RICHMOND, VA. — Sam Berns of NorthMarq Capital’s Upstate New York office has secured $8.3 million in financing on behalf of a borrower through its correspondent relationship with AmeriSphere Multifamily for Chamberlayne Garden Apartments, a 216-unit complex in Richmond. The loan is structured as an 80 percent loan-to-loan value for first mortgage financing based on a 10-year term and one year of interest, followed by a 30-year amortization schedule.
Multifamily
NEW YORK CITY — The Moinian Group is currently redeveloping 95 Wall St. in Downtown Manhattan, New York City, into a 507-unit luxury rental property. Dwell will feature studios and loft studios, as well as one- and two-bedroom residences. Amenities at the first Yoo Starck designed rental property will include onsite parking, complimentary breakfast and an indoor/outdoor lounge. Occupancy is slated for spring 2008.
PORTSMOUTH, R.I. — GMH Capital Partners has brokered the sale of Rainbow Heights, a multifamily property in Portsmouth. The facility features 10 duplexes that contain a total 18 three-bedroom units and two four-bedroom units. Dave Forrest and Randall Calvert of GMH Capital represented the seller, Northeast Housing, which sold the 6.95-acre property to Arbour Development Group for an undisclosed price. The new owner plans to fully renovate the facility.
BROWNSVILLE, TEXAS — Green Park Financial has provided a $10.08 million acquisition loan for La Mansion del Paseo apartments in Brownsville. Details of the loan include a 7-year term, 3 years of interest only followed by a 30-year amortization. La Mansion del Paseo features 168 units in 14 two-story buildings with a mix of one-, two- and three-bedroom units. The Class B property is situated on 10.28 acres and is 97 percent leased. Jason Rice of Quantum First Capital originated the loan and Andrew Tapley led the Green Park Financial team.
DALLAS — California-based Nottinghill Gate has acquired Hillside Apartments in Dallas from an Irving, Texas-based private seller. The nine-building property features 118 one-bedroom units and 66 two-bedroom units. Located at 2910 Prichard Ln., the property is situated on 6.33 acres and is 92 percent leased. Heather Konopka of Hurst, Texas-based Sperry Van Ness/Konopka and Company represented the seller in the transaction. The acquisition price was undisclosed.
REDWOOD CITY, CALIF. — San Francisco-based Kirby Sack Properties has purchased two apartment communities located in Redwood City from MJW Investments and Craig and Barbara Rogers for $21.5 million. The properties include the 64-unit Sequoia Apartments and the 48-unit Whipple Avenue Apartments. The buyer plans to renovate and combine the properties into one 112-unit property, which will be called Sequoia at Wellesley Crescent. David Silver and Ryan Wagner of Arroyo & Coates represented both parties in the transaction.
ATLANTA — An affiliate of ECI Groups has acquired the Veranda apartment community in Atlanta from an affiliate of Norfolk, Va.-based Harbor Group for $32 million. The garden-style apartment complex features one-, two- and three-bedroom units averaging 964 square feet; walking trails to the Chattahoochee River; fitness center; and a pool. Kevin Geiger, Paul Berry and Malcolm McComb of CB Richard Ellis brokered the transaction.
URBANA, ILL. — Champaign, Ill.-based Sperry Van Ness/Ramshaw Real Estate (SVN) has completed the sale of 1.76 acres of land, located at 1008-1012 University Ave. in Urbana, for $1.8 million. The buyer, San Antonio-based Trammell Crow Higher Education Development, plans to develop a high-rise residential and retail tower that will target students of the nearby University of Illinois at Urbana. The site is eligible for tax increment financing and resides within an enterprise zone. Alex Ruggieri of SVN represented Trammell Crow, as well as the seller, a Champaign-based family trust, in the land purchase.
HARTFORD, WEST HARTFORD AND NEWINGTON, CONN. — Marks Group has acquired a multifamily/commercial portfolio in Connecticut from Chozick Realty for $64 million. The multifamily portion of the transaction includes 870 units in 24 buildings. The commercial portion of the transaction includes 9 properties totaling approximately 169,720 square feet of retail, office and industrial space, along with 71 self-storage units. Chozick Realty served as the sole broker in the transaction.
KILLEEN, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $3 million equity joint venture for the construction of Creekside Manor Seniors Housing Complex in Killeen. The property, which will be located within the Highway 190 Corridor, will house 13 single-story units per acre. Construction will also include a 7,000-square-foot amenity center featuring an exercise room, a swimming pool, a spa, a hair salon, a health center, a business center, a kitchen/dining area and a movie theater. The borrower was undisclosed.