CHICAGO — Sue Blumberg of NorthMarq Capital's Chicago office has arranged $40 million for the first mortgage refinancing of 100 W. Chestnut in Chicago. The 30-story apartment high-rise contains 280 units and a parking garage. The building is fully occupied. The 10-year, Fannie Mae loan has a 30-year amortization schedule. The borrower is Great Lakes Property Group Trust.
NEW YORK CITY — An apartment building at 211 Taaffe Place, located between Willoughby and Dekalb avenues in Brooklyn, has sold for $1.2 million. The four-story building contains 6,875 square feet and is fully occupied. The apartments have newly constructed kitchens and bathrooms and the building has a new roof. Michael Amirkhanian and Kenneth Freeman of Massey Knackal represented the buyer and seller in the transaction.
VACAVILLE, CALIF. – The 135-unit Round Oak Village in Vacaville has received a $10.2-million refinancing. The loan includes a 10-year term and a 30-year amortization schedule. It was underwritten to a 74.14 percent loan-to-value with a 1.25x debt-service coverage ratio. The community was built in 1985 and was more than 96 percent leased at the time of closing. The loan was arranged by Jeff Burns and Verne L. Murray of Walker & Dunlop. The loan was originated by Ron Peters of Preferred Capital Advisors.
BUFFALO GROVE, ILL. —Grandbridge Real Estate Capital and Mesirow Financial Institutional Real Estate have arranged a $22.2 million first mortgage loan for Windbrooke Crossing, a 236-unit apartment community in Buffalo Grove. Jim Cope and Justin Nelson of Grandbridge Real Estate arranged the loan through Freddie Mac. The 7-year loan carries a 4 percent interest rate.
NEW MILFORD, CONN. — Harold Fischel, owner of the Bleachery at the end of West Street in New Milford, plans to redevelop the 130,000-square-foot property into a three-story apartment building this spring. The Bleachery mill building — named for its rich history of bleaching fabrics — is situated directly on Lake Lillinonah. The developer, Trust Realty, will create 99 one- and two-bedroom apartments. The city zoning commission also approved an expansion of the marina, allowing for 100 boat slips.
DENTON — Dallas-based Fountain Residential Partners, in association with Crosswind Development Partners, has plans to break ground on the 139-unit 33 North, a student housing facility located adjacent to the University of North Texas in Denton. The five-story facility will be fully furnished and include all utilities. It will also feature a clubhouse, a study room, a cardio theater/fitness center, an infinity pool and an outdoor deck. Fountain is expecting a fall 2013 completion for the facility.
SAN FRANCISCO – The Marcus & Millichap team of Sanford G. Skeie and John Antonini has recently sold two San Francisco apartment complexes. The first was a 39-unit apartment community located at 970 Geary Street in San Francisco that sold to a partnership for $4,054,653. The team represented both the buyer and the seller, a private investor. The second was a 60-unit complex at 990 Geary Street that sold to a limited liability company for $7,045,347. Once again, the team represented both the buyer and the seller, a private investor.
FAYETTEVILLE, ARK. — Sterling University Housing has partnered with Arkansas-based Specialized Real Estate Group to build two student housing properties, located within walking distance of the University of Arkansas in Fayetteville. Combined, the properties will include 1,232 beds. Amenities will include flat-screen televisions in every bedroom, a resort-style pool, fully furnished residences, a sky bridge with study lounges and a multifunctional study lounge with a game room, cafe and 24-hour fitness center. The first phase, located at 555 Maple St., is slated to begin construction in the spring of 2012 with anticipated completion for the 2013-2014 school year. The second phase will be open in time for the 2014-2015 school year. The properties are designed to achieve LEED Silver certification.
RALEIGH, N.C. — ARA has negotiated the sale of the 600-bed University Village at Raleigh, located at 3333 Melrose Club Blvd. in Raleigh, minutes from North Carolina State University. Amenities include a resort-style pool, a fitness center with a tanning bed, a basketball court, a volleyball court, a car washing facility, a game room with billiards and a state-of-the-art business center. Chris Bancroft and Chris Epp of ARA's Austin, Texas, office, along with Dean Smith, Sean Wood and Blake Oakland of ARA's Charlotte, N.C., office represented The Preiss Co., the seller, in the transaction. The buyer was Cardinal Group Investments, which has renamed the property The U Raleigh.
WASHINGTON, D.C. — Walker & Dunlop has secured $11 million in acquisition financing for the 95-unit La Reine Apartments, located at 5425 Connecticut Ave. N.W. in Washington, D.C. Sandor Biderman of Walker & Dunlop's Washington, D.C., office arranged the 15-year loan with a 25-year amortization schedule on behalf of the borrower, Investors Connecticut Avenue.