HOUMA, LA. — Stirling Communities II LLC, an entity of investors led by Stirling Properties, has closed its acquisition of Ansley Place Apartments, a 246-unit, Class A apartment community at 100 Ansley Place Court in Houma. Stirling Properties has assumed an existing HUD 223(f) loan on the property. The seller was a regional developer based in Atlanta. BH Management Services will manage Ansley Place, which was built in 2008.
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CRYSTAL, MINN. —Marcus & Millichap has arranged the sale of a 46-unit apartment property in Crystal, Minn., for $2.7 million. Douglas Drive Terrace is located at 3300 Douglas Drive North. The property consists of one- and two-bedroom apartments. Mox Gunderson and Dan Linnell of Marcus & Millichap represented the seller, a private investor. Linnell, Gunderson and Josh Talberg of Marcus & Millichap represented the buyer, a limited liability company.
CHICAGO — Sperry Van Ness has brokered the $1.5 million sale of a multifamily portfolio in Chicago to a local private buyer. The bank-owned portfolio consists of 58 units in four buildings located at 7800 S. Michigan Ave., 9000 and 9040 S. Bishop St., and 9400 S. Laflin St. Jeffery Baasch, Brian Kochendofer and Jared Conen of Sperry Van Ness represented the seller.
INDIANAPOLIS — Browning will develop and construct a new graduate student housing facility at Marian University in Indianapolis. The project will consist of 88 apartment units, which will house 136 beds. The apartment units, scheduled for completion before the 2015 academic year, will feature high-quality amenities and finishes. Browning previously partnered with the university to develop the school’s athletic complex, its music building, and a student residence hall. In 2013, Browning developed the Michael A. Evans Center for Health Sciences building, Indiana’s first College of Osteopathic Medicine. Graduate students taking classes in the new Michael A. Evans Center and other Marian graduate programs will lease the apartments.
CHICAGO —Joseph Freed and Associates LLC has hired brokerage firm Avison Young to complete office leasing for the Sullivan Center complex in Chicago. The 15-story, mixed-use, historic landmark redevelopment is located in the heart of Chicago’s Loop at 33 S. State St. The 944,000-square-foot building contains 744,000 square feet of office space and 200,000 square feet of retail space. Of the 744,000 square feet of office space, 20 percent remains available for lease, including one unfinished floor at 70,000 square feet, one furnished/built-out floor at 68,000 square feet and two smaller spaces at 17,000 square feet and 10,000 square feet. Anchor office tenants for the Sullivan Center include Walgreens, the School of the Art Institute of Chicago, Gensler Architecture and the State of Illinois. Joseph Freed and Associates LLC corporate headquarters are also housed at the complex.
HARTFORD, CONN. — Walker & Dunlop Inc. has provided $37.2 million in FHA Section 221(d)(4) financing to convert an office building in Hartford to a multifamily property. The vacant 26-story office tower is located at 777 Main St. in Hartford’s central business district. Constructed in 1967 as the headquarters of Hartford National Bank, the office property was designed by architect Welton Becket, who designed the iconic Capitol Records tower in Hollywood. Todd Trehubenko led the Walker & Dunlop team that structured the financing.
NEW YORK CITY — Cignature Realty Associates has arranged the $19.5 million sale of a three-building, 97-unit portfolio in the Hamilton Heights section of Manhattan. The buildings total 91,532 square feet and include 1616 Amsterdam Ave., a seven-story building with 52 apartments and six stores; 3694 Broadway, a six-story property with 24 apartments; and 561 West 144th St., a five-story apartment building with 21 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both the buyer, a local real estate group, and the seller, a real estate fund, in the transaction.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of a six-story mixed-use building in New York City. The building features apartments and ground-floor retail. The 10-year loan includes a fixed interest rate of 4 percent and a 25-year amortization schedule. Jerry Kray of MMCC arranged the loan.
BOSTON — CBRE/New England’s capital markets team has secured a loan of $3.3 million to finance 135 Beacon Street, a multifamily building located in the historic Back Bay neighborhood of Boston. The building, located half a block from the Public Garden, is a five-story building originally constructed in 1860 and renovated in 1999. John Kelly of CBRE, worked on behalf of the owner, J.F. Perroncello, to secure the financing.
CHERRY HILL, N.J. — U.S. General Services Administration (GSA) has signed a 20,000-square-foot lease at 51 Haddonfield Road, a 100,000-square-foot office building in Cherry Hill. The new ownership group, Bergman Real Estate Group and Time Equities Inc., has completed various upgrades to the property and installed a gallery of rotating artwork by local and national artists. Anne Klein of Newmark Grubb Knight Frank serves as the leasing agent for the property.