DALLAS — Dallas-based Quantum First Capital has arranged a $22.61 million loan for Vail Quarters Apartments, a 332-unit apartment community located at 3900 Briargrove Lane in Dallas. Situated on 9.61 acres, the Class A property contains 25 buildings with a mix of studio, one- and two-bedroom units; it features two swimming pools, a clubhouse, a fitness center, a business center, a recreational room, and garages or carports. Eli Gershenson of Quantum First Capital originated the financing on behalf of Adam’s Rib Ltd. The lender is Green Park Financial, which utilized the Fannie Mae DUS program.
IRVINE, CALIF. — Avanath Capital Partners and MacFarlane Costa Housing Partners have acquired Simpson Housing Solutions (SHS) and its portfolio of 273 properties. The 26,000-unit portfolio consists of affordable rental apartments in 33 states, Washington D.C. and Puerto Rico, with more than half of the properties located in California. In the initial phase of the two-phase transaction, ownership of the former SHS portfolio will be jointly held by Avanath Affordable Capital, a wholly owned subsidiary of Irvine-based Avanath Capital Partners, and MacFarlane Costa Housing Partners (MCHP). MCHP is a newly formed joint venture between Michael Costa, the president of SHS, and MacFarlane Partners Affordable Housing, an affiliate of San Francisco-based MacFarlane Partners. To finance the acquisition, Avanath is conducting a fund offering for which real estate investment banking firm Presidio Partners is serving as the placement agent.
CENTRALIA, ILL. — Holland Construction Services has completed construction of the 54,851-square-foot Hertiage Woods Supportive Living Facility in Centralia. Blair Minton and Associates owns the $6.4 million, two-story building, which is divided into three wings that contain 74 units, making it the largest senior living facility in the area. Individual living quarters include a private bathroom, kitchenette, and individual heating and air conditioning controls. Gleason Architects of Sugar Grove, Ill., has provided the architectural services.
UNIVERSITY PARK, ILL. — Ralph DePasquale and Bill Montana of Hendricks & Partners’ Chicago office arranged the sale of Governor’s House, a multifamily facility located at 851 Burnham Drive in University Park, on behalf of LSF5 Governor’s House LLC of Dallas, Texas. Governors House Apartments LP of Evanston, Ill., purchased the 96-unit apartment community for an undisclosed amount, and is planning a substantial renovation of the property.
NEW YORK CITY — New York City-based Beck Street Capital has begun construction of Alma, a 13-unit condominium building located at 30 W. 21st St. in the Flatiron District of New York City. Consisting of the conversion of a 1907 loft building, Alma will contain 11 three-bedroom residences, a triplex penthouse and an adjacent, newly constructed, six-story townhouse. Units will range from 3,000 to 4,500 square feet, with prices ranging from $6 million to $10 million. Homes will feature Naval Oak hardwood floors, marble fireplaces in the master bedrooms, 50 feet of window frontage per unit, wine cellars, and kitchens with oak cabinets and solid-piece marble countertops. The two-bedroom penthouse will include 2,800 square feet of outdoor space, featuring a pool. The four-bedroom townhouse will include two marble fireplaces, a private elevator, a screening room, a study and a playroom. Building amenities will include a 24-hour concierge, weekly maid service, a fitness center and a pet spa. Alma is being designed by Roman & Williams and Karl Fishcer Architects. Darren Sukenik of Prudential Douglas Elliman is being retained as exclusive sales and marketing agent. Completion is scheduled for summer 2009.
GREENFIELD, IND. — Steve Daum of Dublin, Ohio-based NAI Olympia Partners has arranged the purchase of two tracts of land within the Springhurst West development of 0 West 100 North in Greenfield, Ind. Timber Run LLC, an Epcon Community developer, purchased the approximately 18 acres of land from Dick & Martha Fish Farms Inc. and Springhurst Land Company for an undisclosed amount. The Villas At Timber Run will feature single-story residential condominiums that will be constructed in a unique pinwheel design.
LINCOLN, NEB. — John Reed of NorthMarq Capital’s Omaha, Neb., office has secured $6.5 million in first mortgage financing for Chantacleer Apartments, a 104-unit multifamily complex located in Lincoln. Financing was based on a 9-year term plus one, with interest-only for 2 years. NorthMarq arranged the loan for the borrower through its affiliation with AmeriSphere Multifamily Finance.
BEAVERTON, ORE. — James Esterkin and Robin Esterkin have acquired Charwin Court in Beaverton. Wilsonville, Ore.-based Richard A. Gerstl sold the property for $1.15 million. Located at 13970 SW Allen Blvd., Charwin Court features 12 apartment units. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
BOCA RATON AND CORAL GABLES, FLA. — Kapital Development is planning to develop two senior living buildings in Boca Raton and Coral Gables. CityClub Residences Coral Gables, located at 1505 Ponce de Leon Blvd., will feature 124 condominiums within a 13-story building. CityClub Residences Boca Raton, located at 855 S. Federal Hwy., will feature 168 residential units within a 10-story building. It is scheduled for completion first quarter 2011. Luxury amenities included in the design are a day spa and salon, overnight guest suites, a fitness/wellness center, an art studio, ocean vistas and private elevators.
BILOXI, MISS. — Meridian Capital Group has arranged an $18.9 million loan for the acquisition of Oak Grove Apartments in Biloxi. Terms of the fixed rate loan include a seven-year term and three years of interest only non-recourse. Seth Grossman and Brad Gladsden of Meridian’s Florida office negotiated the deal. The property consists of 23 buildings and 244 units.