ST. PETERSBURG, FLA. — Rockville, Md.-based CAPREIT has sold the 212-unit Isles of Gateway, an apartment complex located at 10600 Fourth St. N. in St. Petersburg, to Newton, Mass.-based Robbins Property Associates for $16.82 million. The property is 95 percent occupied. CBRE's Multi-Housing Group in Tampa represented the seller in the transaction.
CHARLOTTE, N.C. — Walker & Dunlop has arranged $6.1 million in acquisition financing for the 202-unit Cameron at Hickory Grove, located at 5625 Keyway Blvd. in Charlotte. Stephen Farnsworth of the firm's New Orleans office arranged the 7-year loan with 2-years interest only and a 30-year amortization schedule through Freddie Mac's CME Program on behalf of the borrower, Atlanta-based Cortland Partners.
NEW YORK CITY — East Harlem-based Lettire Construction Corp. has finished construction on The Ciena and Hobbs Court, two affordable rental complexes that total 339 units, in East Harlem.The Ciena, located at 314 E. 100th St., is a rehabilitation of five existing buildings. Hobbs Court consists of two new, nine-story buildings located at 315 E. 102nd St. The project team included Lettire Construction, Phipps Houses, Urban Builders Collaborative and MGH Architects. The Ciena and Hobbs Court were the first developments in the U.S. to receive $25 million in Tax Credit Assistance Program funds.
NEW BRAUNFELS — Marcus & Millichap has secured $10.32 million in refinancing with cash-out for a 164-unit multifamily property in New Braunfels. Jake Roberts and Anita Paryani of Marcus & Millichap's West Los Angeles office arranged the 7-year loan with a 30-year amortization schedule.
CLEMSON, S.C. — NorthMarq Capital has arranged a $27.6 million refinancing for the 244-unit Chimney Ridge, a student housing property located at 1200 Old Shirley Rd. in Clemson near Clemson University. Bruce Foster of NorthMarq's Atlanta office negotiated the 7-year loan with a 30-year amortization schedule through Freddie Mac.
ROCHESTER, N.Y. — Thomas Grzebinski of The Rose Hill Group has arranged $6.5 million in first mortgage financing for a 60-unit town house project in Rochester. The property includes a mix of two- and three-bedroom units, all with attached garages. A regional lender provided the financing on a 10-year term and 25-year amortization schedule.
HOBOKEN, N.J. — Love Funding has closed a $20.9 million loan to refinance Clock Tower Apartments, a 173-unit apartment community in Hoboken. Laura Saull-Smith of Love Funding's Washington, D.C. office secured the financing through a U.S. Department of Housing and Urban Development loan program. The program will enable the borrower, Jefferson Adams Rehab Co., to preserve rent-subsidized units at the property and fund more than $2 million in repairs and reserves.
SAN ANTONIO — Criterion Property Co. and Regent Communities have started developing the 230-unit 1800 Broadway, a luxury multifamily community in downtown San Antonio. The property will include a fitness center, resort-style pool, outdoor grilling kitchen, covered wet kitchen and flat-screen TVs. The development broke ground in October and is slated for a summer 2013 completion. The property is being built to achieve National Green Building Standard and Energy Star certifications.
FARMERS BRANCH — Hartung Glass Industries has purchased an 81,700-square-foot manufacturing facility, located at 12900 Nicholson Rd. in Farmers Branch. Jerod Hangartner of TIG's Dallas office represented the buyer in the transaction. Jones Lang LaSalle represented the seller.
TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $7.58 in mortgage financing for the 206-unit Hunter Creek Apartments, located at 1563 S. 79th E. Ave. in Tulsa. Todd McNeill of MCA arranged the 10-year loan through the Fannie Mae DUS loan program. The property is currently 94 percent occupied.
