PHILADELPHIA — NAI Bluestone Real Estate Capital has secured $36.5 million in senior debt for the Glen at Shawmont Station, a Class A, 202-unit multifamily complex located in Philadelphia. The Glen at Shawmont Station is a garden style apartment community consisting of 10, three-story buildings situated over 18 acres. The property is nearly 100 percent occupied with amenities such as a combination leasing office/clubhouse, which includes a full size kitchen, a leasing office, a sample apartment unit, an exercise facility and a cyber café with wireless Internet access. The loan was structured and secured on behalf of Hunters Pointe Associates, an affiliate of the Andorra Group. Freddie Mac provided $30 million in senior permanent financing and an additional $6.5 million was secured from local banks and collateralized by additional real estate assets. The 10-year, senior permanent loan is fixed at 6.2 percent and amortized over 30 years.
Multifamily
HOUSTON AND SAN ANTONIO — Marcus & Millichap has brokered the sale of Mimosa 7, an apartment property located at 2414 Mimosa in Houston. Brian Janak and Mitchell Berg of the firm’s Houston office represented the seller, a Texas-based private investor. A Texas-based limited liability company bought the property, which was built in 1960 and sits on 5,778 square feet of land. Paul Gardner and Shelly Barzilay of the Marcus & Millichap’s Houston office represented the buyer. The property listed for $500,000. In addition, Marcus & Millichap’s San Antonio office secured the sale of an O’Reilly Auto Parts to a private investor. The property, located at 4019 San Bernardo Avenue in Laredo, is a 10,000-square-foot building ground-leased to O’Reilly’s. Rick Holland and Chad Knibbe of represented the undisclosed seller.
AURORA, COLO. — 14195 Montview Blvd Partners LLC, a subsidiary of Vultures LLC, has acquired Sand Creek Apartments, a 126-unit apartment community located at 14155 E. Montview Blvd. in Aurora. The property sold for $2.58 million or $24.86 per square foot. Built in 1974, the property offers a mix of one-, two- and three-bedroom units averaging 824 square feet. Amenities include patios/balconies, a swimming pool, a playground and carports. Erik Robson of Hendricks & Partners represented the buyer; Marcus & Millichap represented the seller, Sausalito, Calif.-based Montview Park Associates, in the transaction.
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.
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.