KELLER — Santa Ana, Calif.-based Daymark Realty Advisors has secured a $21.4 million bridge loan for the 273-unit Enclave on Golden Triangle, a garden-style multifamily community located at 5001 Golden Triangle Blvd. in Keller. The 6-month loan was originated by Berkadia Commercial Mortgage.
MONROVIA, CALIF. – The 36-unit Wellesley Court apartment community has sold to 208-210 W Lemon Ave, LLC, for $4,550,000. The complex was built in 1963 and will undergo renovations initiated by the buyer over the next 18 months. The buyer also assumed a five-year, fixed-rate loan with a 6.28 percent interest rate. Peter M. Hauser and Steven C. Brombal of Hendricks & Partners’ Newport Beach, Calif., office represented the seller, Wagon Wheel Village.
SPRING HILL, FLA. — Oak Grove Capital has secured a $16 million Fannie Mae supplemental loan for the 205-unit The Residences at Timber Pines, located at 3140 Forest Rd. in Spring Hill. The loan was provided to refinance the recourse construction loan used by the facility's sponsor, Chaska, Minn.-based The Goodman Group, to construct a 78-unit expansion. The 10-year loan has a 30-year amortization schedule.
ATLANTA AND LAWRENCEVILLE, GA. — Atlanta-based Pollack Shores Real Estate Group has purchased the 268-unit Oxford Springs in Atlanta and the 288-unit Oxford Oak in Lawrenceville from Oxford Properties for $49.1 million. Oxford Springs is located at 100 Ridgebrook Way NE in Atlanta and Oxford Oak is located at 405 Philip Blvd. in Lawrenceville. ARA represented the seller in the transaction.
ORLANDO, FLA. — Beech Street Capital has provided an $11.2 million Freddie Mac CME loan to refinance the 318-unit Woodhollow Apartments, located at 5739 Kingsgate Dr. in Orlando. Jacob Katz of Meridian Capital Group's Bethesda, Md., office originated the transaction. The loan has a 10-year term.
BOSTON — Construction crews have broken ground on The Kensington, a $170 million residential tower in Boston. The 488,000-square-foot tower, located at 659 Washington St., includes 381 rental apartments and 2,300 square feet of ground retail space. The development team includes Boston-based Kensington Investment Co., National Development and equity partner Northwest Mutual. Suffolk Construction is the contractor for the project and the architectural firm is The Architectural Group. Construction is scheduled for completion in summer 2013.
ADDISON — San Antonio-based Embrey Partners has closed on a 353-unit multifamily community currently under development, located at the southeast corner of Keller Springs and Addison roads in Addison. The units will feature granite countertops, custom cabinetry, garden tubs and stainless steel appliances. Amenities for the complex will include a clubhouse, cafe, health club and swimming pool. Construction is slated to begin immediately and occupancy is slated for first quarter 2013. Wells Fargo provided construction financing and Holliday Fenoglio Fowler arranged equity financing.
AUSTIN — Marcus & Millichap has arranged the sale of the 70-unit Westheimer Oaks, an apartment complex located at 2606 Wheless Ln. in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the seller, a partnership, in the transaction and procured the buyer, a limited liability company.
PALM BAY, FLA. — ARA has negotiated the $3.17 million sale of the 216-unit The Pines Apartments, a garden style apartment community located at 3016 Pinewood Dr. NE in Palm Bay. The property is currently 92 percent leased. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA's Orlando, Fla., office represented the seller in the transaction. Cincinnati-based Green Realty Corp. was the buyer.
HOMEWOOD, ALA. — Beech Street Capital has closed a $19.9 million Freddie Mac CME conventional loan for the 274-unit Mayfair Chateau Manor, located at 3450 Manor Dr. in Homewood. Beech Street's Birmingham office arranged the 10-year loan with a 30-year amortization schedule.