HOUSTON — Longview, Texas-based Deason Financial Group has arranged $2.2 million in bridge financing for the acquisition of a 164-unit, Class C multifamily community located in Houston. The property is situated on 4.1 acres and had recently been put under foreclosure. The borrower is an out-of-state party satisfying a 1031 exchange. The Texas-based lender provided financing with a 24-month term and interest-only payments. The loan has a draw feature for improvements to the property, and loan take-out will come from permanent agency financing.
SAN DIEGO — Oliver McMillan has completed the development of The Lofts at 707 Tenth Avenue, a residential building located on G Street in San Diego’s East Village neighborhood. The eight-story, 137,700-square-foot building features urban lofts situated above street-level retail and live/work space, as well as underground parking. Austin Veum Robbins Partners and KMA Architectural & Engineering provided architectural services for the project; DPR Construction served as general contractor.
ROSELLE, N.J. — Marcus & Millichap has brokered the sale of a six-unit apartment building located in Roselle. The property contains a mix of one-, two- and three-bedroom units. It traded at a price of $430,000. Kevin McCrann, Thomas McConnell and Nat Gambuzza of Marcus & Millichap’s New Jersey office represented the seller, a private investor. The buyer, a local investor, was represented by Christopher Rizzolo, also of Marcus & Millichap’s New Jersey office.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $3.7 million in permanent acquisition financing for Forest Pointe Apartments, a 27-unit multifamily property located in Houston. Brandon Brown of LMI arranged the fixed-rate loan on behalf of the undisclosed borrower. The lender was one of LMI’s lending sources.
UNIVERSITY PLACE, WASH. — Brandon Grishman of Marcus & Millichap has brokered the sales of two multifamily properties in University Place. In the first transaction, an undisclosed buyer acquired WestWind Apartments, a 32-unit multifamily property located at 7623 27th St. W. The six-building property sold for $2.72 million. The community’s units feature washers/dryers, refrigerators, dishwashers, ranges and large decks or patios. The seller was not disclosed. In the second transaction, the 22-unit Windsor Square Apartments sold for $1.29 million to an undisclosed buyer. Located at 7703 27th St. W., the three-building property offers units with refrigerators, ranges and decks/patios. The seller was undisclosed.
DALLAS — The grand opening has been held for Mercantile Place on Main, a multifamily redevelopment project located in Dallas. The project is owned by Forest City Residential Group, a subsidiary of Forest City Enterprises. It consists of the redevelopment of the Mercantile Block, which encompassed nine buildings in downtown Dallas. The site, now christened Mercantile Place on Main, consists of three high-rise residential towers. The Mercantile National Bank Building was redeveloped into The Merc, a 31-story residential tower that opened to residents in March 2008. The second tower is The Element, a 15-story tower that opened in January 2009. The final building is The Wilson, a former office building and department store that now contains 143 luxury loft apartments. Each building features one- and two-bedroom units, as well as penthouses. Community amenities include a 1,750-square-foot fitness center, a private screening rooms, a sports lounge with a gaming room, and the Cabana Lounge. An elevated pool area features a swimming pool, a spa deck, a sun deck with an outdoor kitchen/grilling area, bar-style seating, tables and chairs situated within groves of trees, gardens and wood decks. In addition, a French restaurant named Jean Michel’s will open this fall at the …
LAS VEGAS — Contractor George Gekakis has begun construction of the 77-unit McKnight Senior Village II, the second phase of the 110-unit senior-living development. The property is located at 651 McKnight St. in Las Vegas. The new units will be housed in a four-story building on 2.14 acres of land. Amenities will include a 7,000-square-foot clubhouse, fitness center, craft room, health club and a full kitchen. McKnight Senior Village is being constructed to EnergyStar specifications. Delivery is slated for 2010.
CALIFORNIA — Alex J. Katz and Shana Klisanin of Meridian Capital Group’s Los Angeles office have secured a more than $27 million loan for an 11-property multifamily portfolio. The apartment complexes, which encompass 395 units, are located in Southern California. The non-recourse loan carries a 5.6 percent fixed interest rate for 10 years.
NEW YORK CITY — New York City-based Massey Knakal Realty Services has brokered the sale of a five-story, walk-up apartment building, located at 59 Morton St. in the Greenwich Village neighborhood of Manhattan, New York City. The property traded for $3.7 million. It totals 6,680 square feet and contains two rent-stabilized units, one rent-controlled unit, and a vacant parlor and third floor. Massey Knakal’s John Ciraulo and James Nelson negotiated the transaction between the two undisclosed parties.
VALLEY VILLAGE, CALIF. — Jeffrey Louks of Marcus & Millichap and Vince Norris of Hendricks & Partners represented the undisclosed seller in the disposition of a 54-unit apartment complex in Valley Village. Located at 5717 Laurel Canyon Blvd., the property sold for $9.75 million. The buyer was not disclosed.