MYRTLE BEACH, S.C. — New York City-based RWO Acquisitions will develop Withers Preserve, which will consist of approximately 2,000 single-family homes, townhomes and condominiums as well as offices, hotels and retail space, in Myrtle Beach. It is being developed in harmony with the master-planned redevelopment program by the Myrtle Beach Air Force Base Redevelopment Authority — a 3,970-acre parcel of land with $30 million of new infrastructure including 29 acres of lakes, new community parks and 4 miles of new roads. Withers Preserve will encompass 560 acres of land on the former Myrtle Beach Air Force Base.
ATLANTA — Atlanta-based Southeast Capital Partners is developing Six60 @ Old 4th Ward, a $52 million, four-story multifamily project in Atlanta, located along Ralph McGill Boulevard. The project is situated on 5.3 acres and will contain 301 apartment, loft and townhome units. Amenities include a 2,370-square-foot fitness center, swimming pool, cyber caf and a clubroom. Construction began this month and is projected for completion in 2009. Dallas-based Humphreys & Partners Architects are the project architect, and the general contractor is Atlanta-based Fortune-Johnson General Contractors.
MIDLAND, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $7.24 million in financing for the 264-unit Mulberry Lane Apartments, located in Midland. Bernard arranged financing for the borrower, Midland Mulberry LLC, with Citizens Bank. Terms of the loan were not disclosed.
MIDLAND, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $7.24 million in financing for the 264-unit Mulberry Lane Apartments, located in Midland. Bernard arranged financing for the borrower, Midland Mulberry LLC, with Citizens Bank. Terms of the loan were not disclosed.
NEW YORK CITY — Eastern Consolidated has completed the $14.65 million sale of a 45-unit apartment facility located at 111-115 E. 7th St. in the East Village neighborhood of Manhattan, New York City. The sever-story, elevator building features two- and three-bedroom units. Brian Ezratty, Marty Neuman, Yair Levy and several other partners at Eastern Consolidated represented the seller, Jonis Realty, and procured the undisclosed buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has completed the $14.65 million sale of a 45-unit apartment facility located at 111-115 E. 7th St. in the East Village neighborhood of Manhattan, New York City. The seven-story, elevator building features two- and three-bedroom units. Brian Ezratty represented the seller, Jonis Realty, and procured the buyer.
HILTON AND PENFIELD, N.Y. — NorthMarq Capital has arranged $14.9 million in financing for two multifamily properties in Hilton and Penfield. Hilton Village Apartments in Hilton contains 234 units, and White Oaks Apartments in Penfield features 72 units. Sam Bearns of NorthMarq Capital arranged the financing for the undisclosed borrower. The loan was based on a 10-year term with 1 year interest only through a 30-year amortization schedule.
HILTON AND PENFIELD, N.Y. — NorthMarq Capital has arranged $14.9 million in financing for two multifamily properties in Hilton and Penfield. Hilton Village Apartments in Hilton contains 234 units, and White Oaks Apartments in Penfield features 72 units. Sam Bearns of NorthMarq Capital arranged the financing for the undisclosed borrower. The loan was based on a 10-year term with 1 year interest only through a 30-year amortization schedule.
CORVALLIS, ORE. — Los Angeles-based RPM Investments Inc. has acquired North Pointe Apartments, a 160-unit multifamily community located at 2675 Lancaster St. in Corvallis. Seattle, Wash.-based North Pointe Apartments NW LLC sold the property for $12.37 million. Built in 1996, the property consists of two-bedroom/one-bath units measuring 846 square feet. The community features a pool and spa, a children’s playground, a sport court, laundry facilities, garages and a business center. Phil Oester of Hendricks & Partners’ Phoenix office represented the seller in the transaction.
SAN DIEGO — The Amerland Group, a San Diego-based affordable housing company, has acquired Bay Vista Methodist Heights Apartments in San Diego. The buyer plans to invest more than $8 million to improve and renovate the property. Renovation plans include new appliances, cabinets, countertops, sinks, faucets and windows. Additionally, the company will be implementing an extensive range of social services, such as youth mentoring and tutoring, gang prevention and intervention, food distribution and infant daycare. Built in 1969 by Rev. Grandison Phelps of the St. Paul Methodist Church, the property is the longest-standing public housing apartment building in San Diego and was financed by the U.S. Department of Housing and Urban Development. The seller and acquisition price were not disclosed.