, New York City. The four-story buildings will be constructed on three presently vacant lots at 668, 670 and 674 E. 226th St. The properties will contain 30 rental apartments, including 16 studio, nine one-bedroom and five two-bedroom units. Apartment sizes will range from 513 to 800 square feet and rents will range from $950 to $1,200 per month. The borrower is developer Mark Stagg, who is also the owner of Five Stars Management. Terms of the financing were not released.
HOUSTON — Construction has topped out for Memorial Hills, a 286-unit rental apartment community located on 2.2 acres near the intersection of Memorial and Shepherd drives in Houston. Designed by Houston-based Ziegler Cooper Architects, the eight-story, infill project will contain one-, two- and three-bedroom units ranging in size from 600 to 1,500 square feet. Amenities include a pool, an outdoor kitchen, a garden area and a parking garage. Completion is scheduled for spring 2009. The project is being developed by Atlanta-based Gables Residential Trust. In addition, Four Chasewood, a Houston office building also designed by Ziegler Cooper, was completed recently. Located within Chasewood Technology Park, the $13.2 million project comprises a five-story, 110,000-square-foot office building and a 5.5-story parking garage. The project was designed with sustainable features that include low-e windows, a reflective roof, water-efficient landscaping and fixtures, and low VOC materials. The project was developed by GenCap.
PORT ORANGE, FLA. — An undisclosed borrower has acquired a $22.14 million loan for the 378-unit Hawthorne Village Apartments in Port Orange. David Borge of CB Richard Ellis Capital Markets’ Orlando, Fla., office secured the loan through Freddie Mac.