PHOENIX – The 124-unit Barrington Regent in Phoenix has received $6.37 million in first-mortgage refinancing. The property is located at 825 W. Osborn Road. The fixed-rate, non-recourse loan was arranged for Su Casa Properties by Luke Donahue of NorthMarq’s Phoenix office through the firm’s seller-servicer relationship with Freddie Mac. The 10-year loan features two years interest-only and a 30-year amortization schedule.
JACKSONVILLE, S.C. — Marcus & Millichap has arranged the $19 million sale of the 185-unit Brighton Bay, an independent living community located at 10061 Sweetwater Parkway in Jacksonville. Michael Pardoll of Marcus & Millichap represented Wells Fargo & Co., the seller, in the transaction. The Carlyle Group was the buyer.
LEXINGTON, KY. — An 88-unit multifamily property, located at 1740 Jennifer Drive in Lexington, has sold for $1.3 million. Fred Sutterlin and Reed Weinberg of PRG Investments represented the seller in the transaction.
SAN ANTONIO — San Antonio-based LYND has partnered with Miami Lakes, Fla.-based Florida Venture Partners (FVP) to acquire 11 distressed multifamily properties with a loan balance of $200 million. The properties total 3,241 units and are located in seven states: Texas, Georgia, Florida, South Carolina, Virginia, Colorado and California. LYND used capital from a co-investment fund for the acquisition. LYND and FVP plan to rehabilitate the properties and hold them for multiple years. CBRE brokered the court-appointed receivership sale.
STILLWATER, OKLA. — Oklahoma State University (OSU) and A&M Board of Regents have selected Tulsa, Okla.-based KSQ Architects to design a new, $42 million residential hall serving the students of OSU in Stillwater. The new community will replace Kerr-Drummond Hall on the site of Kaye Barrett Droke Track on Hall of Fame Avenue at Cleveland Street. The project will feature 800-900 rooms.
COLLEGE STATION — ARA National Student Housing Group has arranged the sale of The Zone and The Enclave, two student housing properties serving the students of Texas A&M in College Station. The Zone is a 240-unit, 588-bed property featuring a resort-style pool, fitness center, tanning facilities, basketball and volleyball courts, game room with billiards and a business center. The Enclave is a 340-unit, 536-bed property featuring a resort-style pool, tanning facilities, a basketball court and a sand volleyball court. Chris Bancroft, Chris Epp and Kelly Witherspoon of ARA represented the sellers in the transaction. Both properties are 98 percent occupied. The buyer was Horizon Realty Advisors.
ESSEX AND PARKVILLE, MD. — Beech Street Capital has provided two loans for the 611-unit Kings Mill Apartments, located at 1460 Hadwick Drive in Essex, and the 296-unit Tall Oaks Apartments, located at 1002 Pleasant Oaks Road in Parkville, totaling $33 million. Adam Bieber of Beech Street arranged the 10-year, fixed-rate loans with 9.5 years of yield maintenance and a 30-year amortization schedule on behalf of the borrower, a Baltimore-based developer and manager.
AUSTIN — Muskin Commercial has arranged the sale of the 200-unit Meadowood Apartments, located at 9601 Middle Fiskville Road in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller in the transaction. Arbor Realty SR provided acquisition financing, and Legends Asset Management will manage the property.
MONCKS CORNER, S.C. — A 29-unit multifamily property, located on Gulledge Street on Moncks Corner, has sold for $1.05 million. David Ingle of NAI Avant's Charleston, S.C., office represented the seller in the transaction. Delaware-based DC Realty Advisors was the buyer.
SPOKANE, WASH. – The 210-unit Eagle Rock Apartments in Spokane has received a $10.3-million refinance. The 10-year loan features two years of interest only and a 30-year amortization schedule under Fannie Mae’s Early Rate Lock Program. It was underwritten to a 67 percent loan-to-value with a 1.42x debt-service coverage ratio. Financing was arranged by Jay Thomas of Walker & Dunlop.