NORWALK, CONN., AND LYNDHURST, N.J. — Marcus & Millichap has negotiated two multifamily sales for a total of $4.58 million. The first property is Hyatt Manor, a 20-unit property located in Norwalk that sold for $2.7 million. The property is located at 6 Hyatt Ave.; it contains three buildings and was constructed from 1952 to 1955. Gary Witten of Marcus & Millichap's New Haven, Conn., office represented the seller, a corporation. Witten and Bradley Balletto, also of the firm's New Haven office, represented the buyer, a limited liability company. The second property is a 15-unit apartment building located in Lyndhurst. The building, which traded for $1.88 million, was constructed in 1925 and also contains ground-floor retail space. Greg Babaian of Marcus & Millichap's New Jersey office represented the buyer, a local investor, and the seller, a limited liability company.
BETHLEHEM, PA. — Arbor Commercial Funding has arranged $18 million in Fannie Mae DUS financing for Saucon View Apartments, a 198-unit community located in Bethlehem. The loan carries a 10-year term with a 30-year amortization schedule and a 6.06 percent interest rate. Edward Petti of Arbor's New York City office originated the loan on behalf of the undisclosed borrower.
HOUSTON — NorthMarq Capital has arranged a total of $41.2 million in first-mortgage financing for two Houston apartment communities. A $29.2 million loan was secured for The Promenade at Jersey Village, a 596-unit property, and a $12 million loan was secured for The Promenade at Cullen Park, a 264-unit community. Both loans carry 10-year terms, with 2 years interest only, and 30-year amortization schedules. The lender was Freddie Mac. Brant Smith of NorthMarq's Houston office arranged both loans.
HOUSTON AND FARMERS BRANCH, TEXAS — Arbor Commercial Funding has originated two Fannie Mae DUS loans for a total of $10.65 million. The first loan totals $5.46 million and is secured by Windemere Apartments, a 257-unit multifamily community located in Texas. The loan carries a 10-year term, a 30-year amortization schedule and a 6.05 percent interest rate. The originator was Matt Norman of Arbor's Dallas office. The second loan is for $5.19 million and will be used for the refinancing of Huntington Cove Townhomes, a 100-unit multifamily community located in Farmers Branch. The non-recourse loan carries a 10-year term with a 30-year amortization schedule and a 5.98 percent interest rate. It was originated through the Fannie Mae DUS program by Jay Porterfield of Arbor's Plano, Texas, office. The borrowers were not disclosed.
GAINESVILLE, FLA. — Rocky Point Apartments Inc. has borrowed a $4.5 million loan for its 140-unit Rocky Point Apartments in Gainesville. Freddie Mac financed the 7-year loan, which comes with a 30-year amortization schedule. William Johnson of NorthMarq Capital’s Boca Raton, Fla., office arranged the loan.
WEYMOUTH, MASS. — Keybank Real Estate Capital has secured a total of $7.8 million in Freddie Mac financing for Queen Anne's Gate Apartments in Weymouth. The funds are being used to refinance existing conduit loans for two phases of the development. First, $4.8 million was provided to Queen Anne's Gate Company II for Phase II of the community, which contains 108 units and was built in 1974. Additionally, $3 million was provided to Q.A. V LP for Phase V of the community, which contains 46 units and was built in 1988. Terms of the loans were not disclosed.
IRVING, TEXAS — NorthMarq Capital has arranged $8.68 million in first-mortgage financing for Waterford at Valley Ranch, a 300-unit multifamily community located in Irving. The loan carries a 10-year term with a 30-year amortization schedule, and it was secured by William Haley with NorthMarq's Houston office. The borrower was Waterford at Valley Ranch LLC and the lender was Alliant Capital, a Fannie Mae DUS lender.
GASTONIA, S.C. — Bill Matone of NorthMarq Capital’s Charlotte, N.C., office has secured a $3.06 million loan for the 102-unit Carriage House Apartments. The property is located in Gastonia. Freddie Mac financed the 10-year loan, which carries a 30-year amortization.
OMAHA, NEB. — The Omaha regional office of NorthMarq Capital has arranged a first mortgage for Bennington Hill Apartments, a 129-unit multifamily property located in Sioux Falls. S.D. The $6.5 million loan carries a 10-year term with a 30-year amortization schedule. John Reed of NorthMarq arranged the financing for Bennington Hill LLC through an affiliate, AmeriSphere Multifamily Finance.
MILLBRAE, CALIF. — Marcus & Millichap has brokered the $33.8 million sale of Waterstone Millbrae, a 136-unit multifamily property located 15 miles south of San Francisco in Millbrae. Located at 509 Poplar Ave., approximately 1 mile from the Millbrae Caltrain/BART (Bay Area Rapid Transit) station, Waterstone Millbrae was built in 1971 and was recently remodeled. The property features one- and two-bedroom floor plans averaging 841 square feet and includes amenities such as a swimming pool and spa, a cardio-fitness center and a clubhouse. Marcus & Millichap’s Stanford Jones, Sal Saglimbeni and Phil Saglimbeni represented the seller, Pacific Property Company. The buyer was a private party.