SIOUX CITY, IOWA — Brent Blake of NorthMarq Capital’s Kansas City office has arranged first-mortgage financing of $3.92 million for the Clifton Estates Apartments. The 109-unit multifamily community is located in Sioux City. Borrower Bandit Inns LLC was able to secure financing, which NorthMarq arranged through its affiliate AmeriSphere Multifamily Finance, based on a 10-year term with 2 years of interest-only payments.
Multifamily
BINGHAMTON, N.Y. — White Plains, N.Y.-based Houlihan-Parnes Realtors (HPR) has brokered the sale of a 111-unit multifamily portfolio, located in Binghamton, for $1.5 million. The properties are located at 88-90 Henry St., 777 Chenango St., 7-9 Eaton Place, 10 Florence Ave., 27 Tompkins St. and 30 Webster St. All of the communities are locate within a 3-mile radius. Ed Graf and Ted Sannella of HPR negotiated the transactions, along with Steve Tierney of Woods, Oviatt, Gilman LPP. The undisclosed buyer secured a $1.15 million first-mortgage loan for the portfolio, which carries a 5-year term with a 5-year option and can be pre-paid at 1 percent in years 1 through 4 and years 6 through 9.
NEW YORK CITY — NorthMarq Capital has arranged $1.5 million in first-mortgage financing for 103 Thayer Street, a 68-unit multifamily property located in New York City. The building also contains six commercial spaces. The loan carries a 10-year term with a 1-year fixed-to-float option and a 30-year amortization schedule. Robert Ranieri of NorthMarq’s Capital Services Group East arranged the financing on behalf of the borrower, 103 Thayer St. LLC. The lender was Freddie Mac.
PLANO, THE WOODLANDS AD HOUSTON, TEXAS — Holliday Fenoglio Fowler (HFF) has negotiated two Texas multifamily transactions. In the first deal, HFF’s Dallas office arranged the sale of and the financing for The Livingston, a 180-unit, Class A multifamily property located at 6301 Windhaven Pkwy. in Plano. HFF’s Bill Miller and Roberto Casas represented the seller, local developer Tonti Properties, which also constructed the property. The community was purchased by Vancouver, British Columbia-based Sunstone Realty Advisors free and clear of debt. HFF’s John Brownlee arranged the acquisition financing for the transaction, which totaled $12.84 million. The loan carries a 7-year term and a 5.38 percent fixed interest rate. The lender was Wachovia Multifamily Capital, Inc. – FNMA. HFF also arranged two loans totaling $49.79 million on behalf of Trammell Crow Residential for two communities. The properties include Alexan Woods, a 280-unit community located in The Woodlands, and Alexan Main Street, a 286-unit community located in Houston. The loan for Alexan Woods totals $27.63 million and the loan for Alexan Main Street totals $22.16 million.
SEATTLE — Alliance Residential Company has opened Domaine, a 91-unit luxury apartment community in Seattle. Located at 2480 and 2483 Birch Ave., the community offers Euro-style mid-rise studios, one- and two-bedroom homes in more than 30 floor plans, many with oversized patios or decks and views of Lake Union, the Cascade Mountains and downtown Seattle. The units feature floor to ceiling windows, Italian tile floors, hardwood cabinets, stainless steel appliances and stone countertops. Additionally, the community features a fitness club and a resident lounge.
SANTA MONICA, CALIF. — Richard Ringer of Marcus & Millichap represented the buyer in the acquisition of 420 California Avenue, a 20-unit apartment property in Santa Monica. Built in 1964, the property sold for $5.33 million or $344.92 per square foot. Tony Azzi, also of Marcus & Millichap, represented the seller in the transaction.
PHOENIX — Cleveland-based The NRP Group has purchased approximately 5.27 acres of land at the corner of 21st Street and Broadway Road in Phoenix for $1.37 million. The company plans to develop a 68-unit affordable housing project on the site. Construction is slated to begin in 2009 with completion scheduled for first quarter 2010. Chaz Smith, John Finnegan and Ramey Peru of Colliers International represented the buyer; Cam Stanton of CB Richard Ellis represented the seller, Chicago-based DeMuro Enterprises Inc., in the transaction.
PHOENIX — Fernwood Developments (USA) Ltd. LLC has purchased Stefan II, a 32-unit apartment community located at 15430 N. 25th St. in Phoenix. The partially completed property sold for $1.25 million. The community features three-bedroom units offering washer/dryer connections and a detached two-car garage. Mark Forrester and Chuck LaBenz of Hendricks & Partners’ Phoenix office represented the seller, Scottsdale, Ariz.-based Stefan II Lender LLC, in the transaction.
CHARLESTON, S.C. — Charleston-based Greystar Real Estate Partners has opened its 283-unit Daniel Island Village apartment complex with a 70 percent occupancy. The property is located on 16 acres at 455 Seven Farms Dr. in Charleston. Apartment amenities include a resort-style pool, a fitness center and 20 miles of wooded bike trails.
FITCHBURG, WIS. —Milwaukee-based developer Mandel Group has acquired New Fountains Apartments, a 578-unit multifamily community located in Fitchburg. Situated on 28 acres at 5401 Williamsburg Way, the property comprises 14 buildings. Amenities include swimming pools, tennis courts, a fitness center and sand volleyball courts. The seller was a Dayton, N.J.-based private investor group. Mandel Property Services, a wholly owned subsidiary of Mandel Group, has managed the property since 2007 on behalf of the seller. During that time, occupancy rose from 80 percent to 96 percent and net operating income nearly doubled. Mandel Group secured $20 million in acquisition financing through the Wisconsin Housing & Economic Development Authority. As a condition of the financing, Mandel will rent 20 percent of the units as affordable housing. The remaining proceeds will be used to substantially renovate the community. Paul De Kruiff of the Chicago office of NorthMarq Capital arranged the transaction.