KELLER — Stephen Whitehead of NorthMarq Capital's Dallas office has arranged permanent financing of $10.95 million for Grand Estates at Keller, a 160-unit multifamily property located at 500 N. Tarrant Pkwy in Keller. Constructed in 2006, the property was 96 percent occupied at the time of financing, which was based on a 10-year term with a 30-year amortization schedule. Financing was arranged for the borrower through NorthMarq's affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
VALRICO, FLA. — Casey Babb of Marcus & Millichap's Tampa, Fla., office represented a Florida-based private investor in the disposition of Suburban Villas, a multifamily property located at 502 Beverly Blvd. in Valrico. Built in 1972, the 36-unit complex sold for $2 million. An undisclosed Connecticut-based private investor acquired the property.
CAMBRIDGE, MASS. — Cambridge-based architecture and planning fir Bruner/Cott has completed two new residence halls for Lesley University in Cambridge. The project is the first ground-up construction completed at the school since 1973. The first building consists of a five-story residence hall with ground-floor retail space that faces Massachusetts Avenue. The second building is a three-story, wood-framed residence hall located on Wendell Street. Both of the buildings were designed to match the character of the respective streets.
HOUSTON — The Dallas and Houston offices of Holliday Fenoglio Fowler (HFF) have arranged a $19.4 million refinancing for Wynhaven at Willowbrook, a 372-unit, Class A multifamily community located at 9611 Grant St. in northwest Houston. Working on behalf of Trammell Crow Residential, HFF secured the 10-year, fixed-rate loan through Freddie Mac and will service the securitized loan through its Freddie Mac Program Plus Seller/Servicer program. Wynhaven at Willowbrook was completed in 2008 and features one- and two-bedroom units averaging 1,175 square feet each. Amenities include a resort-style lap/beach pool, resident café, club room, barbecue and picnic area, and gated access.
SCOTTSDALE, ARIZ. — Hendricks & Partners has closed the $19.5 million sale of Ten Wine Lofts, an 82-unit condo property located at 7126 E. Osborn Road in Scottsdale. The lender-owned and partially complete property will be operated as apartments by the buyer, a private-capital investor entering the marketplace for the first time. Hendricks & Partners’ Mark Forrester, Ric Holway and Nick Ingle represented ML Manager LLC, the seller of the lofts, which had been vacant for 2 years.
COCONUT CREEK, FLA. — Chicago-based Laramar Group has completed the disposition of of Hillsboro Bay Club Apartments, a 366-unit multifamily complex located in Coconut Creek. Kennedy Associates acquired the property for an undisclosed price. The complex offers a mix of garden-style units with lake views, a gated entry and a recently renovated clubhouse and amenity package. The property was 95 percent occupied at the time of closing. Robert Given and Zachery Sackley of CB Richard Ellis' South Florida Multi-Housing Group.
ROBINSON, PA. — Arbor Commercial Funding has arranged a $13.76 million Fannie Mae DUS loan for Westpointe Apartments, a 291-unit multifamily community located in Robinson. The loan carries a 10-year term and a 30-year amortization schedule. Ronen Abergel of Arbor's New York City office originated the financing on behalf of the undisclosed borrower.
NEW YORK CITY — Beech Street Capital has arranged $9.5 million in Fannie Mae DUS funds for the refinancing of a multifamily property in Brooklyn. The building, which is located at 713 Classon Ave., was formerly part of the original Jewish Hospital but was converted into a 76-unit apartment building in 2002. Meridian Capital Group originated the loan. The borrower's name was not disclosed.
ATLANTA — The Connor Group has acquired Brookwood Valley Apartments, which is located in Atlanta's Buckhead neighborhood. Built in 1987, the 240-unit apartment property is located at 2035 Peachtree Street. Prudential Real Estate Investors sold the property for an undisclosed price. Chris Spain, David Gutting and Porter Jones of Cushman & Wakefield's Atlanta-based Multifamily Investment Sales team represented the seller.
STAMFORD, CONN. — Jonathan Rose Cos. and Malkin Properties have broken ground for the next phase of the Metro Green transit-oriented community. Metro Green Residences will consist of 50 mixed-income residences and ground-floor commercial space. Forty of the units will be reserved for reduced-income households. The project, which was designed by Perkins Eastman Architects, will be seeking LEED-Gold certification. Completion for the $27 million project is expected in 2011. At full build-out, Metro Green will contain 238 residences, a 350,000-square-foot office tower and ground-floor commercial space, all within walking distance of the Stamford Metro North Train Station. The project is seeking the Gold level of LEED for Neighborhood Development certification.