PARSIPPANY, N.J. — Meridian Capital Group has arranged a $16.7 million loan for the Parsippany Gardens multifamily portfolio in Parsippany and a mixed-use property located at 139 Essex St. in New York City. Parsippany Gardens includes five, two-story buildings totaling 124 units, located at 380-388 Parsippany Road. Judah Hammer of Meridian negotiated the $12.8 million new mortgage loan, which carries a seven-year term. Hammer also arranged a $3.8 million acquisition loan for an 18-unit mixed-use building. The three-year loan features an interest rate of 3 percent.
Multifamily
AUSTIN — Institutional Property Advisors (IPA) has arranged the sale of The Remington, a 344-unit, resort-style multifamily community in Austin. The community features controlled access gates, a clubhouse, 24-hour fitness center, Internet cafe, coffee bar, swimming pool with cabanas and attached garages. Will Balthrope, Drew Kile and Scott Lamontagne of IPA represented the seller, Koontz McCombs, in the transaction. The buyer is a private investor based in the Pacific Northwest.
LAS VEGAS – A 138-unit apartment building located at 121 N. 15th Street in Las Vegas has sold to James E. Wolf for $3.5 million. The seller, Pacifica F Meadows, was represented by Patrick Sauter of NAI Sauter Companies.
FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has closed a $6.2 million first mortgage loan secured by Eco Modern Flats, a 96-unit LEED Platinum multifamily property near the University of Arkansas in Fayetteville. It is the first property in Arkansas to be awarded LEED Platinum certification. Green design elements include solar-heated water, landscaping with native plants, innovative heating and cooling systems, and rainwater harvesting. Other amenities include a swimming pool, community area with an outdoor fireplace and grilling area, and rooftop patio. Alan Tapie of Grandbridge Real Estate Capital’s Atlanta office originated the permanent fixed-rate loan for Eco Modern Flats. Fannie Mae provided funding for the loan, which was structured with a 10-year term and 30-year amortization schedule.
EVANSVILLE, IND. — The Embassy Group has purchased Terra Trace, an 84-unit apartment community at 1715 Theater Drive in Evansville, for $2.4 million. The property consists of 11 two-story rental buildings. Units average 752 square feet and rents average $540 per month. Amenities include on-site laundry, a clubhouse, swimming pool and private balconies. David Gaines and Alex Blagojevich of Marcus & Millichap represented the seller, Regency Apartments. They also secured the buyer.
HOUSTON — ARA has arranged the sale of the 224-unit Silver Leaf, a Class B apartment complex located in Houston's Sharpstown/Westwood submarket. David Wylie, Zach Springer, Russell Jones and Matt Saunders of ARA represented the seller, Philadelphia-based Resource Real Estate, in the transaction. Brooklyn-based Besyata Investment Group is the buyer. The apartment community was built in 1977 and refurbished in 2001. The property is 95 percent occupied.
HOUSTON — NorthMarq Capital has secured $3.8 million in first mortgage refinancing for the 176-unit Villa Ana Apartments, located at 10101 W. Sam Houston Parkway in Houston. John Burke and Chad Owens of NorthMarq's Houston office arranged the 10-year loan on a 25-year amortization schedule through AmeriSphere Multifamily Finance on behalf of the borrower, The CONTI Organization.
LAS VEGAS – A 138-unit apartment building located at 121 N. 15th Street in Las Vegas has sold to James E. Wolf for $3.5 million. The seller, Pacifica F Meadows, was represented by Patrick Sauter of NAI Sauter Companies.
PORTLAND, ORE. – Security Properties Multifamily Fund, along with its East Coast institutional joint venture partner, has received $17 million in acquisition financing to purchase Forest Creek Apartments in Portland. The 160-unit community is located at 1940 NW Miller Road. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq Capital’s Denver office.
PARKVILLE, MD. — Beech Street Capital LLC has provided a $38.2 million Fannie Mae conventional loan to refinance the 603-unit Ridge Gardens Apartments, a multifamily community in Parkville. The borrower has owned the property since the 1970s and invested in capital expenditures in 2010 and 2011 with significant improvements planned during the next 12 months. Amenities include a pool, a clubhouse, a fitness center and a playground. Adam Bieber of Beech Street Capital’s Bethesda, Md., office originated the transaction.