Multifamily

HOUSTON — New York-based hedge fund Petra Capital Management has sold the Palms of Westheimer, a 798-unit garden apartment community in Houston. Houston-based Situs Asset Solutions, which began servicing the property’s loan in 2006, represented Petra Capital in the transaction. David Malev and Maury Bronstein, both of Situs, helped manage and sell the lender-owned apartment community located at 6425 Westheimer Road.

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PHILADELPHIA — Livingston, N.J.-based Gebroe-Hammer Associates has orchestrated the $2 million sale of a Philadelphia 13-building multifamily portfolio. Gebroe-Hammer’s Eli Rosen represented the buyer and seller in the transaction. The portfolio includes Grand Leiper Apartments, a 52-unit, garden-style complex at 4712 Leiper St. in northeast Philadelphia. A five-unit building comprised of 28 units near Grand Leiper was also included in the transaction. Rosen also finalized the $750,000 sale of 24 units in southwest Philadelphia on Dickens Avenue.

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SANTA ANA, CALIF. – Marcus & Millichap Capital Corporation has arranged $7,175,000 in financing for a 60-unit apartment community in Santa Ana. This is a five-year, fixed-rate loan with a 4.65 percent interest rate and a small sliding prepay. It also contains a 30-year amortization schedule and a 77 percent loan-to-value. M&M's Michael Derk, a senior director and vice president of capital markets, arranged the financing.

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RALEIGH, N.C. — Crescent Resources has broken ground for the $50 million, 282-unit Gallery at Cameron Village, located at Clark Avenue and Oberlin Road in Raleigh. In addition to residential units, the property will feature 16,000 square feet of retail space. The first apartments are slated for completion in spring 2013. Raleigh-based Cline Design Associates, PA is the architect for the project, and Cox Schepp Construction is the general contractor.

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NEW YORK CITY — Massey Knakal has facilitated the sale of a 10,000-square-foot multifamily building on Manhattan’s upper east side. The building is located at 339 East 90th St. and contains 23 units, of which nine are free market and the other 14 are rent-stabilized. The sales price equates to approximately $410 per square foot. Thomas D. Gammino Jr. of Massey Knakal had the exclusive listing of the transaction.

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GRAND PRAIRIE — NorthMarq Capital has arranged the $13.9 million mortgage for Clairborne Apartments, a 274-unit multifamily property in Grand Prairie. The apartment is located at 2355 N. State Hwy. 360. Financing is based on a 10-year term with a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City office arranged the first mortgage financing through NorthMarq’s relationship with Freddie Mac.

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