TAMPA, FLA. — Marcus & Millichap has arranged the $4.48 million sale of the 187-unit Fredericksburg Apartments, located at 13142 N. 22nd St. in Tampa. Casey Babb of Marcus & Millichap's Tampa office represented the seller, the original developer, in the transaction. Michael Regan, Francesco Carriera and Nicholas Meoli, also of the firm's Tampa office, represented the buyer, a limited liability company.
CHARLOTTE, N.C., MAITLAND AND JACKSONVILLE, FLA. — Houston-based The Morgan Group has secured $146 million in financing on behalf of its affiliated investment partnerships for five multifamily projects. The properties include the 331-unit Spectrum South End Apartments in Charlotte, funded by New York Life; the 455-unit Lake Lily in Maitland and the 270-unit Arelia James Island Apartments in Jacksonville, both financed by FNMA and Metropolitan Life. Additionally, 2222 Smith Apartments and 33Thirty-Three Weslayan Apartments in Houston received financing.
WINTER SPRINGS, FLA. — Walker & Dunlop has secured an $11.34 million acquisition loan for the 208-unit Chatham Pines, located at 1020 Chatham Pines Cir. in Winter Springs. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 5-year loan with a 3-year amortization through Freddie Mac's CME program on behalf of the borrower, AREA Property Partners and ECI Group.
ASHEBORO, N.C. — WNC & Associates has provided $9.5 million in Low Income Housing Tax Credit (LIHTC) to The Landmark Group for the acquisition and adaptive reuse of Asheboro Hosiery Mill and Cranford Furniture Mill, two former mills in downtown Asheboro. Landmark will redevelop the property into the 70-unit Asheboro Lofts, an affordable housing community.
ELK GROVE VILLAGE, ILL. —Chicago-based Bridge Development Partners has acquired a 212,200-square-foot industrial facility, located at 2201 Lunt Ave. in Elk Grove Village. Bridge and its capital partner, Wanxiang America Corp. of Elgin, Ill., paid $3.6 million for the property. The facility is currently leased to stationary company House of Doolittle and trucking firm CR Express. Bridge plans to redevelop the property into an air cargo building with 35 docks. Construction is scheduled for the spring of 2013. David Bercu, Thomas Rodeno and Patrick Turner of the Rosemont, Ill. office of Colliers International represented the seller, Minnetoka, Minn.-based Welsh Cos.
DES MOINES — Riverpoint Lofts, an urban apartment community in downtown Des Moines, opened Feb. 2. Developer Hubbell Construction Services broke ground on the $10 million project in early 2011. The former Sealy's Mattress Building was converted into 91 loft apartments, which range in size from 526 square feet to more than 1,400 square feet. Riverpoint includes a community garden, video game room, a business center and a fitness center. About 70 of the 91 units have been leased.
SIOUX FALLS, S.D. — John Reed of NorthMarq Capital's Omaha office arranged $11 million for the first mortgage refinancing of West Briar Commons, a 153-unit apartment complex in Sioux Falls. The 159,765-square-foot property is located at 2805 S. Hidden Place. Freddie Mac financed the 10-year loan, which has a 30-year amortization schedule. The borrower was West Briar Commons LLC.
TOPEKA — NorthMarq Capital has secured $9.4 million for the first mortgage refinancing of Lowe's Home Improvement Center, a 135,000-square-foot property in Topeka. The 7-year loan has a 25-year amortization schedule. Jeffrey Haskell of NorthMarq arranged the loan through a regional bank. The borrower is a private investor.
PHILADELPHIA — American Real Estate Capital has closed on a 10-year, $16 million loan for the refinancing of Convention Center Parking Garage in Philadelphia. The 306,377-square-foot property is a five-story parking garage with 12,286 square feet of ground-floor retail space. The parking garage is situated beneath a 279-room Hilton Garden Inn.
NEW YORK CITY — A mixed-use building at 195 Smith St., located between Warren and Baltic streets in Brooklyn, has sold for $1.6 million. The three-story property is 3,532 square feet, with one vacant retail unit on the ground floor and two apartments above. Kenneth Freeman of the New York office of Massey Knackal Realty Services represented the undisclosed seller in the transaction.
