Southeast

BALTIMORE — Brick, N.J.-based Tryko Partners has purchased the 495-unit Loch Raven Village, located at 1711 Edgewood Rd. in Baltimore, for $26 million from GA Loch Raven Baltimore, LLC. The buyer will complete a $4 million renovation, including adding air conditioning to all units, upgrading landscaping and remodeling kitchens, bathrooms, entryways, common areas. CB Richard Ellis' Baltimore office represented the seller.

MEBANE, N.C. — Kevin Jenkins of NorthMarq’s Charlotte, N.C., office has arranged $10.78 million in first mortgage financing for 192-unit Ashbury Square Apartments, a multifamily property located in Mebane. Financing was secured by Arbor Commercial Funding DUS and based on a 10-year term with a 30-year amortization schedule.

LAKELAND, FLA. —Marcus & Millichap has brokered the $14.15 million sale of the 300-unit Willowbrooke Apartments, located at 1100 Oakbridge Pkwy. in Lakeland. The property features a clubhouse, swimming pool, sundeck, fitness center and tennis and basketball courts. Casey Babb of Marcus & Millichap’s Tampa, Fla., office represented the Birmingham, Ala.-based Drummond Co., the seller, and the buyer, a Toronto-based investor, was self-represented.

MELBOURNE, SEBRING & ST. PETERSBURG, FLA. — J. Cary Monroe and Michael Giordano of Monroe & Giordano’s Tampa, Fla., office have arranged $12.5 million in financing for three manufactured home communities totaling 477-sites. The 112-site The Villages of Ponce de Leon in Melbourne received an acquisition loan of $5.8 million. The purchaser and seller formed a new joint venture. The 95-site Thunderbird Hill South in Sebring received $1.5 million in financing and the 270-site Palm Haven in St. Petersburg was refinanced with a conduit loan of $5.2 million.

WILTON MANORS, FLA. — Mark Grace of NorthMarq Capital’s Los Angeles office has arranged $8.5 million in first-mortgage financing for the 150-unit Wilton Tower Apartments. The financing was based on a 5-year fixed term with a 30-year amortization schedule. Financing was provided by AmeriSphere Multifamily Finance, a Fannie Mae DUS Lender.

SALISBURY, MD. — CB Richard Ellis’ Baltimore-Washington DC Multi-Housing Investment Team has arranged the sale of the 104-unit Tide Mill, located at 623 Edgewater Dr. in Salisbury. Fairfax Station, Va.-based Fairfax Station Enterprises purchased the community for $6.8 million from an entity owned by Douglas Margerum, a principal of Annapolis-based Cove Property Management and Michael B. Gross. Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum, Martha Hastings and Trish Bonebrake of CBRE’s Baltimore office, and Joe Schneider of Schneider, Richardson & Davis, LLC, represented the seller in the transaction.

ELIZABETHTOWN, KY. — Tammy Tate of Love Funding’s Knoxville, Tenn., office has closed a $5.07 million refinancing loan for the 62-unit Clays Pointe Duplexes in Elizabethtown. The loan was secured through the Federal Housing Administration’s 223(f) loan insurance program. The borrower, DuPlessis Clays Pointe Property, used the financing to acquire the rest of the property it did not already own from Twin Maple. DuPlessis owned 11 of the 31 duplexes on site prior to the refinancing. The cost to purchase the additional 20 duplexes from Twin Maple was $4.13 million.

GAINESVILLE & TALLAHASSEE, FLA. — New York City-based Madison International Realty has acquired an 80 percent equity interest in a portfolio of two student housing communities in Florida for $30 million. The properties are the 412-unit The Enclave in Gainesville and the 486-unit Seminole Grand in Tallahassee. Both communities are owned and operated by The Collier Cos.

GAINESVILLE, FLA. — Marcus & Millichap has arranged the sale of the 91-unit, 110,597-square-foot The Courtyards in Gainesville. Dorothy Jackman and Travis Prince in the firm's Tampa office represented the seller, Trimark Properties. The buyer is a Florida-based owner and developer.