MARYLAND — Deutsche Bank Berkshire Mortgage has provided RREEF with an $86.9 million loan to refinance three apartment complexes in Maryland. The Fannie Mae DUS loan carries a 60-percent loan-to-value ratio and a 10-year, interest-only term. The properties are the 402-unit Huntington at King Farm, located at 801 Elmcroft Boulevard in Rockville; the 258-unit Courts of Avalon, located at 9000 Iron Horse Lane in Pikesville; and the 210-unit Versailles, located at 111 Versailles Circle in Towson.
Multifamily
CHICAGO — Essex Realty Group has brokered the sale of a five-building multifamily portfolio in the South Shore neighborhood of Chicago for approximately $3.25 million. The 153-unit portfolio includes 7800 South Essex, 7801 South Essex, 7800 South Kingston, 7801 South Kingston and 7545 South Yates. David Goss and Jon Morgan of Essex Realty brokered the transaction. The buyer and seller were not disclosed.
SAN ANTONIO — Houston-based Cambridge Development Group has opened The Preserve on Fredericksburg, a 376-unit luxury apartment community located in San Antonio. Situated on 25 acres at 10422 Huebner Road, the project was designed by Dallas-based Humphreys & Partners utilizing the architect's Big House prototype, which places 10 to 14 units in a building that resembles a single-family residence. The Preserve will contain 35 such buildings with a mix of one- and two-bedroom units as well as private parking garages built into the structures. Community amenities include a clubhouse that features a trophy room, a fitness center, a business center, a gourmet kitchen and a conference room. Additional amenities include a two-level, outdoor swimming pool with a waterfall and oversized hot tub; an outdoor fire place; a California kitchen; a cabana and two dog parks. Sustainable features of The Preserve include energy-efficient windows, Energy Star-rated appliances, native landscaping and water conservation measures. Dallas-based CF Jordan served as general contractor for the project. Leasing and property management services are being provided by San Antonio-based The Lynd Company.
LAURINBURG, N.C. — Meridian Capital Group has arranged a $4.5 million loan for the 154-unit Plaza Terrace Apartments in Laurinburg. Alliant Capital financed the 10-year loan, which carries a 5.53 percent fixed interest rate. Mike Brown and Noam Kaminetzky of the Meridian’s Boca Raton, Fla., office secured the loan.
CHARLOTTE, N.C. — Charlotte-based CampusWorks is set to build The Flats at Mallard Creek, a 131-unit, 386-bed off-campus student housing development to serve students at the University of North Carolina at Charlotte. Located at Mallard Creek Church Road and Bonnie Cone Lane, the project is slated for completion in time for the 2010 academic year. CampusWorks has partnered with a Florida-based developer for The Flats at Mallard Creek, marking the third asset CampusWorks has provided construction services for in the UNCC market. Other projects include University Village and University Club.
MANITOWOC, WIS. — Berghammer Construction Corp. has completed the construction of the first phase of St. Mary’s Felician Village campus renovation and repositioning. Located in Manitowoc, the campus offers assisted and independent living options, skilled nursing and rehabilitation as well as activities and other amenities for senior citizens. The first phase of the project included the demolition of several existing structures on the 22-acre campus, and the construction of a new community-based residential facility, a 20-bed rehabilitation household and the Village Square building. Construction is currently under way for the second phase, which includes the development of a 64-bed skilled nursing facility and a 16-unit residential care apartment complex. Completion of the second phase is slated for August 2010. Eppstein Uhen Architects is providing architectural services for the three-phase project.
SEATTLE — Marcus & Millichap has handled the $3.6 million purchase of Alki Place Apartments, a 28-unit apartment property located at 3000 60th Ave. Southwest in Seattle. The property consists of 16 750-square-foot, one-bedroom/one-bathroom units, six 825-square-foot, two-bedroom/one-bathroom units and six 875-square-foot, two-bedroom/two-bathroom units. Marcus & Millichap’s Dan Swanson represented the buyer, a private investor, in the transaction.
HOUSTON — Marcus & Millichap Capital Corp. has arranged $22.7 million in construction financing for Clearpointe Residences, a multifamily project currently under development in Houston. The construction-to-permanent loan carries a non-recourse feature, a 40-year term, a 5.8 percent interest rate and a 90-percent loan-to-cost ratio. Peter Dunn of Marcus & Millichap's Houston office arranged the financing. The borrower was not disclosed.
SEATTLE — Boston Capital has partnered with the Seattle Housing Authority (SHA) in the development of Tamarack Place Apartments, an affordable, green, 83-unit multifamily project in Seattle. Part of the second phase of SHA’s mixed-use, urban infill Rainier Vista redevelopment, Tamarack Place Apartments will consist of 24 one-bedroom, 53 two-bedroom and six three-bedroom units in a single, four-story building. Apartments will accommodate residents with a range of incomes below 60 percent of the area median income.
NORTH HOLLYWOOD, CALIF. — Rick Raymundo of Marcus & Millichap has negotiated the $1.7 million purchase of a 22-unit apartment complex located at 6733 Bakman Ave. in North Hollywood. He represented 6733 Bakman LLC in its purchase from Jermo LLC, which Raymundo had sold the property to in 2007.