MURFREESBORO, TENN. — Panther Properties Investment and Integra Land Co. have broken ground on the $27.5 million, 264-unit Integra Creek Apartments, a Class A apartment community located on the Manson Pike in Murfreesboro. The nine-building property will include amenities such as a swimming pool, fitness center, billiards room and business center. The first units are scheduled to be completed in the first quarter of 2013, with full completion slated for the third quarter of 2013.
FLOWERY BRANCH, GA. — NorthMarq Capital has arranged $30 million in first mortgage refinancing for the 456-unit Tree Park Apartments, an apartment complex located at 130 Tree Park Cir. in Flowery Branch. Bruce Foster of NorthMarq's Atlanta office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac on behalf of Tree Park LLC, the borrower.
VIRGINIA BEACH, VA. — Walker & Dunlop has arranged $21.6 million in refinancing for the 200-unit Magnolia Run Apartments, a garden-style apartment community located at 5697 Magnolia Run Cir. in Virginia Beach. Will Baker of Walker & Dunlop's Bethesda, Md., office arranged the 35-year, fully amortized loan through HUD's 223(f) program on behalf of the borrower, Magnolia Run Apartments LLC.
SHREWBURY, MO. — The AFL-CIO Housing Investment Trust (HIT) has arranged $6.6 million in union pension capital to renovate the Holy Infant Apartments and the St. Joseph Apartments, two affordable housing complexes in Shrewbury, located in St. Louis County. The $13 million project by HIT will convert most of the existing apartments into one-bedroom units as well as renovate kitchens as bathrooms. Residents of the complexes are at least 62 years old and have household incomes at or below 50 percent of the area median income. HIT purchased $6.6 million in tax-exempt bonds issued by the Industrial Development Authority for St. Louis County and insured by Ginnie Mae securities to help finance the project.
NEW BRUNSWICK, N.J. — Beech Street Capital has arranged a $32 million Freddie Mac loan to refinance Raritan Crossing Apartments, a 376-unit apartment complex in New Brunswick. The property is currently 99 percent occupied. Avi Weinstock and Josh Rhine of Meridian Capital Group originated the fixed-rate loan on behalf of the borrower, a real estate owner and operator. The 7-year loan has a 30-year amortization schedule.
DENVER – The 42-unit Saint Clair Apartments in Denver has sold to a private investor for $1.9 million. It is located at 4510 West Saint Claire Place. Greg Price, Brian Haggar and Clayton Primm of Marcus & Millichap’s Denver office represented both the buyer and the seller, a tenants-in-common, in this transaction.
San Diego — Resmark Apartment Living and ColRich have formed a joint venture to develop two apartment communities totaling 427 units in south San Diego County. Resmark Apartment Living is a division of the Resmark Companies. The 19.6-acre development site is located is located in the master-planned community of Eastlake, which his adjacent to the U.S. Olympic Training Center in Chula Vista. The 9.5-acre western portion of the property will contain 209 residences, including 170 three-story townhomes and 39 triplexes. The 10.1-acre eastern part of the site will contain 218 residences, 158 of which will be townhomes and 60 that will be triplexes. The development began construction in January. It is scheduled for completion in October 2013. The communities will be managed by Lincoln Property Company.
ATHENS, GA. — Orlando, Fla.-based Roger B. Kennedy Inc. has broken ground on the $13 million, 138-unit The Flats at Easley Mill, a student housing development located at 592 Oconee St. in Athens, close to the University of Georgia campus. Flats at Carrs Hill LP. is developing the property, which was designed by Atlanta-based Gary B. Coursey & Associates-Architects. Completion is slated for June 2013.
WASHINGTON, D.C. — Beech Street Capital has secured $14.9 million in FHA loans to refinance the 119-unti Capitol East Apartments, located at 518 9th St. NW in Washington, D.C., and the 48-unit Lexington Apartments, located at 1114 F. St. NE in Washington, D.C. Brian Sykes of Beech Street Capital's Boston office originated the 35-year, fully amortized loan on behalf of the borrower, Glenside, Pa.-based Wexford Property Management. Larry Paul of Frankel Financial Corp. served as financial advisor to Wexford.
NORTH OLMSTED, OHIO —NorthMarq Capital has arranged $14.2 million loan for the first mortgage refinancing of Butternut Ridge Apartments, a 261-unit property at 5800 Great Northern Blvd. in North Olmsted. Sue Blumberg of NorthMarq’s Chicago office arranged the loan through Freddie Mac for the borrower, JVM Butternut Apartments. The 7-year loan has a 30-year amortization schedule.