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.
Multifamily
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.
FORT WORTH, TEXAS — Henry S. Miller (HSM) Investment Banking Group has arranged approximately $35 million in financing for the Watercolor at North Beach Street Apartments development in Fort Worth. The 398-unit property, which is being built on 27.23 acres, will be located at North Beach Street just north of North Tarrant Parkway. Insight will manage and market the project, and El Paso, Texas-based C.F. Jordan Construction Co. will be the general contractor. Representing all parties, Roy Norwood, Jr. and Loy Shaw, Jr. of HSM Investment Banking Group arranged a $29.8 million construction loan with Capital One Bank, a $5.5 million equity investment by Fine Line and a third party loan guarantee.
ORANGE COUNTY, CALIF. — Capmark Finance Inc., on behalf of Security Properties Inc., has arranged more than $107 million in debt and equity for the acquisition of Nutwood West Apartments in Fullerton, Calif., and the Muni Mae Seattle portfolio in Washington. Capmark secured $33.25 million for the acquisition of Nutwood West Apartments, a 248-unit garden-style apartment community located at 2404 E. Nutwood Ave. The company also arranged a $48.6 million loan for the purchase of the 564-unit Muni Mae Seattle portfolio, which includes Gilman Meadows in Issaquah, Wash.; Mallard Cove in Everett, Wash.; and Mountain View Apartments in Fife, Wash. In each transaction the debt was supplemented with an equity investment of approximately $13 million provided by an affiliate of Capmark Investments LP. Prudential Mortgage Capital funded both loans, which were originated by Jason Krupoff of Capmark Finance’s Orange County office.