DALLAS — NorthMarq Capital has arranged an $11 million refinancing loan for Windsor Station Apartments, a 399-unit multifamily property in Dallas. Located at 3501 N. Buckner Blvd., the complex offers one- and two-bedroom floor plans plus amenities including two swimming pools, two laundry facilities and complimentary video rental. Greg Duvall of NorthMarq’s Kansas City regional office originated the Freddie Mac loan on behalf of the undisclosed borrower.
NEWPORT BEACH, CALIF. – A five-property multifamily portfolio based in Orange County has received $90.4 million in refinancing. The assets were located in La Habra, Fullerton, Anaheim, Costa Mesa and Buena Park. The local owner/operator built four of the five properties in the 1970s. Each boasts about a 95 percent occupancy rate. The properties received fully amortizing loans with fixed rates in the mid-4 percent range. The transaction was negotiated by Seth K. Grossman of Meridian Capital Group in partnership with Greg Reed and Kristen Croxton of Beech Street Capital. The loans were placed with a life insurance company lender.
SAN DIEGO – A 28-unit apartment building in San Diego has sold to Gordon Reese and John Reinhardt of Imperial Group Partners for $2.6 million. The community is located at 5460-5468 Imperial Ave. The seller, Michael Contreras, initially purchased the asset as a foreclosed REO property. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller in this transaction.
BRANCHBURG, N.J. — Mark Scott’s Commercial Mortgage Capital (CMC) has closed a $26.5 million loan for a 10-building, 276-unit multifamily complex in Neshanic Station, a section of Branchburg. The luxury apartment community, which is known as Whiton Hills at Branchburg, includes 33 one-, 27 two- and 12 three-bedroom units. Whiton Hills features hardwood floors, modern kitchens, washers/dryers in each unit and a balcony or patio, as well as a playground and tennis court. A life insurance company provided the loan.
GARLAND, TEXAS — Atlanta-based ARA has brokered the sale of Advenir at Town Centre, a 948-unit multifamily property in Garland, a suburb northeast of Dallas. The Class B asset, located at 2804 Belt Line Road, was 94 percent occupied at the time of sale. Features include nine swimming pools, a lighted tennis court and proximity to the major thoroughfares of U.S. Highway 75, the Bush Turnpike and Interstate 635. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. of ARA represented the seller, Florida-based Advenir, in the transaction. Private investment firm Omninet Capital LLC acquired the complex and plans to invest an additional $200 million in Texas properties in the coming year.
SAN DIEGO – A 28-unit apartment building in San Diego has sold to Gordon Reese and John Reinhardt of Imperial Group Partners for $2.6 million. The community is located at 5460-5468 Imperial Ave. The seller, Michael Contreras, initially purchased the asset as a foreclosed REO property. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller in this transaction.
LOS ANGELES – Grandbridge has provided $26.5 million in first-mortgage financing to a pair of Los Angeles area apartment buildings. They include a 205-unit community in Canoga Park and a 128-unit complex in Simi Valley. The former property received $14.2 million, while the latter received $12.2 million. Both non-recourse loans were provided by Lincoln National Life Insurance Company. They contain 15-year terms and 30-year amortization schedules with interest-only features. Financing was originated by Shelley Magoffin and Perry Colligan of Grandbridge. They worked on behalf of a West Los Angeles investor.
LOS ANGELES – A 32-unit apartment building in Venice has sold to Mastraili, LLC for $3.5 million. The community is located at 1210 Venice Blvd. in the Los Angeles submarket. It was built in 1988. Michel Hibbert and Dan Johnson of Charles Dunn Company represented both the buyer and the seller, Coastal Property, in this transaction.
LITTLE CANADA, MINN. — NorthMarq Capital’s Minneapolis office has arranged a $20 million loan for the refinancing of Montreal Courts Apartments in metro Minneapolis. The market-rate apartment community includes 444 units and is located in Little Canada. Patrick Minea, senior vice president and managing director of NorthMarq, arranged the loan for the borrower through Freddie Mac.
REVERE, MASS. — Real Estate Capital Partners (RECAP) is teaming up with Covington Realty Partners LLC to develop The Vanguard at Waterfront Square, a 194-unit apartment community in Revere, a northeast suburb of Boston. The $41.7 million master-planned development includes 900 residences in addition to offices, hotels and retail, as well as access to the Revere Beach oceanfront. The Vanguard will span 144,443 square feet and feature a mix of one-, two- and three-bedroom units. Chicago-based Covington expects to break ground on the property this month. Covington and New York City-based RECAP,through its RECAP Metropolitan Opportunity Fund III LP, acquired the 1.6-acre site at 800 Ocean Ave. from Eurovest Development for $4.8 million.