NEW BRUNSWICK, N.J. — The Vue, a 23-story mix of condominiums and luxury rental residences, has opened in New Brunswick. The first eight stories consist of 57,000 square feet of retail space, including a Barnes & Noble and a Brother Jimmy's BBQ restaurant. The 14-story residential tower includes 150 rental residences and 42 penthouse condominiums. Occupancy for the residential homes is expected in February. Designed by Manhattan-based Meltzer/Mandl Architects PC, the building's exterior features a multi-toned red brick and white facade. The Vue was developed by New Brunswick Development Corp. and Pennrose Properties.
GRAND PRAIRIE — NorthMarq Capital has secured $16.3 million in first mortgage financing for the 300-unit Indigo Pointe, a multifamily community located in Grand Prairie. Jeff Frankel of NorthMarq's Chicago office arranged the 4-year loan through a correspondent life insurance company.
NORTH PORT, FLA. — The 346-unit Toledo Club Apartments, located at 3565 Island Club Dr. in North Port, has sold for $23.52 million. Amenities include two clubhouses, a Wi-Fi business center, two fitness centers, two pools, a spa, illuminated tennis courts, a volleyball court, a dog park and a car care center. Jamie May of Institutional Property Advisors' Tampa, Fla., office represented the seller, Mt. Horeb, Wis.-based The Gallina Cos., in the transaction and procured the buyer, West Springfield, Mass.-based Aspen Square Management.
HOMESTEAD, FLA. — Coral Gables, Fla.-based Continental Real Estate Cos. (CREC) has arranged the $5.22 million sale of 79 condo units, located in the 252-unit Caribbean Isles Villas Condominiums, located at 376 NE 26th Terrace in Homestead. The units were approximately 90 percent occupied at the time of the sale. Peter Mekras of CREC represented 13th Floor Investments, the seller, in the transaction.
CHICAGO — NorthMarq Capital has arranged $21 million in first mortgage refinancing for Williams Reserve, a multifamily property located at 1245 Prairie Brook Dr. in Palatine, Ill. The property consists of 320 units, 30 percent of which are affordable housing, and a small retail center. Financing was based on a 7-year term and a 30-year amortization schedule. Sue Blumberg, managing director of NorthMarq’s Chicago office, arranged the financing through its seller-servicer relationship with Freddie Mac.
RENSSELAER, IND. — Marcus & Millichap has brokered the sale of The Panda Garden Apartments, a 52-unit apartment property located in Rensselaer. The asking price was nearly $2.3 million, but the final sales price was not disclosed. Jim Walsh and Michael H. Wernke, investment sales specialists in Marcus & Millichap’s Indianapolis office, represented the seller, a local limited liability company. The two also represented the buyer, a local developer.
Pullman, Wash. – The 146-unit Birch Hills in Pullman received $10.5 million in first-mortgage financing. The off-campus student housing community is located near Washington State University. The loan features a seven-year term and a 30-year amortization schedule. It was arranged for the borrower, Corporate Pointe, by NorthMarq through its seller-servicer relationship with Freddie Mac. NorthMarq’s team was led by Bob Spiro of the firm’s Seattle office.
ODESSA — Construction has commenced on the 75-unit Orchard Park of Odessa, an assisted living facility located at 8050 Dr. Emmitt Headlee St. in Odessa. The community is slated to open in the fall of 2012. The facility will be operated by North Carolina-based Meridian Senior Living.
LAWTON, MICH. — Love Funding has closed a $2.8 million loan to refinance White Oak, a 72-bed assisted living and dementia care facility in Lawton, near Kalamazoo. Robert Smallwood of Love Funding's Cleveland office secured the loan through a U.S. Department of Housing and Urban Development loan program. White Oaks is owned by Chuck and Barbara Randall, who own six assisted living properties in Ohio and Michigan.
MURPHY — Dallas-based Caddis Partners and the McFarlin Group are developing the 78-unit Orchard Park of Murphy, a 90-bed assisted living facility located at the southeast corner of FM 544 and Brand Road in Murphy. The project is funded by Love Funding through the Department of Housing and Urban Development's 232 LEAN program. Good Neighbor Care will manage the day-to-day operations, Galier/Tolson/French is the project's architect and Weis Builders' Dallas branch is providing general contracting services. Construction is currently under way and completion is slated for the summer of 2012.