HOUSTON — The Pathway, a 144-unit multifamily community located at 2901 Elmside Dr. in west Houston, has changed hands. Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fengolio Fowler (HFF) marketed the property on behalf of the seller, The Milestone Group, an integrated real estate investment and management platform. Charleston, S.C.-based Hudson Capital Investments, a multifamily investment firm, purchased the property.
ONTARIO, CALIF. — Walker & Dunlop LLC has provided a more than $5.67 million loan secured by Cinnamon Ridge Apartments, located at 1051 E. 4th Street in Ontario. Underwritten to a 75 percent loan-to-value ratio, the refinancing was structured with a 10-year term and a 30-year amortization. Greg Richardson of Johnson Capital originated the loan, and Andrew Tapley led the Walker & Dunlop team. Ninety-five percent leased at closing Cinnamon Ridge is an age-restricted (55 years or more), garden-style apartment community with a mix of one- and two-bedroom units.
EAST PALO ALTO, CALIF. — Cassidy Turley BT Commercial has presided over the $1.15 million sale of the 10-unit Colonial Apartments located at 1918 Cooley Ave. in East Palo Alto. The multifamily property was built in 1945. Cassidy Turley’s Scott Kilpatrick represented both parties in the deal.
HARRISONBURG, VA. — A joint venture between Atlanta-based JMG Realty and New York-based Trident Partners has acquired North 38, a 228-unit student housing complex in Harrisonburg. The 816-bed property, which was built by Wood Partners in 2009, sold for $32.75 million or $40,135 per bed. Located at 1190 Meridian Circle, the 19-acre property offers 96 three-bedroom units and 132 four-bedrooms that are fully furnished and leased by room. Community amenities include a resort-style pool, a fitness room, tanning beds, a spa, a ping-pong table, a garden, a game room with billiards, a computer lounge, basketball courts, barbecue grills and a clubroom. The property, which was 94.6 percent occupied at the time of closing, caters to James Madison University. Peter Katz of Institutional Property Advisors and Henry Schuldinger of Marcus & Millichap represented the sellers, a joint venture between Wood Partners, Franklin Holdings and KeyBank. Katz also represented the buyer in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged a $24 million senior underlying mortgage and a $1 million unsecured line of credit for The Royal York, a condominium co-op located in Manhattan's Upper East Side. The 12-story building contains 494 units. The loan carries a 7-year term, a 3.96 percent fixed rate and interest-only payments for the full term of the loan. Allan Lieberman of Meridian's New York City office arranged the financing on behalf of the co-op through a local savings bank.
LOS ANGELES — Grubb & Ellis has arranged the $1.4 million purchase of a 17-unit multifamily property, located at 1851 Winona Blvd. Represented by the brokerage firm’s Dana Brody, Danny Monempour purchased the property from The Nancy Woskow Trust and 1851 Winona LLC. Michael Shepherd of Pritchett-Rapf Realtors represented the sellers in the transaction.
MIAMI LAKES, FLA. — Aztec Group has closed on a $20.7 million permanent loan for Courtyards at Miami Lakes Apartments in Miami Lakes. Located along Cow Pen Road, the 448-unit property was 95 percent occupied at the time of closing. The 10-year loan was funded by Fannie Mae.
SYRACUSE, N.Y. — Education Realty Trust (NYSE: EDR) has been tapped by Syracuse University to develop a 312-bed community on its campus. Known as Campus West Apartments, the project will be developed near the university's College of Law and the new College of Law building; it will cater to law students, other graduate students and upperclassmen. Amenities will include a clubhouse area with a fitness center, a business center and a computer lab. In addition to student residences, the project will contain 5,000 square feet of ground-floor retail space expected to include a combination coffee shop and convenience store. The university's Department of Public Safety will also maintain an office in the complex. The project will seek LEED-Silver certification. EDR will develop, own and manage the community under a ground lease with the university. Construction will begin this summer with completion slated for summer 2012.
NEW JERSEY — Holliday Fenoglio Fowler (HFF) has secured a $39.3 million loan for the refinancing of a four-property multifamily portfolio in New Jersey. The properties include Summit Manor and Oak Terrace in Hackensack, Pompton Hills in Pompton Lakes, and Radnor Manor Apartments in Fair Lawn. The loan, which was provided by Freddie Mac, carries a 10-year term and a fixed interest rate. The HFF team of Thomas Didio and Samuel Seiden arranged the loan on behalf of Hekemian & Company.
STAMFORD, CONN. — Berkadia Commercial Mortgage has arranged a $34.4 million loan for the refinancing of The Lofts at Yale & Towne in Stamford. The property, which is located at 200 Henry St., is a six-story, 225-unit apartment building. It was recently redeveloped and was 97 percent occupied at the time of closing. The loan carries a fixed interest rate, a 7-year term and a 30-year amortization schedule. Berkadia's Stewart Campbell and Thomas Toland originated the loan through Freddie Mac on behalf of the borrower, HS Lofts I-V LLC.
