Multifamily

HFF SECURES $27M LOAN FOR CITY NORTH AT SUNRISE RANCH

by admin August 17, 2012

ROUND ROCK — HFF has arranged $27 million in refinancing for the 384-unit City North at Sunrise Ranch, a Class A multifamily complex located at 2800 Sunrise Road in Round Rock. The community is 93 percent occupied and features a swimming pool, fitness center, clubhouse and billiards room. Douglas Opalka, Charles Halladay and Robert Wooten of HFF arranged the loan through Freddie Mac's Program Plus Seller/Servicer program on behalf of the borrowers, McShane Development Co. and Arsenal Real Estate.

August 17, 2012

THE ALEXAM SELLS FOR $3.4M

by admin August 17, 2012

LOS ANGELES – The Alexam, an 18-unit multifamily property in Los Angeles has sold to an individual/personal trust for $3.4 million. It is located at 724 South Berendo Street. Neema Ahadian of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a limited liability company, in this transaction.

August 17, 2012

Multifamily Southeast

GRANDBRIDGE SECURES $7.5M LOAN

by admin August 16, 2012

DECATUR, GA. — Grandbridge Real Estate Capital has arranged $7.5 million in first mortgage financing for the 250-unit Valley Place Apartments, a garden-style multifamily property located in Decatur. Alan Tapie of Grandbridge secured the two-year, non-recourse loan with interest-only payments through NorthStar Realty Finance.

August 16, 2012

Multifamily Southeast

CAPITAL ADVISORS ARRANGES $4.35M LOAN

by admin August 16, 2012

ORANGEBURG, S.C. — Capital Advisors has secured $4.35 million in refinancing for the 240-bed Campus Corner Apartments, a student housing community located at 1100-1200 Campus Drive in Orangeburg. The property serves South Carolina State University and Calflin University. Cooper Willis of Capital Advisors arranged the 10-year loan with a 25-year amortization schedule through Cantor Fitzgerald on behalf of Orangeburg Student Housing LLC.

August 16, 2012

Multifamily Northeast

WOOD PARTNERS BREAKS GROUND ON $45M APARTMENT COMMUNITY

by admin August 16, 2012

HOPKINTON, MASS. — Construction is under way on a $45 million apartment community in Hopkinton, known as Alta Legacy Farms. The 240-unit development is part of the Legacy Farms project, a 730-acre suburban community consisting of 700 single-family homes. One-bedroom units will range from 722 to 1,000 square feet, while two-bedroom units will measure 1,200 square feet. Amenities will include a billiard room, coffee bar, theater and fitness center. The project team includes Wood Partners, the developer; Legacy, the general contractor; and Cube3 Studios, the project architect.

August 16, 2012

Northeast Seniors Housing

BEECH STREET ARRANGES $9.9M REFINANCING LOAN FOR SKILLED NURSING FACILITY

by admin August 16, 2012

MEDIA, PA. — Beech Street Capital has arranged a $9.9 million HUD 232/223 (a)(7) loan to refinance Sterling Healthcare and Rehabilitation Center, a 164-bed skilled nursing facility in Media. Joshua Rosen of Beech Street originated the 31-year loan. The center was build in the 1950s and has continually been upgraded by the owner. The property is 93 percent occupied.

August 16, 2012

Seniors Housing Southeast

TRYKO BUYS AFFORDABLE HOUSING FOR $7.2M

by admin August 15, 2012

SALISBURY, MD. — Tryko Partners has acquired the 151-unit Pine Bluff Village, an affordable housing community located at 1514 Riverside Drive in Salisbury, from AIMCO for $7.2 million. The property includes a commercial kitchen that serves lunch and dinner, an on-site beauty/barber shop, laundry facilities, an exercise room and a picnic and patio area.

August 15, 2012

Multifamily Southeast

NORTHMARQ SECURES $24.1M MULTIFAMILY LOAN

by admin August 15, 2012

RIVERVIEW, FLA. — NorthMarq Capital has arranged $24.1 million in acquisition financing for the 340-unit Tranquility Lake Apartments, a market-rate apartment community located at 9707 Tranquility Lake Circle in Riverview. Jeff Frankel and Charlie Robin of NorthMarq Capital secured the five-year loan with 36 months of interest-only payments followed by a 30-year amortization schedule through a correspondent life insurance company on behalf of the borrower, a Midwest-based owner and operator.

August 15, 2012

Multifamily Texas

TRANSWESTERN BROKERS SALE OF MIRABELLA

by admin August 15, 2012

HOUSTON — Transwestern has secured the sale of the 161-unit Mirabella, a multifamily community located at 3001 Hillcroft St. in Houston. Ed Cummins of Transwestern represented the seller, G.I.C. Investments, in the transaction. The buyer was Vende Capital. Transwestern's Houston Multifamily Group has completed 11 sales transactions totaling 3,288 units in the past three months.

August 15, 2012

Multifamily Texas

WALKER & DUNLOP ARRANGES $27.5M MULTIFAMILY LOAN

by admin August 15, 2012

PLANO — Walker & Dunlop have secured a $27.5 million loan under HUD's 223(f) program for the 364-unit Carrington Apartments, a Class A, garden-style complex located in Plano. The complex features two swimming pools, a nine-hole putting green, a clubhouse, fitness facility, business center and coffee bar. The complex is currently 96 percent occupied. Michelle Warner of Walker & Dunlop, along with Pat McFarland of Churchill Capital Co., arranged the loan with a 35-year amortization schedule. The sponsor was The England Group.

August 15, 2012

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