CHICAGO — NorthMarq Capital has arranged $55 million in first mortgage financing for Columbus Plaza in Chicago. Located at 233 E. Wacker Dr., the high-rise multifamily property offers 533 apartment units. The financing was based on a 7-year term with a 30-year amortization schedule. Sue Blumberg of NorthMarq's Chicago Regional office arranged the financing for the borrower, Columbus Plaza Venture LLC, through NorthMarq's affiliate AmeriSphere Multifamily Finance.
LEAWOOD, KAN. — David Farrell of NorthMarq Capital's Kansas City Regional office has arranged $2 million in second mortgage financing for Leawood at Stateline in Leawood. The 254-unit multifamily property is located at 2140 W. 137th Terrace. Financing was based on an 8.5-year term with a 30-year amortization schedule. The loan was arranged through NorthMarq's seller-servicer relationship with Freddie Mac.
CAMP HILL, PA. — Wolfe & Company Realtors has brokered the sale of an 18-unit apartment property located at 2003 Market St. in Camp Hill. Buz Wolfe and Gary Sausser of Wolfe & Co. represented both parties in the deal. The names of the buyer and seller were undisclosed.
PHOENIX — Marcus & Millichap has negotiated the $5.1 million sale of the 236-unit Pines of Camelback, an apartment property located directly across from a Metro light-rail train station at 4802 North 19th Ave. in Phoenix. Now being called Camelback @ the Stop, the property built in 1973 was 75 percent occupied at closing. Marcus & Millichap’s Michael Hubl represented the seller, a special servicer working on behalf of the lender, in the transaction. The buyer, a limited-liability company, plans to redevelop the property as an affordable-housing community.
ENCINITAS, CALIF. — NorthMarq Capital has arranged a $6.45 million first-mortgage loan for The Sands, a 58 single-pad mobile-home park located at 1624 North Hwy. 101 in Encinitas. Set up by the firm’s Charles Cotsalas and Ernest DesRochers, financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq worked in conjunction with Michael Groothuis of Groothuis & Co.
MISHAWAKA, IND. — Marcus & Milichap has brokered the separate sales of two multifamily properties in Mishawaka. The assets include the 82-unit McKinley Woods and the 154-unit Pin Oak Manor. Michael Wernke and James Walsh of Marcus & Millichap represented the sellers, POM Associates and Pin Oak Apartments LP, in the transaction. The buyers and acquisition prices were not released.
HAWTHORNE, CALIF. — Marcus & Millichap has negotiated the almost $6.73 million purchase of an 81-unit apartment property located at 13715 Cordary Drive in Hawthorne. The brokerage firm’s Gordon Reese represented the buyer, a limited-liability company, in the transaction.
LOUISVILLE, KY. — Greenwich, Conn.-based Shamrock Multifamily Management has acquired Creekside at St. Matthews in Louisville. The 540-unit multifamily property sold for an undisclosed price. The buyer plans to renovate and reposition the asset. CB Richard Ellis' Indianapolis-Cincinnati Multi-Housing Group represented the sellers, Buckingham Companies and Concert Realty Partners, in the transaction.
PAXTON, MASS. — Construction has topped out for a new 200-bed residence hall on the campus of Anna Maria College in Paxton. The $9 million project includes the construction of a three-story, 65,000-square-foot building. The residence hall will house sophomores and juniors in suite-style units, with each suite containing six students in single- and double-occupancy bedrooms. The first floor will contain a large community room and the upper two floors will contain additional study, lounge and laundry areas. Completion is slated for this fall. Worcester, Mass.-based Cutler Associates is providing design/build services.
CHARLOTTESVILLE, VA. — Education Realty Trust (NYSE: EDR) has acquired two apartment communities located near the campus of the University of Virginia for $23 million. The seller was Wade Apartments, which is one of the largest student housing owners in the market. Wertland Square is a 152-bed community located within walking distance of campus next to The Corner. Completed in 2006, the apartment mix consists of 50 two- and four-bedroom units. The average monthly rent is $708 per bed. Jefferson Commons is an 82-bed community located at the corner of Jefferson Park Avenue and Valley Road. It opened in 2007 and the average monthly rents is $578 per bed. Both communities were fully occupied at the time of the sale and are 100 percent pre-leased for the 2011-2012 school year. With the acquisition, EDR now owns three communities in the market. Last fall, it acquired GrandMarc at The Corner, a 641-bed community that was purchased for $45.5 million. In addition, EDR mentioned that it is working with Wade Apartments on a plan to develop a parcel of land the latter company owns on Brandon Avenue adjacent to the South Lawn of the UVA Grounds. The project could contain as many …
