JACKSONVILLE, FLA. — Deutsche Bank arranged the financing for a $185 million Freddie Mac loan to BPG Properties, on behalf of its fund BPG Investment Partnership, for the acquisition of Boston Capital REIT, an 11-property multifamily portfolio. The properties include 300-unit Bay Pointe, 228-unit Savannah Oaks and 512-unit Spicewood Springs in Jacksonville; one complex in Salt Lake City, Utah; three complexes in Seattle; and two complexes in Portland, Ore. The financing was structured to be a 7-year fixed-rate plus one-year variable-rate financing.
Multifamily
FALLS CHURCH, VA. — John DeWitt and Martin Fayer of Johnson Capital’s Washington, D.C. office have arranged $36 million in financing for Prestwick Apartments, a 310-unit, mid-rise building in Falls Church, on behalf of a Boston-based investor. The loan is structured as a 7-year fixed-to-float loan through Freddie Mac’s Acquisition-Rehab program at a 5.8 percent interest rate. The building is situated on 14 acres, and will undergo a renovation to include a state-of-the-art athletic center, swimming pool and tennis courts.
KANSAS CITY, MO. — NorthMarq Capital has arranged $11.57 million in first-mortgage financing for Province at Briarcliff, a 120-unit multifamily property located in Kansas City. The loan was for a 10-year term with a 30-year amortization. David Farrell of NorthMarq’s Kansas City arranged financing with Freddie Mac on behalf of the borrower, Briarcliff Apartment Homes LLC.
GLOUCESTER TOWNSHIP, N.J. — Robert Holland and Mat Weilheimer of The Kislak Company have completed the $51.5 million sale of Fountainview Village Apartments in Gloucester Township. The facility, located at 1501 Little Gloucester Rd., contains 970 units situated on 52 acres. Holland represented the seller, Fountainview Village LP, and Weilheimer represented the undisclosed buyer. The facility will be rebranded Autumn Ridge Apartments.
TOMS RIVER, N.J. — Diversified Capital Toms River has acquired Country Manor in Toms River from Country Manor-Dover. The property is situated on 5.5 acres at 16 Whitesville Rd. and features a 59,226-square-foot single-story facility and a two-story residential building. The owner plans to keep the facility as a nursing home. John Cunningham of GVA Williams New Jersey represented both parties in the transaction. The acquisition price was undisclosed.
HOUSTON — Apartment Realty Advisors (ARA), an Atlanta-based investment advisory brokerage firm, has brokered the sale of Bayou Park, an apartment property located at 4400 Memorial Dr. in Houston. The property, which includes 688 residential units and 6,320 square feet of retail space, encompasses 15 acres in Houston’s central business district. Webster, Texas-based Venterra sold the property for an undisclosed amount to Boston-based Berkshire Property Advisors. David Wylie, Matt Rotan, David Mitchell, David Oelfke and Tim Dosch of ARA represented the seller in the transaction.
NEW YORK — BPG Properties Ltd., on behalf of BPG Investment Partnership VIII & VIIIA L.P., has acquired Boston Capital REIT, an 11-property multifamily portfolio, for $185 million. Deutsche Bank Berkshire Mortgage provided the 7-year fixed-rate plus 1-year variable-rate Freddie Mac loan for the buyer. The portfolio includes the 188-unit Alderwood Park, the 153-unit Ridgegate property, the 221-unit Ridgetop property and the 240-unit Wellington community in Seattle; the 296-unit Boulder Creek community and the 315 Bridge Creek property in Portland, Ore.; and the 416-unit Settler’s Point property in Salt Lake City, as well as three properties in Jacksonville, Fla.
POMPANO BEACH, FLA. — Miami-based Pinnacle Housing Group is developing Golden Acres Community, a 302-unit multifamily development in Pompano Beach financed primarily through the syndication of housing tax credits sold by Pinnacle to investors. The project site, located at Martin Luther King Blvd. and NW 18th Dr., consists of 31 acres within the Golden Acres subdivision owned by the Housing Authority of Pompano Beach. Ft. Lauderdale-Fla.-based Pasquale Kuritzky Architecture is designing the project, which will begin construction February 2008 and deliver the first of two phases for occupancy within 18 months.
ANN ARBOR AND SOUTHFIELD, MICH. — EF&A Funding has secured two loans totaling $11.88 million for Michigan multifamily properties. In Ann Arbor, EF&A closed on a $7 million acquisition loan for the 134-unit Ponds at Georgetown Apartments. In Southfield, the company closed on a $4.88 million acquisition loan for the 106-unit Monticello Apartments. Financing in both transactions was for a 10-year term with a 1-year extension and the first 4 years interest only. John Marr represented EF&A in both transactions. The borrowers were undisclosed.
NORTH SMITHFIELD, R.I. — The DSF Group recently completed the conversion of an industrial revolution-era mill in North Smithfield. The mill, which was originally constructed in 1806, is now The Halstead at Slatersville Mill, a four-building, 224-unit multifamily complex. Amenities include a fitness center, a private screening room, a business center, a resort style swimming pool and walking and biking trails along the Branch River.