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.
Multifamily
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.
NAPLES, FLA. — CB Richard Ellis has represented an undisclosed seller in the sale of 72 condominium units in The Reserve at Naples to a private buyer for $3.2 million. The 300-unit property, located near Pine Ridge Road and Interstate 75 in Naples, had 72 remaining unsold units from when the property was sold to a converter in 2005. Jonathan Richards and Ann Bailey of CB Richard Ellis’ office in Fort Myers, Fla., represented the seller.
WOODSTOCK, GA. — CH Realty IV/Woodstock, an affiliate of Dallas-based Crow Holdings, has borrowed a $27.37 million loan for the 498-unit Alta Woods Apartments in Woodstock. The complex, which is spread across 19 buildings, features two pools, a fitness center, a putting green and two tennis courts. Freddie Mac financed the 7-year loan. Michael Riccio and Christine Kubas of CB Richard Ellis’ office in Hartford, Conn., and Robert LaChapelle of the firm’s Atlanta office arranged the loan.
MEDFORD, N.Y. — NorthMarq Capital's Long Island, New York, office has arranged $8 million in first-mortgage financing for Villas at Medford, a 66-unit multifamily community located in Medford. The loan carries a 10-year term with a 30-year amortization schedule and a 5.57 percent fixed interest rate. Charles Cotsalas and Ernest DesRochers of NorthMarq arranged the loan on behalf of the undisclosed borrower through Freddie Mac.