AUSTIN — Berkeley Point Capital has funded $52.3 million in first mortgage financing for the 348-unit West Campus II, a Class A dedicated student housing community located in the West Campus section of Austin. The community is part of a larger two-phased community known as The Quarters and is within walking distance of the University of Texas. Amenities of the community include courtyards, a 24-hour fitness center, on-site parking, stained concrete floors and furnished units upon request. Adam Randall of Berkeley Point's Bethesda, Md., office arranged the 10-year loan with full-term, interest only payments through the Fannie Mae DUS Student Housing program.
LOUISVILLE, KY. — Marcus & Millichap has arranged the $22.5 million sale of the 326-unit Vieux Carre Apartments, a multifamily property located at 9811 Vieux Carre Drive in Louisville. The property is fully occupied. Aaron Johnson of Marcus & Millichap represented the seller, The Infinity Group, in the transaction. Drew Babcock, also of Marcus & Millichap, represented the buyer, a Nashville-based multifamily investment group.
MIAMI — LNR Property and LYND plan to break ground on the $65 million, 390-unit EnV at Mary Brickell Village, an 800,000-square-foot residential tower located at 999 SW 1st Ave. in Miami, this month. The 35-story tower will be constructed on top of an existing Publix and multi-level parking structure for the Shops at Mary Brickell Village. Amenities will include a recreation deck with a swimming pool, spa, gazebos and cabanas. Behar Font & Partners is the architect for the project, which Plaza Construction is building. BlackRock Realty Advisors is the equity provider and Wells Fargo is the construction lender. Completion is slated for 2014.
PANAMA CITY AND JACKSONVILLE, FLA. — CBRE Group has arranged $37.1 million in financing for three multifamily properties located in Florida. In Panama City, the company secured $23.5 million in permanent debt to refinance Eagles Landing and Enclave in Panama City on behalf of Arbor Properties, the borrower. The 10-year loan has a 30-year amortization schedule. In Jacksonville, CBRE Group arranged $13.6 million in permanent financing for the acquisition of Waterford Apartments, on behalf of Insula Properties. The 10-year loan has two years of interest-only payments followed by a 30-year amortization schedule. Glenn Housman of CBRE Group arranged the loans through Freddie Mac.
NEW YORK CITY — Marcus & Millichap has arranged the $1.5 million sale of 277 W. 150th St., a 20-unit apartment building in New York City. The property totals 14,554 square feet. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller, a private investor, in the transaction. They also secured the buyer, a limited liability company.
GRAPEVINE — Walker & Dunlop has provided $4.75 million in financing for the 223-unit Marina Del Ray Apartment Homes, a garden-style multifamily community located in Grapevine. The apartment complex is 95 percent occupied and features a clubhouse, swimming pool, laundry facilities and covered parking. Alex Inman of Walker & Dunlop led the team that provided the 10-year loan with a 30-year amortization schedule through Fannie Mae's Early Rate Lock Program.
EL PASO — Alliant Capital has secured a $2.7 million refinance loan for the 116-unit El Pavon Apartments, a garden-style multifamily community located in El Paso. Jarett Blasberg of Alliant Capital arranged the 10-year loan with a 30-year amortization schedule at a fixed 3.83 percent.
SURPRISE, ARIZ. – The 142-unit La Borgata Apartments in Surprise has received a $12.1-million loan refinancing. The financing was secured for Retreat at West Point Multi-Family LP by Artin Anvar of Love Funding’s Washington office through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. The property is managed by MEB Management Services.
NORTH BETHESDA, MD. — Archstone has purchased the 237-unit Grosvenor Tower, an apartment high-rise located at 10301 Grosvenor Place in North Bethesda. The multifamily community will be renamed Archstone Grosvenor Tower. Amenities include a 24-hour fitness center, swimming pool with sundeck, business center and walking/biking trail.
CHARLESTON, S.C. — Walker & Dunlop has arranged $22 million in financing for the 288-unit Riverland Woods Apartments, a garden-style multifamily community located at 1001 Riverland Woods Place in Charleston. Cooper Willis of Capital Advisors arranged the 10-year loan with one-year interest only and a 30-year amortization schedule through Freddie Mac's CME program. Will Baker led the Walker & Dunlop team.