HOUSTON — NorthMarq Capital has arranged two loans for a total of $16.56 million. In the first transaction, John Burke of NorthMarq's Houston office secured $10.56 million in first-mortgage financing for Briarwood Apartments, a 351-unit multifamily property located in Houston. The loan includes a 10-year term with a 25-year amortization schedule. The borrower is Briarwood Partners LP and the lender is AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. In the second transaction, Burke secured $6 million in first-mortgage funds for the refinancing of Kirkwood Shopping Center, also in Houston. The property totals 59,504 square feet and is occupied by a tenant roster that includes Davita Dialysis, Charlotte's Saddlery, Starbucks Coffee and Wayne's Carpet. The loan carries a 9-year term with a 20-year amortization schedule. The borrower was an individual investor and the lender was Symetra Life Insurance Co.
Multifamily
MIAMI BEACH — Marcus & Millichap has brokered the sale of the 24-unit La Paloma Apartments complex between two private parties for $1.21 million. Located at 1949 N.E. 172nd St. in Miami Beach, the three-story property was built in 1964. Evan Kristol and Still Hunter, III, of Marcus & Millichap’s Fort Lauderdale, Fla., office and Andrew Jordan, Dew Kristol and Kirk Olson of the firm’s Miami office represented the seller. Paul Nudelman of the firm’s Miami office assisted Jordan in representing the buyer.
HOUSTON — Marcus & Millichap has brokered the sale of Streamside Place, a 201-unit apartment community located in Houston. The property was constructed in 1984 and is located at 5335 W. Gulf Bank Rd. Will Balthrope and Tommy Lovell of Marcus & Millichap's Dallas office, along with Jeffrey Fript of the firm's Houston office, represented the seller, a private investor. The trio also represented the buyer, a limited liability company. The acquisition price was not disclosed.
DALLAS — Completion is nearing for Churchill Estates at Lake Highlands, a 175-unit senior housing community located at 8501 Lullwater Dr. in Dallas. Amenities for the community include a wellness center and library, a movie studio, a billiards rooms, a fitness center and an art studio. Dining options include two dining rooms, a bistro and a wine room. The community is currently open to residents, along with some of the amenities; the entire project should be finished by late 2009. Churchill Residential is the developer of Churchill Estates. Galier, Tolson, French Architects designed the project, with KWA Construction serving as general contractor. Faulkner Design Group is the interior designer.
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.
PINELLAS PARK, FLA. — Chicago-based Oceanside Affordable Housing has purchased the 104-unit Oceanside Apartments from Mallah Family Investments for an undisclosed amount. The Senior HUD Master HAP property is located at 6700 102nd Ave. in Pinellas Park. John Burpee of NAI Tampa Bay brokered the sale, which took more than 1 year to complete.
RIVERVIEW, FLA. — The FDIC, acting as a receiver for Corus Bank, has sold 199 units in the 432-unit Allegro Palm condominium complex to a local private investor for $6.25 million. The property, which was built in 2000, is located at 5501 Legacy Crescent Place in Riverview. Evan Kristol and Still Hunter of Marcus & Millichap¹s Fort Lauderdale, Fla., office brokered the sale.
ACTON, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Spring Hill Commons, a 105-unit apartment community located in Acton. The community comprises four buildings situated at 421 Great Rd. It contains a mix of one- and two-bedroom units and was approximately 94 percent occupied at the time of the sale. CBRE's Paul Donahue, Travis D'Amato and Bill Moylan represented the seller, Chicago-based Equity Residential, and procured the buyer, Needham, Mass.-based Universal Realty. The acquisition price was not disclosed.
MORRIS COUNTY, N.J. — NorthMarq Capital has secured $8 million in permanent financing for a 222-unit, garden-style apartment community located in Morris County. The loan carries a 15-year term; a 6.12 percent fixed interest rate and is self-liquidating. Mark Scott of NorthMarq's New Jersey office arranged the deal through a regional bank.
NEW YORK CITY — Massey Knakal Realty Service has completed the sale of 1001 Avenue H, a 38-unit, walk-up apartment building located in the Flatbush neighborhood of Brooklyn, New York City, for $3.16 million. The building traded at a 6.4 percent capitalization rate. Eric Greenfield of Massey Knakal negotiated the transaction between the two undisclosed parties.