CHICAGO — Northbrook, Ill.-based Essex Realty Group has brokered the sale of a 66-unit multifamily building, located at 4840 North Linder in Chicago’s Jefferson Park neighborhood, for $7.7 million. The mid-rise property contains 38 one-bedroom and 28 two-bedroom units. Jacob Fenton of Essex represented the buyer; David Goss and Jon Morgan, also of Essex, represented the seller. Both parties were undisclosed.
FORT WORTH, TEXAS, AND RALEIGH, N.C. — Capmark Finance has originated $42.1 million in fixed-rate, permanent financing for the acquisition of two multifamily properties. The first, Enclave on Golden Triangle, spans 273 units at 5001 Golden Triangle Blvd. in Fort Worth. The property, which was built in 2007, comprises 29 two-story buildings. The second property, Six Forks Station, is located in Raleigh. Grubb & Ellis Investors was the borrower in both transactions.
HAMPTON ROADS, VA. — The Department of Defense (DoD) will build Homeport Hampton Roads, a six-story, 755-unit naval enlisted housing structure in Hampton Roads. The multifamily community will feature indoor and outdoor swimming pools, a community center, a softball field, two tennis courts, a volleyball court and two half basketball courts. Construction began early this year and is projected to complete in 26 months. Tompkins Builders, a subsidiary of Turner Construction Co., is the general contractor. The developer is Hunt Building Co., and the project architect is Lessard Group. DoD is also building military housing in San Diego.
NEW YORK CITY — Vornado Realty Trust is converting 40 East 66th St. into new, luxury condominium units. Located along Madison Avenue’s Golden mile, the newly converted facility will feature three-bedroom residences of approximately 2,450 square feet. Amenities include a children’s playroom, a fitness center and a 24-hour doorman. CetraRuddy is the architect for the project and sales and marketing is being overseen by Iva Spitzer of Corcoran Sunshine Marketing Group.
NEWTOWN SQUARE, PA. — GMH Communities Trust has sold its former military housing division, GMH Military Housing, to Balfour Beatty. The UK-based firm purchased the division for $350 million. Now managed under the name Balfour Beatty Communities, the business will continue to focus on providing housing for U.S. military personnel and their families throughout the U.S.
LISLE, ILL. — Wells Fargo has secured a $7.5 million loan for the refinancing of the 160-unit Country Villas Apartments in Lisle. The loan carries a 10-year term, and is interest-only for the first 5 years. The lender was Freddie Mac, and the loan was taken out under the lender’s Streamlines Refinance Mortgage Purchase Program. The undisclosed borrower used Freddie Mac’s early rate lock 75 days prior to closing. The loan was originated by Brian Manion of Wells Fargo’s multifamily capital office in Northbrook, Ill.
NEW YORK CITY — Stonehill Development is currently constructing Meserole, a luxury condominium development located at 127-129 Meserole St., in the Williamsburg neighborhood of Brooklyn, New York City. The four-story condominium will feature 16 units ranging from 654-square-foot studios to 1,573-square-foot one-bedroom residences. Designed by Karl Fischer, the units will feature 9-foot ceilings, hardwood floors, gourmet kitchens and private balconies. The homes start at $420,000. The Developers Group is the exclusive sales and marketing firm for the project.
NEW YORK CITY — Joel Silver and Ethan Eldon are currently converting an historic warehouse into Tribeca Summit, a 63-unit condominium development located at 415 Greenwich St. in the Tribeca neighborhood of Manhattan, New York City. The former Summit Warehouse was redesigned by H. Thomas O’Hara Architects and Conceptual Architect Anthony Morali of M Studio. Upon completion, the facility will feature two- and four-bedroom lofts, as well as penthouse duplexes and townhomes. Amenities include a fitness center, 24-hour concierge, a children’s playroom and 24-hour attended parking. Prices for the residences begin at $2.65 million. Prudential Douglas Elliman Developments is heading up the sales and leasing for the multifamily project.
WICHITA FALLS, TEXAS — The Hartford, Mass., office of Tremont Realty Capital has arranged financing for the refinance of an apartment complex in Wichita Falls. The 2-year, $3.4 million bridge loan was funded through a regional bank. The property, Summit Apartments, comprises 149 units.
PLAINFIELD, IND. — The Multi-Housing Group of CB Richard Ellis (CBRE) has brokered the sale of Lakeside at Walnut Hills, an 84-unit apartment community located at 644 Lakeside Dr. in the Indianapolis suburb of Plainfield. Amy Burmeister and Dane Wilson of CBRE represented the seller, Sundance Property Management; the property was acquired Chimera Property Management for an undisclosed amount.
