JACKSONVILLE, FLA.; SANFORD, FLA.; MARGATE FLA. AND MIAMI — CB Richard Ellis Capital Markets arranged financing totaling approximately $70 million for several multifamily properties in Florida. In Jacksonville, acquisition financing in the amount of $11.9 million was arranged for the 240-unit Vintage at Planation Bay. Terms of the fixed rate financing include a 7-year term, 30-year amortization and 71% loan-to-value. In Sanford, acquisition financing in the amount of $24.7 million was arranged for the 362-unit Plantation Lakes.Terms of the fixed rate financing include a 7-year term and 30-year amortization. In Margate, supplemental financing in the amount of $2.99 million was secured for the 280-unit Lakes of Margate. In Miami, bridge financing in the amount of $30 million was secured for the 324-unit Terrazas River Park Village. Terms of the floating rate financing include a 2-year term and interest only. All deals were completed by Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group and Christian Lee and Christopher Apone of CBRE's Miami office.
GAINESVILLE AND JACKSONVILLE, FLA. — Memphis, Tenn.-based MAA has acquired two apartment complexes in Florida for a total of $42.8 million. The 204-unit The Retreat at Magnolia Parke Apartments, located in Gainesville, has a movie theater, resort style swimming pool and game room. The 200-unit Atlanta Crossing, located in Jacksonville, has a high-end clubhouse with cyber cafe, Internet lounge, a fitness center and a pavilion with gas grills. The acquisitions were funded by borrowings under existing credit facilities and common stock issuances through MAA's at-the-market program.
HAMPTON, VA. — Preferred Apartment Communities has purchased the 204-unit Oxford Trail Apartments, located in Hampton, for $23.5 million. The complex is currently 98 percent leased. Preferred Apartment Communities purchased Oxford Trail Apartments though a loan originated by Jones Lang LaSalle and expects the loan to be transferred to Freddie Mac within 60 days.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the sale of a 45-unit apartment property located at 171-181 Erie St. in Jersey City for $7 million. The three-story building contains 23 two-bedroom units and 22 one-bedroom units. Nicholas Nicolaou, Joel Schwartz and David Jarvis of Gebroe-Hammer represented the seller and procured the buyer. Both parties were undisclosed.
SAN JOSE, CALIF. — Dennis Williams of NorthMarq Capital's San Francisco regional office has arranged first mortgage financing of $32 million for the 189-unit Village of Marineo, located at 100 Palm Valley Blvd. in San Jose. Financing was based on a 6-year term with a 30-year amortization schedule for the borrower, GBR Palm Valley Podium, through NorthMarq's relationship with Guardian Life Insurance Co.
NORTH HOLLYWOOD, CALIF. — The 3-building, 100-unit Morrison Apartments in North Hollywood has sold for $13.3 million. The three properties include a 44-unit building, a 20-unit building on Morrison St. and a 36-unit building on Bakman Ave. Ron Harris of Marcus & Millichap's Los Angeles office represented both the buyer, Peggy Jones, a private investor, and the seller, Interstate Equities Corp.
PEMBROKE PINES, FLA. — Miami Jewish Health Systems broke ground on its latest expansion of Douglas Gardens North. The new 75-unit building will open in 2012 and offer low-income seniors access to healthcare and social services. The development was made possible by a $10.5 million U.S. Department of Housing and Urban Development grant.
WASHINGTON, D.C. — A joint venture between Wellington, Fla.-based The Bainbridge Cos., Greenwich, Conn.-based Starwood Capital and a major institutional investor has purchased the seven community, 1,626-unit portfolio of multifamily properties in Virginia and Maryland. The properties include: the 190-unit Amberton Apartments in Manassas, Va.; the 252-unit The Reserve at Regency Park Apartments in Centreville, Va.; the 228-unit Westfield Village Apartments in Centreville; the 216-unit Saddle Ridge Apartments in Ashburn, Va.; the 290-unit The Reserve at Towne Center Apartments in Potomac Falls, Va., the 252-unit Woodside Apartments in Lorton, Va.; and the 198-unit Clary's Crossing Apartments in Columbia, Md. The undisclosed seller was represented by Scott Melnick and Al Cissel of Jones Lang LaSalle's Bethesda, Md., office and Christine Espenshade of the firm's Baltimore office.
PENNSYLVANIA — NorthMarq Capital has arranged $40.43 million in first-mortgage financing for a five-property multifamily portfolio located in southeastern Pennsylvania. The properties, which contain a total of 960 units, are located in Shillington, Camp Hill, Allentown, Lancaster and Sunbury. They are subject to Section 8 housing assistance. The loan carries a 10-year term, a 30-year amortization schedule and was provided by Freddie Mac. David Farrell of NorthMarq's Kansas City office arranged the loan on behalf of the undisclosed borrower.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 24-apartment portfolio located within a 111-unit building at 200 W. 108th St. on Manhattan's Upper West Side. for $7 million. Two-thirds of the units involved in the sale are market-rate. Eastern Consolidated's Deborah Gutoff and Brian Ezratty partnered with Gjon Kalaj of Meridian Real Estate Group to represent the seller, a trustee. George Moss, also of Eastern Consolidated, procured the buyer, 108 Amsterdam Realty Co. LLC.