PLANO, TEXAS — NorthMarq Capital has arranged $27.6 million in first-mortgage financing for Legends at Ridgeview Ranch, a 480-unit multifamily community located in Plano. The loan includes a 7-year term and a 30-year amortization schedule. Jeff Frankel of NorthMarq's Chicago office secured the funds on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
CHICAGO — Glenn Housman of CB Richard Ellis’ Orlando office arranged a $35.5 million loan for the refinancing of The Buckingham, a 129-unit, 456-bed student-housing property located in the South Loop University District of downtown Chicago. The loan was arranged through Freddie Mac on behalf of The Buckingham LLC. Terms of the 7-year loan include a loan-to-value of 70 percent and a DSC of more than 1.50x.
SAN DIMAS, CALIF. — Raintree Partners has acquired the 168-unit Mountain View Apartments, located at 650 E. Bonita Ave. in San Dimas, for $21 million. Mountain View consists of two- and three-bedroom residences and includes amenities such as a fitness center, a swimming pool with a spa, a renovated clubhouse and covered parking. CB Richard Ellis’ Sean Deasy represented the seller, an affiliate of Apartment Investment & Management Company, in the transaction.
RICHMOND, VA. — Principal Financial Group has sold two Richmond apartment complexes — the 228-unit Culpeper Farms and the 220-unit Oaks at Gayton — to Colonial Court Apartments for $33.35 million. Culpeper, which was built in 1989, is located at 3450 Spendthrift Road; built in 1987, the Oaks is located at 12520 Gayton Road. Bill Roohan, Andy Boyer, Mike Muldowney, John Sheridan, Jonathan Greenberg, Michael Rudolph and Ben Margerum of CB Richard Ellis' Washington, D.C., office brokered the sale. The CB Richard Ellis team also brokered Principal's $19.25 million sale of Sundance Station to Harbor Group International of Norfolk, Va. The 300-unit apartment property is located at 3500 Sundance Way in Richmond.
CHARLOTTE, N.C. — Philadelphia-based Switzenbaum & Associates has purchased the 404-unit Tyvola Centre Apartments from a fund managed by DRA Advisors for $35 million. The property, which is 95 percent occupied, is located at 625 Cameron Walk Court in Charlotte. Amenities include a resort-style pool, a fitness center and a lighted tennis court. The buyer plans to upgrade Tyvola Centre, which was constructed in 2000. Blake Okland, Dean Smith, Sean Wood and John Heimburger of Apartment Realty Advisors' Charlotte office represented the seller in the transaction.
NEW YORK CITY — Construction is complete for the $39 million renovation of Riverdale Osborne Towers, a four-building, 523-unit affordable housing community located at 440 Watkins St. in the Brownsville neighborhood of Brooklyn, New York City. The project included the installation of new windows in all apartments, the replacement of two roofs, three new boilers, the replacement of all eight elevators, two new gas-fired furnaces, façade repairs, new gates and apartment entry doors, and a new lobby entrance and management office. The project was completed by a partnership that included CPC Resources, Catholic Charities Progress of Peoples Development Corp. and East Brooklyn Congregations.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of two multifamily buildings in Manhattan, New York City. In the first transaction, Massey Knakal's Thomas Gammino arranged the sale of a five-story walk-up building located at 504 E. 84th St. on the Upper East Side. The building, which traded for $2.67 million, features eight residential units, including a 2,900-square-foot owner duplex with a garden. Five of the units are free market and three are rent stabilized. The building also includes a rooftop antenna currently rented to Sprint and 2,100 square feet of air rights. In the second transaction, Massey Knakal's Michael DeCheser arranged the $2.4 million sale of a commercial loft building located at 112 Stanton St. on the Lower East Side. The six-story building contains a ground-floor retail space with basement space as well as six residential units above. Three units are currently occupied by interim multiple dwelling tenants and the other three are vacant. The buyers and sellers in both transactions were not disclosed.
SAN ANTONIO — Place/BV Student Housing Fund has closed on the land acquisition and construction loan for a new student housing project serving the University of Texas – San Antonio. Known as Avalon Place, the project will consist of 246 units in a mix of one-, two- and four-bedroom units. Community amenities include a clubhouse featuring an activity room, pool tables, a computer lab and a fitness center. Other amenities include a fitness center and a spa. Construction for the project has begun, and completion is slated for July. The manager of Place/BV Student Housing Fund is BVP Managers LLC, a joint venture between Chicago-based Blue Vista Capital Management and Atlanta-based Place Companies, an Affiliated Group.
HOLLYWOOD, FLA. — A West Palm Beach, Fla.-based firm has sold the 24-unit Mediterranean at Young Circle to a company based in Dania Beach, Fla., for $3.1 million. Located at 1800 Jackson St. in Hollywood, the property was originally conceived as a condominium development, but the buyer will lease the units as apartments. Evan Kristol and Still Hunter, III, of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller. Elliot Shainberg of the firm's Miami office represented the buyer.
AMHERST, MASS. — Boston-based NAI Hunneman has arranged the sale of College Inn Apartments in Amherst for $1.6 million. The property consists of two buildings located on Belchertown Road: 12 Belchertown is a two-story former hotel containing 20 studio units and one four-bedroom unit, and 10 Belchertown is a single-story building containing 14 one-bedroom units. NAI's Carl Christie and Dan McGee represented the seller, Woodwalk Properties, and procured the buyer, Belchertown Road Partners LLC.