BEAVERTON, ORE. — Medford, Ore.-based Smagala-Ferro 2001 Family Trust has acquired Westbrook Apartments in Beaverton for $4.65 million. Located at 17135 SW Heritage Ct., the property offers 48 apartment units. The seller was Beaverton-based SKL Properties LLC. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
CROFTON, MD. — Martin Fayer of Johnson Capital’s Washington, D.C., office has arranged a loan for the 406-unit Keswick Park Apartments, located at 1623 Parkridge Circle in Crofton, for $55 million. Freddie Mac financed the 7-year loan that comes with an interest rate of 6.11 percent. A 30-year amortization kicks in after the first 4 years. The complex is 95 percent occupied and features a swimming pool, outdoor whirlpool and volleyball and racquetball courts.
ST. LOUIS — Phoenix-based Hendricks & Partners has brokered the sale of Park 44, a multifamily community located at 4426-4444 West Pine Blvd. in St. Louis. Park 44 Ul LP of Northbrook, Ill., has acquired the property from Park 44 LLC / Koch Development Co. of Clayton, Mo. Ken Aston in the St. Louis office of Hendricks & Partners represented the buyer and seller in the transaction. The acquisition price was not disclosed.
LAWRENCE, KAN. — NorthMarq Capital has arranged $3 million in financing for Jacksonville Apartments located at 700 Monterey Way in Lawrence. Financing for the 88-unit multifamily property was based on a 10-year term, with a 30-year amortization schedule. The loan was arranged for the undisclosed borrower by NorthMarq through its seller/servicer relationship with Freddie Mac. Brent Blake in the Kansas City office of Northmarq Capital arranged the financing.
SHIPPENSBURG, PA. — Marcus & Millichap has brokered the sale of Bard Townhouses, a 173-unit student housing community located at 100 Bard Dr. in Shippensburg, for $19.38 million. Situated on 32.54 acres across the street from Shippensburg University, the community comprises 23 two-story buildings with a mix of two-, three- and four-bedroom units. It was fully occupied at the time of closing. Brian Kelly of Marcus & Millichap’s Indianapolis office and Spencer Yablon of the firm’s Philadelphia office represented the sellers, Shippensburg Townhouses LLC and Shippensburg Townhouses II LLC, which are managed by Pennsylvania-based James Properties. The pair also represented the buyer, Ventures Shippensburg LP. The property traded at a price of $112,023 per unit.
NEW YORK CITY — New York City-based Walter & Samuels has secured $165 million for the refinancing of 15 Madison Square North, a residential condominium conversion project located at 15 E. 26th St. in the Flatiron District of Manhattan, New York City. A majority of the $165 million construction loan will be used by the borrower, Madison Park Owner LLC, to pay off the property’s existing acquisition and construction loans, which are held by Deutsche Bank. The remaining $31 million will be used to complete the conversion of the four remaining residential floors, as well as additional property amenities. David Berley, Steve Forest and Peter Weiss of Walter & Samuels originated the transaction on behalf of the borrower through Wells Fargo. The 15 Madison Square North project will feature 73 one- to five-bedroom residences. In addition, longstanding New York restaurant San Domenico will relocate to the building in 2009 from its previous location in the city’s Central Park South neighborhood; it will carry the new name SD26.
SEATTLE — Seattle-based Cielo Azule LLC has purchased The Sidney, a 128-unit multifamily community located in downtown Seattle, for $40.75 million or approximately $424 per square foot. The property features apartments with 9-foot ceilings, open floor plans, full-size, stackable washer/dryers, balconies, bay windows, walk-in closets, kitchen pantries and electric fireplaces in select units. The community also offers a clubroom with lounge and kitchen, an indoor spa, a 24-hour fitness center, 146 parking spaces, a car wash area, a recycling center, bicycle storage and 7,976 square feet of retail space. Jeffrey Williams of Moran & Co.’s Pacific Northwest office brokered the transaction. The seller was Wallfour Realty Company Inc.
HYATTSVILLE, MD. — Washington, D.C.-based Federal Capital Partners has acquired the 242-unit Toldeo Plaza from an undisclosed seller through a subsidiary of the firm’s private equity fund for $18 million. The property encompasses 22 three-story buildings on 10 acres near The Mall at Prince George’s in Hyattsville. Federal Capital plans to start an $8.5 million renovation project immediately.
MUSKEGON, MICH. — New York City-based Meridian Capital Group has arranged $2.7 million in financing for the Beverly Hills Apartments located at 415 Mitzi Dr. in Muskegon. The 138-unit apartment community houses 12 three-story buildings. Financing was based on a 10-year term mortgage at a rate of 5.88 percent. David Lesser in the New Jersey office of Meridian Capital Group negotiated on behalf of the borrower, Dodgson Southwell Properties.
WAYNE, PA. — Philadelphia-based Razak Co. has completed Pembroke North, a three-building, 54-unit residential condominium project located in the Philadelphia suburb of Wayne. The community features one-, two- and three-bedroom residences ranging in size from 1,273 to 2,632 square feet. Prices range from $500,000 to more than $1 million. The project has also registered for LEED certification; sustainable features include windows designed to maximize natural light, energy-efficient appliances, sustainable building materials, and geothermal heating and cooling systems. Pembroke North was designed by Philadelphia architect Robert Venturi.