MIAMI — Orlando, Fla.-based Smith Equities Real Estate Investment Advisors has represented a foreign lender in the $37.6 million sale of 640 condominium units to a private foreign buyer. The units are located in Belmont at Park Central, Charles Towne at Park Central and Manor Row at Park Central, three of the five properties constituting the Park Central Planned Development project in Miami. Of the 1,081 units in all three properties, 640 were vacant. Gerald Smith and Robert Smith of Smith Equities brokered the sale.
MIAMI — During the first quarter of next year, Hollywood, Fla.-based The Cornerstone Group and The Richman Group of Companies will begin site work on the 204-unit Mirabella affordable housing project. Located at 12900 SW 253rd St. in Miami, the property will also include a 27-acre mobile home park reserved to accommodate 30 residences. Mirabella will feature a social room, business and fitness centers and a pool. Each unit will contain EnergyStar appliances, low-flow fixtures and low-VOC paint. Citibank provided $8.48 million in construction financing and a $5.1 million permanent loan. Additional financing included 9 percent tax credits, a $4.25 million county subsidy and up to $7 million in Tax Credit Assistance Program money.
WASHINGTON, D.C. — E&G Group has borrowed $10.92 million in financing against its 462-unit Meadow Green Apartments to pay off an existing FHA/HUD loan. The Washington property was redeveloped in 1998. Jason Miller of Vienna, Va.-based Johnson Capital arranged the 7-year loan. Financing was provided through Freddie Mac’s Capped ARM Program.
LINCOLN, NEB. — Bob Chalupa of Q10|Daisley Ruff Financial has arranged a $20 million loan. The loan is for a group of apartment complexes located in Lincoln. The 10-year non-recourse, fixed rate loan carries a 4.94 percent interest rate. Fannie Mae financed the loan. The borrower was not disclosed.
DENVER — Pinnacle Real Estate Advisors LLC has brokered the $1.2 million purchase of a 17-unit apartment complex located at 1671 Cook St. in Denver. The property was built in 1960 and consists of one bedroom-one bath units. Pinnacle’s Kyle Malnati represented the buyer, 1671 Cook Street LLC, and the seller was The Floyd Sterling Gordon and Evelyn Dolores Zoe Gordon Trust.
RALEIGH, N.C. — The 320-unit Summermill at Falls River apartment complex has received a $24.07 million refinance loan. The Class A property, which was built in 2002, is located at 10311 Falls Mill Dr. in Raleigh. Using HUD’s 223a7 program, the loan’s amortization was extended back to the loan’s 40-year term. Elizabeth Conahan of Walker & Dunlop originated the loan.
OMAHA, NEB. — NorthMarq Capital’s Omaha office has arranged an approximately $25 million loan for Broadmoor Hills Apartments, a 299-unit multifamily property located in Omaha. The financing was based on a 10-year term with a 30-year amortization schedule. John Bendon of NorthMarq Capital arranged the financing for the borrower, Dodge Street Apartments, through NorthMarq’s seller-servicer relationship with Freddie Mac.
WICHITA, KAN. — David Farrell of NorthMarq Capital’s Kansas City office has arranged $8 million in first mortgage financing for Berkshire Apartments, a 252-unit multifamily property in Wichita. The 10-year loan, which includes a 30-year amortization schedule, was secured for the borrower, Berkshire Renovations LLC/Maxus Realty Trust, through NorthMarq’s seller-servicer relationship with Freddie Mac.
HOUSTON — Cadence McShane Construction Co. has completed La Maison, a 423-unit luxury apartment community located in Houston's River Oaks submarket. Situated on 5.3 acres at 2727 Revere St., the project consists of adjoining four- and five-story buildings designed in the New Orleans Garden District style. The community is subdivided into five separate areas, each containing courtyards with pools, fountains and extensive native landscaping. The project also features an arched entry with a grand fountain as well as ornate brick columns, wrought iron fencing and gas lamps throughout the development. Other amenities include a six-level parking garage and a clubhouse that features leasing and management offices, a business center, and recreational facilities. The developer of La Maison is ZOM Inc. and the project architect is RTKL Associates.
HOUSTON — Dominium Development & Acquisition has purchased Chateau Village Apartments, a 150-unit affordable housing community located in Houston. The buyer plans to complete several improvements to the property, including new landscaping and updates to the community building. Unit improvements include new lighting, flooring fixtures, appliances, counters, cabinets and paint. Dominium also plans to rename the community St. James Village Apartments. The seller the purchase price were not disclosed.