Multifamily

GRANDBRIDGE ARRANGES $8.54 MILLION LOAN FOR LEAGUE CITY APARTMENT PROPERTY

by admin November 13, 2009

LEAGUE CITY, TEXAS — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged $8.54 million in first-mortgage financing for Anchorage Apartments in League City. The property contains 264 units as well as a navigational easement leading to Galveston Bay. Grandbridge's Cutt Ableson secured the financing, which consists of a 10-year term with a 30-year amortization schedule and an interest rate in the mid-5 percent range. The borrower is an entity sponsored by Dallas-based Urban Southwest Capital and the lender was Fannie Mae.

November 13, 2009

ATLANTA-AREA APARTMENT COMPLEX SOLD FOR $33.9 MILLION

by admin November 12, 2009

DULUTH, GA. — Atlanta-based Wilwat Properties has sold the 660-unit TreeSummit apartment complex to Norfolk, Va.-based Harbor Group International for $33.9 million. Located at 3475 Pleasant Hill Rd. in Duluth, the 731,068-square-foot property was built in phases in 1994 and 1996. Apartment amenities include four tennis courts, two pools, a fitness center and a clubhouse. David Gutting, Larry Orr and Chris Spain of Cushman & Wakefield’s Atlanta office brokered the sale.

November 12, 2009

Multifamily Southeast

MARCUS & MILLICHAP BROKERS FLORIDA APARTMENT SALE

by admin November 12, 2009

FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the sale of the 32-unit Holly Heights Apartments between two undisclosed parties for $1.64 million. The property was built in 1969 and is located at 900 NE 14th St. in Fort Lauderdale. Joseph Thomas and Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the seller. Echarte also represented the buyer. The firm’s Michael McCleary and Bill Papagno secured Freddie Mac financing for the purchase.

November 12, 2009

Midwest Multifamily

ARBOR ARRANGES $4.9 MILLION LOAN IN KANSAS CITY, MO.

by admin November 12, 2009

KANSAS CITY, MO. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has arranged a $4.9 million loan for the 217-unit Sterling Court Apartments in Kansas City. The 10-year loan, which carries a note rate of 5.9 percent, has a 26-year amortization schedule. The loan was provided under the Fannie Mae DUS Loan product line. Ronen Abergel of Arbor originated the financing.

November 12, 2009

Multifamily Texas

HENDRICKS & PARTNERS BROKERS SALE OF CLEAR LAKE MULTIFAMILY PROPERTY

by admin November 12, 2009

CLEAR LAKE, TEXAS — Hendricks & Partners (H&P) has brokered the sale of The Retreat of Clear Lake, a 232-unit multifamily community located at 16200 Space Center Blvd. in Clear Lake. Jim Hearn of the Houston office, along with Tom Warren of the firm's Dallas office, represented the seller, Village Green Associates LP, a Texas limited partnership of New York City. The buyer, Centennial Colo.-based Interurban Clear Lake LLP, assumed an existing Freddie Mac loan at closing. The buyer plans to continue a capital improvements program started by the previous owner.

November 12, 2009

Multifamily Western

131-UNIT MISSION WALK OPENS IN CITY BY BAY

by admin November 12, 2009

SAN FRANCISCO — A development by Berry Street LLC (an affiliate of BRIDGE Housing Corp.) and the San Francisco Redevelopment Agency, Mission Walk has opened in San Francisco, offering the first below-market-rate, for-sale homes in the new Mission Bay neighborhood. The multifamily property comprises 131 condominiums and townhomes — 25 one bedrooms, 82 two bedrooms and 24 three bedrooms — in two five-story buildings, each with an on-grade parking garage and landscaped courtyard. The homes are priced to be affordable to households that earn 80 to 100 percent of the 2008 area median income. LMS Architects designed the property.

November 12, 2009

Multifamily Western

MARCUS & MILLICHAP BROKERS $6.15 MILLION IN CONDO SALES

by admin November 12, 2009

VAN NUYS, CALIF. — Marcus & Millichap has brokered the $6.15 million sale of 99 condominiums at the 161-unit Sonterra Homes, an REO property located at 15425 Sherman Way in Van Nuys. Amenities include a swimming pool, spa, fitness center and barbecue/picnic areas. Marcus & Millichap’s Ron Harris represented a Chicago-based lender in the sale of the condo units to Gidi Cohen of Cohen & Associates.

November 12, 2009

Multifamily Southeast

640 CONDO UNITS SOLD FOR $37.6 MILLION

by admin November 11, 2009

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.

November 11, 2009

Multifamily Southeast

MIAMI AFFORDABLE HOUSING COMMUNITY PLANNED

by admin November 11, 2009

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.

November 11, 2009

Multifamily Southeast

$10.92 MILLION LOAN ISSUED FOR D.C. APARTMENT COMPLEX

by admin November 11, 2009

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.

November 11, 2009

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