SAN FRANCISCO — Wells Fargo & Co. has closed an approximately $289 million Freddie Mac Portfolio for Simpson Housing LLP. The borrower will use the Freddie Mac Conventional Cash Purchase Program to refinance an 11-property multifamily portfolio. The 3,664-unit portfolio includes properties in Arizona, Colorado, New Mexico, Oregon, Washington, Texas and Virginia. The loan features a 7-year variable rate pool and 10+1- and 11+1-year fixed rate pools. Phil Morse and Chris Lubic of Wells Fargo Multifamily Capital in Mclean, Va., originated the transaction, which was a referral from John McKinney and Jeff Spratt of Wells Fargo Real Estate Banking Group.
TAMPA, FLA. — Connecticut General Life Insurance Co. has secured an $18.5 million loan for its 383-unit Mallory Square Apartments. The 3-year-old property is located at 11306 Mallory Square Dr. in Tampa. The adjustable-rate loan carries a 7-year term. Elliott Throne of Holliday Fenoglio Fowler’s Coral Gables, Fla., office and Fred Wittmann of the company’s Boston office secured the loan.
MARATHON AND TAVERNIER, FLA. — Southport, Conn.-based Summit Development has purchased two marina properties in the Florida Keys from Sun Vest Communities. Summit acquired the Sombrero Resort and Marina — which encompasses 124 condominiums, eight villas and a 54-slip marina — for an undisclosed price. Located at 19 Sombrero Blvd. in Marathon, the property also includes a full-service restaurant, tennis courts and a poolside tiki bar. The company also purchased the 130-slip Mangrove Marina, located at 200 Florida Ave. in Tavernier. Summit plans to renovate both properties. Funding for the purchase was obtained from Orion Bank.
SEABROOK, TEXAS — Seatree Properties, Ltd., has secured a $5.8 million loan from Freddie Mac to completely pay off the existing loan on Seatree Apartments in Seabrook. Whitaker Johnson with the Dallas office of Holliday Fenoglio Fowler arranged the refinancing for the 220-unit apartment community on behalf of Seatree Properties. Located approximately 20 miles southwest of downtown Houston at 2800 Nasa Parkway, the garden-style complex was renovated in 2006 and offers five floor plans. The borrower is an affiliate of Hall Financial Group, Ltd.
WEST SACRAMENTO, CALIF., AND AURORA, COLO. — Marcus & Millichap has brokered the sales of two multifamily properties in California and Colorado. In the first transaction, an undisclosed buyer purchased a 12-unit multifamily property, which is located at 2334-2336 Michigan Blvd. in West Sacramento, for $810,000. Marc Guillon and Jesse Nickerman of Marcus & Millichap represented the undisclosed seller in the transaction. In the second transaction, Clayton Primm of Marcus & Millichap represented both parties in the sale and acquisition of an eight-unit multifamily property in Aurora. Located at 9504 E. 17th Ave., the property sold for $325,000.
DALLAS — Manhattan Beach, Calif.-based Main Street Partners & Associates has acquired Ridgegate Apartments for $6.05 million. The Class C multifamily community is located at 9737 Forest Lane in Dallas and contains 270 units. The undisclosed seller was represented by Sam Pettigrew of locally based The Cantrell Company. Acquisition financing was provided by Fannie Mae. Main Street Partners retained JBlue Real Estate Services to manage the property, as well as oversee its planned renovation.
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.