TAMPA, FLA. — An undisclosed Santa Monica, Calif.-based limited liability company has purchased River Gardens, a 218-unit apartment property located in Tampa, for an undisclosed price. Located at 4009 N. Howard Ave., the garden-style property was approximately 60 percent occupied at the time of closing. The community features a mix of one-, two- and three-bedroom units, three swimming pools, a private boat dock, laundry facilities and river views. Norman Eastwood and Tal Frydman of Marcus & Millichap represented the seller, an undisclosed Houston-based private investor. Additionally, Gene Berman assisted in the transaction.
HOLLY HILL, FLA. — Aztec Group has secured $45 million in acquisition financing and joint venture equity for the remaining 414 condominium units at Marina Grande on the Halifax. Marina Grande on the Halifax offers 486 units in twin 243-unit high-rise towers. The borrowers were The Swerdlow Group and Glenmont Capital Management. The non-recourse, first mortgage was funded by a New York-based lender. Additionally, Aztec secured an equity investment from a private equity fund. Ezra Katz, Howard Taft and Charles Penan of Aztec arranged the financing.
PASADENA, FLA. — Meridian Capital Group has secured a $15.75 million loan for the acquisition of Landmark at Waters Pointe, which is located at 1885 Shore Dr. South in Pasadena. The five-story multifamily property offers 198 apartment units. The 5-year loan features a fixed rate of 4.78 percent and requires interest-only payments for the first 2 years. Michael Brown and Brad Gladsden of Meridian's Florida office negotiated the transaction.
MIDDLETOWN AND POUGHKEEPSIE, N.Y. — The Kislak Company has brokered two multifamily sales in New York's Hudson Valley for $20.9 million. In the first deal, Kensington Manor, a 128-unit community located in Middletown, traded for $15.8 million. In the second deal, Forbus Hill Apartments, a 70-unit community located in Poughkeepsie, traded for $5.1 million. Janet Bortz and Barry Waisbrod of Kislak brokered the first transaction, and Bortz handled the second one. The buyers and sellers were not released.
DALLAS — Memphis, Tenn.-based Financial Federal has expanded its commercial/multifamily division by opening an origination office in Dallas under the direction of Don Farmer, a mortgage banking veteran. Farmer most recently served Bridger Commercial Funding in Dallas. Financial Federal is a Program Plus Seller/Servicer for Freddie Mac as well as a loan production and servicing correspondent for several life insurance companies.
DENVER — Pinnacle Real Estate Advisors LLC has managed the $5.1 million sale of the 81-unit William Tell Apartments, an affordable housing community located at 1599 Williams Street in central Denver. Constructed in 1964, the multifamily property consists of eight studio, 72 one-bedroom/one-bathroom units and one two-bedroom/one-bath unit. Pinnacle’s Joe Hornstein, Kevin Calame and Matt Lewallen assisted both the buyer, Brothers Redevelopment, and the seller in the transaction.
AUSTIN — Education Realty Trust has executed a 60-year ground lease with the Board of Regents of the University of Texas System for a new collegiate apartment community near the University of Texas at Austin (UT-Austin) campus. Construction is expected to begin this summer for a summer 2013 opening. Named 2400 Nueces for its address, located at the intersection of 24th Street and Nueces, the community will be two blocks from UT-Austin's core. The building will contain residential floors above parking along with mixed-use retail at street level. The 304 units will provide 622 beds in a mix of studio, one-, two-, three- and four-bedroom apartments. The project is targeted to meet LEED Silver certification requirements and will be financed through Education Realty Trust's On-Campus Equity plan — The ONE PlanSM. Page Southerland Page will serve as the project's architect and Hensel Phelps Construction Co. will serve as its general contractor.
FT. COLLINS, COLO. — NorthMarq Capital has arranged $7 million in refinancing for the 345-unit Aspenleaf Apartments located at 3501 S. Stover Street in Ft. Collins. Built in 1973, the multifamily complex consists of 15 two-and-a-half-story buildings and includes a clubhouse, a heated swimming pool, a playground, and basketball, volleyball and tennis courts. NorthMarq’s Steve Koeneke and Chris Williams arranged the financing for the borrower.
ST. LOUIS PARK AND ROCHESTER, MINN. — NorthMarq Capital has arranged $17.35 million in combined first mortgage financing for two multifamily properties in Minnesota. The Edge at Uptown, a 139-unit property located at 3025 Ottawa Ave. and 4725 Minnetonka Blvd. in St. Louis Park, received $8.5 million. The 146-unit Sunset Trail Apartments, located at 3625 and 2655 41st St. N.W. in Rochester, received $8.5 million. Financing for both transactions was based on a 10-year term and were arranged for the undisclosed borrowers by NorthMarq through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq's Minneapolis Regional office arranged the loans.
NEW YORK CITY — Marcus & Millichap (M&M) has arranged a multifamily loan and brokered the sale of a multifamily property in New York City. First, Sean Mooney of M&M Capital Corp. arranged a $2.94 million loan to refinance a 19-unit apartment building located in Brooklyn's Park Slope neighborhood. The loan carries a 5.37 percent fixed interest rate and a 10-year term. In the second deal, a team from M&M's Manhattan office brokered the sale of a 12-unit apartment building located at 1899 7th Avenue in Manhattan for $1.8 million. The team of Peter Von Der Ahe, Scott Edelstein, Sean Lefkovits and Seth Glasser represented the seller and buyer. All parties involved in the two deals were not disclosed.