IRVING — BMC Capital has provided $2.97 million in refinancing a maturing CMBS loan for the 113-unit Irving Oaks Apartments, located at 1928 Rock Island Rd. in Irving. Barrett Linburg of BMC Capital's Dallas office arranged the 10-year loan with a 30-year amortization schedule.
SILVER SPRING, MD. — Home Properties has broken ground on the 379-unit Eleven55 Ripley, an apartment complex located in downtown Silver Spring. The project is estimated to cost between $111 million and $200 million. Shalom Baranes Associates designed the property, which will include a roof-top outdoor pool, a deck and dining area, a theatre, a two-story fitness center with a yoga room, a 3,000-square-foot clubroom with a demonstration kitchen, business center and conference room, and a private, landscaped courtyard. Home Properties anticipates that Eleven55 will attain LEED Silver certification upon completion, which is slated for the third quarter of 2013.
LOUISVILLE, KY. — Denver-based Continental Realty Advisors has purchased a 1,200 unit multifamily portfolio, located in the St. Matthews and Oxmoor submarkets of Louisville, from Camden for $97 million. The properties include Brookside Apartment Homes, Meadows Apartment Homes, Prospect Park Apartment Homes and Oxmoor Apartment homes. HFF's Chicago office represented the seller in the transaction.
WINTER HAVEN AND TAMPA, FLA. — Marcus & Millichap has arranged the $8.82 million sale of a four-property multifamily portfolio in Winter Haven and Tampa. The properties include the 81-unit Brandywyne, the 60-unit Landings, the 160-unit Hickory Pointe and the 18-unit Country Place. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a Florida-based private investor, in the transaction and procured the buyer, a Tampa-based private investor.
OVERLAND PARK, KAN. —NorthMarq has arranged $19.1 million for the first-mortgage refinancing of Cedar Crest Apartments, a 466-unit multifamily community located at 6500 W. 91st St. in Overland Park. Brent Blake of NorthMarq's Kansas City office arranged the loan through NorthMarq's seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization schedule.
MIDDLETOWN, CONN. — Baker Middletown LLC has purchased Town Place Apartments, a 166-unit complex in the West Lake district of Middletown, for $18.6 million. The community consists of of seven two-, three- and four-story buildings. Steve Witten and Victor Nolletti of the New Haven office of Institutional Property Advisors (IPA) represented the seller, CAPREIT Town Place LP. IPA also represented the buyer.
SUN VALLEY, CALIF. – A 23-unit apartment community in Sun Valley has sold to Thomas W. Mathie & Carlos Deviez for $2,192,000. It sold at a 5.82 percent cap rate. Marcus & Millichap represented the buyers. David J. Harrington Hendricks & Partners’ North Los Angeles office represented the seller, Alpha Limited Partnership.
ST. LOUIS — Memphis-based EdR has purchased 3494 Lindell, a four-story apartment complex near St. Louis University in St. Louis, for $28.4 million. EdR, a real estate investment trust, owns, develops and manages collegiate housing. The property includes 197 studios, one- and two-bedroom apartments. The apartment community is currently 91 percent leased for the 2011-2012 academic year. The seller was undisclosed.
CHIPPEWA FALLS, WIS. —Stag Industrial Inc. has acquired two manufacturing facilities totaling 97,400 square feet in Chippewa Falls, and a 400,000-square-foot warehouse and distribution facility located in Rogers, Ark. for a reported $17.6 million. The buildings in Chippewa Falls are fully leased to Extrusion Dies Industries, with more than nine years remaining on the lease. The company designs and manufactures dies, feedblocks and related equipment.
LIVINGSTON, N.J. —Livingston, N.J.-based Commercial Mortgage Capital (CMC) has closed two loans totaling $24 million. Provident Bank provided a $10.8 million loan for the Promendade in Summit, N.J., a mixed-use property with 15,700 square feet of retail space and 22 luxury apartments. CMC also arranged a $14 million self-liquidating loan for a 424-unit apartment complex in Morris County, N.J., through one of CMC's correspondent lenders.