UNION COUNTY, N.J. — Commercial Mortgage Capital (CMC) has arranged $28.5 million in permanent financing for a multifamily project currently under construction in Union County. When complete, the four-story apartment building will contain 159 units in a mix of 81 one-bedroom residences and 78 two-bedroom residences. Currently, 63 units have been completed and are all leased. CMC's Mark Scott arranged the loan through Wells Fargo on behalf of the undisclosed borrower.
Multifamily
NEW YORK CITY — Beech Street Capital has arranged $13 million in Fannie Mae DUS financing for a multifamily building in Brooklyn. The property, which is located at 342 Eldert St., was completed in April. It contains 60 loft-style units as well as a fitness center, an indoor pool, a sauna and a recreation room. The loan, which was originated by Meridian Capital Group, has a fixed interest rate, a 10-year term with interest-only payments, 9.5 years of yield maintenance and a 30-year amortization schedule on an actual/360 basis.
HOUSTON, TEXAS — Alliance Residential Co. has acquired Gramercy Park Condominiums, a multifamily property located in the Texas Medical Center area of Houston. Alliance acquired the 224-unit project out of bankruptcy in a Section 363 auction sale. The community offers one-, two- and three-bedroom floorplans ranging in size from 781 to 1,529 square feet. The two-building, project, which was completed in 2006, will be renamed Broadstone Gramercy. Alliance also plans to complete construction on the unfinished northern building.
ORLANDO, FLA. — USAA Real Estate Co. has purchased Patterson Court, a Class A multifamily property located within master-planned Little Lake Bryan in Orlando. Built in 2008, the 452,928-square-foot, 384-unit property features a pool with an adjacent plaza, a clubroom, and state-of-the-art fitness and business centers. Additionally, the property is 100 percent leased by a large institutional tenant. Atlanta-based Wood Partners sold the property for an undisclosed price.
BOSSIER CITY, LA. — Beech Street Capital has provided a $28 million Fannie Mae DUS loan for the refinancing of Villaggio Apartments in Bossier City. Comprised of 10 three-story buildings, the Class A property offers 239 luxury multifamily units and 30 commercial space, totaling 51,479 square feet. Meridian Capital Group originated the transaction, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
CHICAGO — Northside Community Bank has completed the disposition of a 9,828-square-foot lot, which is located at 3104 W. Warren Blvd. in Chicago's Garfield Park district. John O'Malley acquired the property for an undisclosed price. The vacant lot is zoned RM5, which permits the construction of multi-unit building with three-and-a-half to four stories. The new owner is allowed to build up to 19,700 square feet with 24 units. Brad Thompson of Millennium Properties R/E represented the seller, while the buyer was self-represented. Bruno Tabis of Crowley, Barrett & Karaba counseled the seller, while Steve DiSilvestro of DiSilvestro & Associates provided counsel to the buyer.
ALPHARETTA AND ATLANTA, GA. — AREA Property Partners has acquired two multifamily properties, totaling 878 units, in the Atlanta area. RBC Capital Markets Corp. sold the properties for $50.4 million. The assets are the 468-unit Manchester at Mansell in Alpharetta and the 410-unit Chatsworth Apartment Homes in Atlanta. Located at 401 Huntington Dr., Manchester at Mansell features one-, two- and three-bedroom units, two swimming pools, a fitness center, a business center, a playground, three tennis courts and a volleyball court. Chatsworth Apartments Homes, which is located at 4700 N. Hill Parkway, features one-, two- and three-bedroom units, two pools, a clubhouse and a tennis court.
NORTH FORT MYERS, FLA. — Naples, Fla.-based Gulf Coast Special Assets has purchased 82 condominium units in a bulk sale transaction for $4.3 million. The condos are located at Palms at Waters Edge, which is located at 3322 N. Key Dr. in North Fort Myers. Built in 1974, the property was renovated in 2007 for the purpose of conversion to condominiums. John Stone and Jason Stanton of Colliers International Tampa Bay represented the owner, Redus Florida Condos, in the transaction.
NEW YORK CITY — Arbor Commercial Funding has arranged $14 million in Fannie Mae DUS financing for the Stagg Bronx Portfolio in New York City. The portfolio consists of 13 clusters of townhomes located primarily in the northeast Bronx. The portfolio contains a total of 157 units. The loan carries a 10-year term and a 30-year amortization schedule. Edward Petti of Arbor's New York City office originated the loan.
LAFAYETTE AND TULLY, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.37 million loan for the refinancing of New York multifamily portfolio. The portfolio contains three properties, two located in Lafayette and one located in Tully. The non-recourse financing carries a 5.05 interest rate, a 10-year term over a 30-year amortization schedule and a 75 percent loan-to-value ratio. Brian Ursino with MMCC's Manhattan office arranged the deal.