SUNNY ISLES BEACH, FLA. — J. Milton & Associates, a Miami-based real estate development firm, plans to break ground on a luxury multifamily community in Sunny Isles Beach in spring 2014. The Parque Towers at St. Tropez will feature concierge services, car wash and detailing services in the parking garage, private cinema, performance theater and a private beach club. Residents will also be able to rent out guest suites on the premises. Other features include a public park, family picnic area, cascading water wall, interactive water feature for children, butterfly garden and an outdoor plaza.
UPPER MARLBORO, MD. — Greysteel has brokered the sale of Largo Center Apartments, a 100-unit apartment community located in Upper Marlboro, part of metro Washington, D.C. The transit-oriented, affordable apartment community is located at 520 Largo Center Drive, within walking distance to Largo Town Center Metro Station and Boulevard at Capital Center. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones of Greysteel represented the sellers, Boston Capital and Humphrey-Stavrou Associates Inc., in the transaction. Beachwold Residential purchased the Largo Center Apartments.
KISSIMMEE, FLA. — Aztec Group Inc. has arranged a $10 million refinancing loan for The Park at Sorrento, a recently renovated, 208-unit apartment community located in Kissimmee. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan on behalf of the borrower, a partnership between affiliates of Miami-based Mayan Properties and Tampa-based Blue Rock Partners. The apartment community recently underwent a $2.5 million renovation program to all of its unit interiors, common areas, exteriors and grounds.
NEWARK, DEL. — Galman Group has purchased Morgan Crossing, a 432-unit apartment complex in Newark, a city in northeast Delaware. Galman has renamed the property Cooper’s Place. Located at 146 Chestnut Crossing Drive, Cooper’s Place is a three-story garden apartment complex with a brick façade, consisting of one-, two- and three-bedroom units. Amenities at the complex include a pool, fitness center and tennis courts. Karen Iman and Brian Whitmer of Cushman & Wakefield represented the seller, Morgan Management, in the transaction. Galman Group, which owns and manages more than 6,000 apartments and condominiums in Pennsylvania and Delaware, was represented in-house.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $7.1 million sale of 475 Ocean Ave., a six-story apartment building in the Flatbush section of Brooklyn. The sales price equates to twelve times the rent roll and $150,000 per unit. Constructed in 1931, the 47-unit apartment property spans 54,854 square feet. Josh Orlander, a salesperson at GFI Realty Services, represented the seller and the buyer, both local investors, in the transaction. The multifamily building is located within close proximity to Prospect Park, as well as the B and Q subway lines.
CRANSTON, R.I. — Washington Trust’s commercial real estate group has provided $5.3 million in financing to Residences at Garden City LLC for the purchase of Garden City Apartments in metro Providence. The garden-style apartment complex includes seven two-story buildings with 56 one-bedroom apartments and 38 two-bedroom units. Built in 1948, the property is within proximity to I-95, Route 295 and Route 2 in Cranston.
HOUSTON — Greystone has arranged a $20.2 million CMBS loan for the acquisition of The Place at Greenway, a multifamily property in Houston. Located at 3333 Cummins Lane, the apartment complex includes 219 units plus amenities such as a pool, clubhouse and fitness center. The loan, which was co-sponsored by Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa, features a 10-year term and a fixed interest rate. Robert Russell of Greystone originated the loan and managed the closing.
AUSTIN, TEXAS — HFF has arranged $17.25 million in financing for the acquisition of Ten Oaks Apartments in Austin on behalf of Price Realty Corp. The multifamily complex, completed this year, features 192 units that are 97 percent occupied as well as amenities such as a clubhouse, fitness center, resort-style pool, business center and cyber cafe. Ten Oaks is located at 12612 N. Lamar Blvd., about 10 miles north of downtown and in close proximity to Interstate 35 and U.S. 290. John Brownlee of HFF arranged the terms of the three-year, floating-rate loan on behalf of the borrower, Price Realty Corp.
PLACENTIA, CALIF. – The 422-unit Emerald Isle, a Class A, age-restricted apartment community in Placentia, has received a $62.5-million refinancing. The community is located at 661 North Rose Drive in the Orange County suburb. It is leased to seniors ages 55 years and older. Emerald is currently 97 percent leased. The ten-year, fixed-rate loan contains a $56.5-million CMBS first mortgage and a $6-million mezzanine loan. Both loans feature five years of interest-only payments. The owner used the new funds to prepay the existing CMBS and mezzanine loans. The transaction was executed by Seth K. Grossman of Meridian Managing and Greg Reed and Kristen Croxton of Beech Street Capital.
JACKSONVILLE, FLA. — Capital Advisors has arranged $10.5 million in refinancing for the 288-unit Gregory Cove Apartments, a garden-style apartment community located at 5601 Edenfield Road in Jacksonville. The apartment features a swimming pool, fitness center, business center, a picnic/park area and a library. Philip Rachels of Capital Advisors’ Jacksonville office arranged the loan through Prudential Mortgage Capital Co. LLC on behalf of the borrower, Vestcor Fund XXII Ltd. The 10-year non-recourse loan features a 30-year amortization schedule.