ABERDEEN, MD. — Kinsley Properties and Sherwood Partners announced plans to break ground in April on Fieldside Commons, four, four-story Class A office buildings totaling 500,000 square feet in Aberdeen. The owners have selected Cassidy Turley to lease the project. The first building, 120,000 square feet, is expected to open in January 2012.
LAUDERHILL, FLA. — A $21 million permanent/refinance loan was secured by Walker & Dunlop for the 405-unit Glen at Lauderhill, which is currently 95 percent leased. Amenities of the property include an outdoor pool, tennis courts, fitness center, playground, car wash area and more. The 10-year term loan has a 30-year amortization and was secured through Freddie Mac. Stephen Farnsworth of Walker & Dunlop's New Orleans office led the team.
ROSEVILLE, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged a $6.8 million loan for Sandhurst Apartments in Roseville. The property consists of 25 two-story buildings offering a total of 328 units. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the financing for the borrower, Sandhurst Owner LLC
BOSTON — Cushman & Wakefield (C&W) has brokered the sale of a 32-unit apartment property located at 31-35 South St. in Boston for $7.8 million. J&W South Street LLC purchased the property from The Mount Vernon Company. The deal included the assumption of Fannie Mae debt. The C&W team of Simon Butler, Biria St. John, and Michael Byrne represented the seller and procured the buyer.
DEER PARK — Boston Capital has invested in the construction of Providence Town Square Apartments in Deer Park. The planned 118-unit senior housing property will feature a 10,560-square-foot, three-level common area with an outdoor lap pool, a community room, a media room, a business center and an exercise room. The general partner is Providence Town Square Housing and the general contractor is Houston-based Blazer Building.
COSTA MESA, CALIF. — Grubb & Ellis has closed the $5.6 million sale of a 55-unit senior-housing facility located at 2619 Orange Ave. in Costa Mesa. Remodeled in 1992 and approximately 50 percent leased at the time of sale, the two-story, 112-bed building offers assisted-living and memory care. Grubb & Ellis’ Alan Ursillo, Robert Black and Sean McNee represented the sellers, Victor Charnetsky and Leticia Charnetsky, in the transaction; the buyer, Care Senior Living, represented itself.
RALEIGH, N.C. — A joint venture between Philadelphia-based TRECAP Partners and Greensboro, N.C.-based Bell Partners purchased a Raleigh community for $27 million. Autumn River Apartments contains 284 units in 13 three-story buildings on 20 acres. Built in 2001, the Class A community also features a clubhouse with a swimming pool. The seller's name was not released.
MUNCIE, IND. — Marcus & Millichap has brokered the sale of Beacon Hill, Chesterfield and Kensington in Muncie. The multifamily properties, which total 103 units, are located adjacent to Ball University and were 100 percent leased at the time of acquisition. Michael Wernke and Jim Walsh of Marcus & Millichap secured and represented the undisclosed buyer. The asking price was $5.9 million, however, the acquisition price was not disclosed. Additionally, the seller was not released.
LANCASTER, N.Y. — Marcus & Millichap Capital Corp.(MMCC) has arranged $3.9 million in non-recourse financing for Forestream Center, a 68,100-square-foot mixed-use property located in Lancaster. The property features 29 apartments. The loan carries a 10-year term, a 6 percent fixed interest rate and a 72 percent loan-to-value ratio. The lender was an insurance company. Gerald Kray of MMCC's Manhattan office arranged the deal.
DEER PARK — Boston Capital has invested in the construction of Providence Town Square Apartments, a to-be-built, 188-unit multifamily development for seniors located in Deer Park. Located on 6.8 acres, Providence Town Square Apartments will offer 133 one-bedroom and 55 two-bedroom units, featuring nine-foot ceilings, ceiling fans, emergency call systems, dishwashers, washer/dryer hook-ups and patios or balconies. The property will be available to seniors ages 55 and older that qualify for affordable living. Providence Town Square Housing, Ltd. is the general partner and Blazer Building is the general contractor. To date, Boston Capital has invested in more than 20,600 units of affordable housing in Texas.