LONG ISLAND CITY, N.Y. — TF Cornerstone has closed on a $265 million construction loan to refinance a 40-story residential tower, located at 4545 Center Blvd. in Long Island City, N.Y. The 820-unit rental building is one of four new buildings at TF Cornerstone's waterfront development named East Coast. Construction of the latest tower, 4545 Center Blvd., has already begun. Completion is expected in 2013. The project will include 12,300 square feet of retail space and a 1,000-space parking garage. Wells Fargo, M&T Bank, Bank of America and Capital One provided the loan.
DALLAS — Chicago-based Waterton Residential has acquired a 592-unit multifamily portfolio that includes Vue Fitzhugh, Vue Greenville and Vue Live Oak, all located in Dallas, from GE Capital. The portfolio was developed by Inland American Communities and totals 503,775 square feet. Waterton will continue renovations for all three properties, including the addition of wood floors and granite countertops. Apartment Realty Advisors' Dallas office represented the seller in the transaction.
BURLESON — LIG Assets' non-wholly owned subsidiary, World SeniorCare Services, has entered into a contract to purchase a 13-acre parcel for the development of a $20 million, 10-building senior housing property in Burleson. The project is slated to be constructed over a 2-year span.
DAVIS, CALIF. – The 80-unit Brush Creek Apartments in Davis has sold to a limited liability company for $8.2 million. The complex was built in 1981 and resides at 1333 Arlington Blvd. Sunny Gill from Marcus & Millichap’s Sacramento, Calif., office represented both the buyer and the seller, a private investor, in this transaction.
SAN DIEGO – The 68-unit Southridge Apartments in San Diego’s La Mesa submarket has sold to a private individual for $7,050,000. The 45,780-square-foot complex was built in 1973 and is located at 7200 Saranac Street.The CBRE Apartment team of Jim Neil and Eric Comer represented both the buyer and the seller, Southridge Apartments, in this transaction.
WYTHEVILLE, VA. — The 144-unit Northwinds Apartments, located at 2355 N. 4th St. in Wytheville, has been sold for $2.5 million. Alan Meetze and David Hudgins of Drucker & Falk's Newport News, Va., office represented the seller, Northwinds Apartments LP., in the transaction. The buyer was Northwinds Apartments LLC.
TUSCALOOSA, ALA. — Walker & Dunlop has closed on $28 million in financing for the second phase of the 669-bed The Retreat at Lake Tamaha, a student housing community located in Tuscaloosa. The 8-year loan has a 30-year amortization schedule. The first phase of the property was financed approximately 2 years ago with a 10-year term and the new loan will be coterminous with the loan on the first phase. Tim Bradley of TSB Capital Advisors originated the loan on behalf of the borrower, Landmark Properties, and Will Baker of Walker & Dunlop's Bethesda, Md., office led the Walker & Dunlop team.
BOSTON — Suffolk Construction has broken ground on Millennium Place III, a 390,000-square-foot residential tower in Boston's Downtown Crossing neighborhood. The $220 million project includes 256 units with one-, two- and three-bedroom apartments and 9,700 square feet of retail space on the ground floor. The developer is Millennium Partners, and Handel Architects of New York is the architect. The building is slated for completion in the fall of 2013.
WEST CHESTER, PA. — Beech Street Capital has provided a $32 million Fannie Mae loan for the refinancing of Goshen Terrace Apartments, a 384-unit property located in West Chester. Russ Dreb of Meridian Capital Group arranged the loan financed by Beech Street Capital as part of its correspondent relationship with Meridian. The 10-year loan has a 30-year amortization schedule.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $7.3 million sale of 1280 E. 18th St. in Brooklyn. The 42,180-square-foot, six-story apartment building includes 47 apartments. Josh Orlander of GFI Realty represented both the buyer and the seller in the transaction. The buyer plans to make improvements to the building to attract young professionals in the area.