MIDLOTHIAN — Berkadia Commercial Mortgage has secured $13 million in permanent financing for the 180-unit Timber Oaks Apartments, located in Midlothian. The property is 95 percent occupied and features a pool and a 24-hour fitness center. Greg Golden and John Koeijmans of Berkadia arranged the 10-year, fixed-rate loan that will amortize over 30 years through Fannie Mae on behalf of the borrower, Midlothian Timber Oaks LP.
DALLAS — Bright Realty has arranged the sale of a 4,658-square-foot, three-tenant retail center, located at 4501 Maple Ave. in Dallas' Medical District. David Choe of Bright Realty represented the buyer in the transaction. Tommy Tucker of UCR Investments represented the seller.
HOUSTON — Marcus & Millichap has brokered the sale of a 14,520-square-foot industrial property, located at 1721 Oak Tree in Houston. Derek Hargrove of Marcus & Millichap's Houston office represented the buyer, Lynnthree Holdings, in the transaction. Gary Brown of Gary Brown & Associates represented the seller, a private investor.
CORPUS CHRISTI — NorthMarq Capital has arranged first mortgage refinancing for the 72,793-square-foot Sun Plaza Office Building, located at the intersection of Holly Road and South Staples Street in Corpus Christi. The property's tenant roster includes Stewart Title, NRG Energy, AT&T and Falcon Healthcare. Warren Hitchcock of NorthMarq's Houston office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender on behalf of the borrower, Sun Real Estate LLC.
DALLAS — Colliers International North Texas has been selected to oversee the property management of the office and retail portions of the 1.1 million-square-foot Republic Center, a mixed-use development located at 325 N. Saint Paul St. in downtown Dallas. The development includes a residential component as well. Four Point Star, LP, owns Republic Center, which was built in 1954 and underwent a $75 million renovation in 2000.
DENVER – Pembrook Capital Management LLC has provided financing totaling $44.1 million to four Western-based properties. This includes three multifamily properties and one retail property. The 345-unit Villas at Parker Apartments (formerly Windsor Court Apartments) in Denver received $18.3 million in first-mortgage bridge financing; the 218-unit Meridian Apartments project in San Jose, Calif., received $16.5 million in preferred equity investment that will fund its construction; and the 218-unit Lotus Landing Apartments (formerly Azure Park) in Sacramento, Calif., received $5.35 million in first-mortgage bridge financing to fund its acquisition from the court-appointed receiver and to carry out its planned repositioning. The Fashion Outlets of Santa Fe in Santa Fe, N. Mex., also received a $4-million mezzanine loan for recapitalization.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartments in Holladay, a Salt Lake City suburb, has sold to Kennedy Wilson for $43.5 million. The firm plans to invest $5 million to reposition the property. “Holladay is considered one of the most affluent communities in the Salt Lake County MSA, and the property is in close proximity to major freeways, the Downtown Central Business District, Salt Lake City International Airport and Park City, as well as some of the best schools and largest employers in the area,” says Bob Hart, president of KW Multifamily Management Group.
LITTLETON, COLO. – The 277-unit Columbine Meadows apartments in Littleton has received $25 million in financing. The funds were arranged for Ken Caryl Wadsworth Development Company by Charlie Williams of KeyBank’s Multifamily Production Group. The 10-year Freddie Mac loan will allow Ken Caryl to refinance the community back to the original principal balance.It features a fixed interest rate and a 30-year amortization schedule.
LOS ANGELES – A 6,273-square-foot retail property located at 921 N. La Cienega Blvd. in Los Angeles has sold to John Nelson Antiques for $4.3 million. The property resides in the La Cienega Design Quarter. The seller, Bausman & Company, was represented by Douglas Golden of NAI Capital’s Orange County office.
PORTLAND, ORE. – The 38-unit Elysian Gardens apartments in Portland has sold to Eberle-Sandalwood LLC for $3.9 million. It is located at 2651 NW Upshur Street. Eberle-Sandalwood was represented by Tyler Johnson of Marcus & Millichap’s Portland office.