DALLAS — NorthMarq Capital has arranged $36.5 million in first mortgage financing for a Class A apartment complex, which has more than 500 units, in Dallas. Michael Elmore of NorthMarq's Los Angeles office and Paul Brighton of the firm's Dallas office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac's Capped ARM program.
LAS VEGAS – The 316-unit Mayan Plaza in Las Vegas has received $11.6 million in first-mortgage refinancing. The community is located at 1700 Alta Drive. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by Ory Schwartz and Tom Powell, who work out of NorthMarq’s Los Angeles and Nevada offices, respectively. The loan was arranged through NorthMarq’s seller-servicer relationship with Freddie Mac.
ATLANTA AND BIRMINGHAM, ALA. — Birmingham-based Daniel Corp. has started development of three multifamily properties with a combined total cost of more than $200 million. In Atlanta, the firm has broken ground on 77 12th Street, an $82 million, 23-story mixed-use tower located in the 12th & Midtown project. The development will include 330 luxury apartment units and 20,000 square feet of street-level retail. Also in Atlanta, Daniel Corp. has been contracted to buy the 80-unit The Rocca: Piazza at Paces, a multifamily property located at 3280 Northside Pkwy. NW. The company plans to expand the property by an additional 200 units. Construction is slated to begin this summer. In Birmingham, the firm has broken ground on the $35 million, 250-unit Ashby at Ross Bridge, located in the Ross Bridge master-planned community.
GREENSBORO, N.C. — Raleigh, N.C.-based Church Street Partners has purchased the 240-unit Hunt's View, an apartment complex located at 3901 Battleground Ave. in Greensboro. Amenities include a pool, spa, billiard's room, exercise facilities and a picnic area. The property is currently 90 percent occupied. Sean Wood, Blake Oakland and Dean Smith of ARA's Charlotte, N.C., office represented the undisclosed seller in the transaction.
CHICAGO — Bass Realty 3 LLC has purchased a 50-unit apartment property in Chicago for $2.4 million. Located in the heart of Albany Park, the property is currently 65 percent occupied. Matt Welke of Essex Realty Group represented both the buyer and seller in the transaction.
PORTLAND, MAINE — Boston Capital is investing in the construction of Pearl Place II, a 54-unit multifamily development in Portland. The property will be built with tax credit equity from the Low Income Housing Tax Credit program and the general partner is Portland-based Pinecone Housing Corp. Pearl Place II will include a community room and central laundry. About 11 units will be reserved for homeless or displaced residents. To date, Boston Capital has invested in about 315 units of affordable housing in Portland.
PHILADELPHIA — Marcus & Millichap has arranged the $1.7 million sale of Evans Court, a 31-unit apartment building in Philadelphia. The building is fully occupied. Fred Paisley and Dana Newton of Marcus & Millichap's Philadelphia office represented the seller, a private investor, in the transaction. They also represented the buyer, a limited liability company.
LOS ANGELES – A multifamily portfolio that contained 60 units in two Los Angeles-area apartment complexes sold to a private investor for $2.8 million. The properties are located at 414 Witmer and 457-461 Witmer Street in Los Angeles’ Westlake District. The 9,196-square-foot building contains 20 units, while the 15,368-square-foot building contains 40 units. Lane Schwartz and Thomas Jonsson of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, also a private investor.
SAN DIEGO – A 13-unit apartment complex in the San Diego submarket of Mission Beach has sold to Sefer Tahiraj for $2.3 million. The 5,358-square-foot property is located at 3414 Mission Blvd. The buyer was represented by Terry Taylor of Apartment Consultants, Inc. The seller, David N. Catton, was represented by Joe Ramos of South Coast Commercial.
RALEIGH, N.C. — Woodfield Investments has broken ground on the 256-unit Woodfield Creekstone, located at the intersection of South Miami Boulevard and Hopson Road in Raleigh. Amenities will include a resort-style pool, clubhouse, landscaped grounds and garage parking. The Carlyle Group and US Bank are financial partners for the project, CF Evans Construction is providing general construction services and the project's architectural design is by The Housing Studio. Greystar will manage the property. Completion is slated for the summer of 2012.