DAYTON, OHIO — Minneapolis-based NorthMarq Capital has arranged $2.59 million in first mortgage financing for Chamberlain I & II, a rehabbed 147-unit multifamily property located in Dayton. Greg Duvall in the Kansas City office of NorthMarq arranged the loan for the borrower, Cornerstone Regency Properties of Chamberlain LLC. The transaction was financed through Freddie Mac’s Embedded Cap Variable Rate Loan program. Additional terms of the loan were not disclosed.
TERRYVILLE, CONN. — Arbor Commercial Funding has secured $2.66 million in Fannie Mae financing for Quail Hollow Village, a 66-unit multifamily community located in Terryville. The loan carries at 10-year term, a 30-year amortization schedule and a 6.42 percent interest rate. John Edwards of Arbor’s Boston office originated the financing on behalf of the undisclosed borrower. The loan was secured under Fannie Mae’s Small Loans product line.
LAS VEGAS — NorthMarq Capital has arranged first mortgage financing of $8.7 million for the Indian Ridge Apartments, a 184-unit apartment complex located in Las Vegas. Financing was based on a 15-year term and a 15-year amortization schedule. The lender was 40/86 Mortgage Capital.
LONG BRANCH, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of Sea West Manor, a 20-unit apartment property located at 559 Second Ave. in Long Branch, for $1.5 million. The community comprises 10 studio units, eight one-bedroom units and two, two-bedroom units. Occupancy was 95 percent at the time of closing. Gebroe-Hammer’s Steven Follman represented the seller, Brott Realty, as well as the buyer, Sea West Apartments LLC.
GLEN ROCK, N.J., AND ROCHESTER AND CLIFTON PARK, N.Y. — NorthMarq Capital has secured a total of $11.47 million for three Northeast Properties. In Glen Rock, NorthMarq arranged $6.5 million in first-mortgage financing for a 60,500-square-foot office building located at 266 Harristown Rd. The loan carries a 5-year term and a 25-year amortization schedule. It was originated by Ernest DesRochers and Deanna Polizzo of NorthMarq’s New York Metro office on behalf of Glen Rock Property LLC. The lender was United Bank. In Rochester, Polizzo and Nancy Vanlsegham, of NorthMarq’s Upstate New York office, arranged $2.47 million in construction/permanent financing for the Kirstein Building. The six-story property is currently being redeveloped into a residential building that will contain 30 loft apartments and 7,600 square feet of first-floor retail space. Terms of the loan include a 30-year term and a 30-year amortization schedule. The borrower was 234-250 Andrews St. LLC and the lender was the Community Preservation Corp. Finally, in Clifton Park, Scott DeVinney of NorthMarq’s Upstate New York office originated $2.5 million in first-mortgage financing for the 111-unit Martindale Court. The loan carries a 7-year term and a 15-year amortization schedule. The borrower and lender were undisclosed.
LITTLETON, COLO. — Sugarberry Holdings LLC has purchased 293 and 343 West Powers Place and 5600 and 5665 South Bannock Street in Littleton. The properties, which total 98 units, sold for $4.18 million. Greg Price of Marcus & Millichap’s Denver office represented the seller, Chase Bank, in the transaction.
SWANSEA, ILL. — On behalf of Halloran Development, Holland Construction Services has completed the Cambridge House of Swansea senior living facility. Located in Swansea, the 87,500-square-foot community houses 103 apartments, all of which include emergency call systems. Amenities at the $7.3 million property include an exercise room, a television and library area, a convenience shop, and a common kitchen and dining room.
LA GRANGE, GA. — M&I Bank has provided a $17 million loan for the construction of Woodland Trail, a 236-unit apartment complex in La Grange. The site is being developed by the Woodland Trail Associates Joint Venture; the Kalikow Group, a member of the joint venture, has already invested $3.03 million in the project. Woodland Trail will serve as housing for workers at the planned $1.2 billion Kia Motors plant, which will open in late 2009.
NEWARK, N.J. — New Brunswick, N.J.-based Tekton Development Corp. has been selected as the general contractor for Richardson Building Lofts, an approximately $17 million apartment conversion project located at 50-60 Columbia St. in Newark. The building currently consists of a six-story, 66,000-square-foot structure originally constructed in 1912 as a jewelry factory. It will be converted into 67 loft-style apartment units. Sizes will range from 750 to 1,300 square feet, with some duplex units available. Building amenities will include a business center, two fitness rooms and cold storage space. A two-story addition will be added to the building, which will be capped by a green roof. Richardson Building Lofts is being developed by Newwork Real Estate and will apply for LEED-Silver certification. Completion is scheduled for September.
WILMINGTON, DEL., AND NEW YORK CITY — Marcus & Millichap has completed two Northeast multifamily transactions for a total of $5.66 million. In the first transaction, Mark Thompson and Adam Simon of the firm’s Philadelphia office represented the buyer in the $3.42 million purchase of Courtyard Apartments. The 122-unit, garden-style property is located at 9 Courtyard Lane in Wilmington. It comprises two- and three-bedroom units. The buyer, a limited liability company, plans to invest approximately $2 million in capital improvements to the property. In the second transaction, Marcus & Millichap’s Peter Von Der Ahe and Matthew Barbaccia represented both parties in the $2.24 million sale of a two-property portfolio located in the Bronx, New York City. The two buildings are located at 1049 and 1153 Boynton Ave.; the former property contains 20 units and the latter contains 24 units. Both properties have undergone recent renovations and both include 3,693 square feet of developable air rights.