KIRKWOOD, MO. — Mark One Capital, a subsidiary of Marcus & Millichap, has arranged a $6.27 million loan for a 112-uni multifamily property in Kirkwood. The The 10-year loan has a 30-year amortization schedule, a fixed interest rate of 5.54 percent and an 80 percent loan-to-value. Charles Sosa of Mark One Capital and Jim Sotos of Marcus & Millichap arranged the loan.
NEWCASTLE, WASH. — Del Mar Village Enterprises LLC has sold the 30-unit Del Mar Village Apartments, located at 12828 Newcastle Way in Newcastle, to Del Mar Apartment LLC for $3.2 million. Kidder Mathews’ Jim Nichols and Mark McAlister and Don Pickens of Westec Ltd. represented both the buyer and Seattle-area investor/seller in the transaction.
LYONS, ILL. — A private individual has acquired Riverside Trail Apartments in Lyons. The 60-unit multifamily property sold for $3.51 million or $58,500 per unit. The property is located at 7860 W. Ogden Ave. James Clough of Marcus & Millichap represented the buyer; Ryan Engle of Marcus & Milichap's Oak Brook, Ill., office represented the seller.
HOUSTON — Houston-based Concierge Asset Management, an investor, redeveloper and manager of apartment communities, has merged with Bethesda, Md.-based Crossbeam Capital, an institutional real estate investment fund manager. The combined company, Crossbeam Holdings, will focus on acquiring multifamily communities throughout the U.S. for redevelopment. The merger finalizes a partnership established last year that acquired seven multifamily communities, including closing on five multifamily communities in December 2010.
SAN BERNARDINO, CALIF. — As part of a partnership with the City of San Bernardino’s Economic Development Agency, Meta Housing has purchased the 119-unit Sunset Cove Apartments, located near Ninth Street and Sierra Way at 830 Lugo Ave. in San Bernardino. NAI Capital’s Tim Steuernol represented the buyer in the transaction; the seller, 655 Dudley LP, a partnership between Paul Calvo & Co. and Milan Capital Management, represented itself. According to Steuernol, the buyer plans to relocate the current tenants, paying 42 months worth of relocation benefits, before completely rehabilitating the property and converting the units to affordable housing for seniors at an estimated cost of $18.5 million. Originally constructed in phases starting in 1958, the property was 50 percent vacant at the close of escrow.
SANTA CLARITA, CALIF. — NorthMarq Capital has arranged a $9.2 million supplemental mortgage loan behind credit-enhanced bond financing for The Village Apartments, a 386-unit multifamily complex located at 23700 Valle Del Oro in Santa Clarita. Arranged through NorthMarq’s seller-servicer relationship with Freddie Mac, financing was based on a 10-year term and a 30-year amortization schedule. Rob Hervey of the Minneapolis-based financial firm worked on behalf of the borrower.
HILLSBOROUGH, N.C. — Greensboro, N.C.-based Brantley Properties has acquired Patriot's Pointe Apartments in Hillsborough. Located at 100 Patriot's Point Dr., the 240-unit property sold for $16 million or $66,667 per unit. Built in 2005, the property totals 284,082 square feet on 27.55 acres of land. At the time of closing, the complex was 90 percent occupied. Curteis Calhoun of Grubb & Ellis|Thomas Linderman Graham represented the undisclosed seller.
CAMP SPRINGS, MD. — Fantini & Gorga has arranged $53.59 million in financing for the refinancing of MetroPlace at Town Center in Camp Springs. The multifamily property offers 397 units. The proceeds include a $46.84 million first mortgage and a $6.75 million mezzanine loan. Tim O'Donnell and Mark Whelan of Fantini & Gorga originated and placed the loan for the undisclosed borrower.
MANASSAS, VA. — NorthMarq Capital has arranged $27.5 million in permanent financing for Raven's Crest Apartments in Manassas. The garden-style apartment community offers 444 units. Gary McGlynn, Kenneth Gentzel and Frank Relihan of NorthMarq's Washington, D.C., office secured the loan through NorthMarq's relationship with a major pension fund.
PENNSYLVANIA — Marcus & Millichap has brokered the sale of a Pennsylvania multifamily portfolio. The three properties consist of historic buildings that were renovated into apartments in the 1980s. Old City Hall is an 82-unit property located in Harrisburg that traded for $7 million at a 7.54 percent capitalization rate. Peach Alley Court is a 72-unit property located in Elizabethtown that traded for $5 million at an 8.27 percent cap rate. Finally, The Shoe Factory is a 41-unit property located in Palmyra that traded for $2.95 million at an 8.68 percent cap rate. Zachary Pierce of Marcus & Millichap's Philadelphia office represented the seller, Reinhold Residential. The buyers were three different private investors. Ken Wellar, also of Marcus & Millichap, assisted Pierce in procuring the buyers for the Elizabethtown and Palmyra deals.