MONMOUTH COUNTY, N.J. — Commercial Mortgage Capital (CMC) has arranged a $12 million construction loan for the development of Stamford Square, a 136-unit, luxury multifamily community located in Monmouth County. The loan carries 3 years of interest-only payments with a 7-year permanent conversion option. The lender was Provident Bank. Mark Scott of CMC arranged the financing.
THE WOODLANDS — USAA Real Estate Co. has sold Boardwalk at Town Center to MEPT, a real estate equity fund that was advised by Kennedy Associates, for an undisclosed price. Located on Riva Row in The Woodlands, Boardwalk at Town Center was developed by USAA, in partnership with Houston-based Cambridge Development Group, from 2005 to 2008. The property consists of 450 premium apartments, and it will continue to be managed by Greystar Real Estate Partners. Will Balthrope and Ryan Epstein of Balthrope Group of Institutional Property Advisors, a Marcus & Millichap company, represented USAA in the transaction.
SAN ANTONIO — NorthMarq's Houston office has arranged first mortgage financing of $7.7 million for Cenzio Apartments, a 150-unit multifamily property located at 33 Lynn Batts in San Antonio. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.
LEVELLAND — South Plains College has broken ground on a new student residence hall on J.V. Morton Drive in Levelland. The $7 million project should be completed by fall 2011, with students moving in at the beginning of the spring 2012 semester. The two-story, 104-bed facility will feature a main common area with additional common areas on each of the four wings. This is the first new residence hall built on the South Plains College campus since 1981.
MIAMI — Wood Partners and AREA Property Partners have acquired Terrazas River Park Village, a 324-unit Class A multifamily property located in Miami. The property consists of two towers on a 2.15-acre site along the Miami River. Terrazas offers one-, two- and three-bedroom units, two-story penthouses and townhome units, as well as a fitness center with a yoga/aerobics studio and separate men's and women's shower/sauna areas, a meditation garden, a pool and spa, a sundeck and a private clubhouse. Robert Given of CB Richard Ellis' Multi-Housing Group brokered the off-market transaction. Terms of the sale were not released.
EVANSVILLE, IND. — NorthMarq Capital has arranged $2.4 million in financing for Bradford Pointe Apartments in Evansville. The 250-unit property was 85 percent occupied at the time of closing. Financing was based on a 7-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq arranged the loan for the borrower through NorthMarq's correspondent relationship with StanCorp Mortgage Investors.
NEW YORK CITY — Beech Street Capital has arranged $40 million in Fannie Mae DUS funds for the refinancing of a New York City multifamily portfolio. The portfolio contains eight properties located in Queens. The buildings contain a total of 1,154 units and were constructed between 1950 and 1963. The loan carries a 10-year term with a fixed interest rate and 9.5 years of yield maintenance. Meridian Capital Group originated the financing.
FORT WORTH — Ridgmar Manor Apartments, a 118-unit property located at 2200 Taxco Rd. in Fort Worth, has sold for an undisclosed price. Boyan Radic of Marcus & Millichap represented both the buyer and the seller. The property consists of floor plans ranging from 402 to 1,420 square feet, and was built in 1969. It was 65 percent occupied at the time of the sale.
GARDEN GROVE, CALIF. — Holliday Fenoglio Fowler LP has arranged $20 million in refinancing for Rose Garden Apartments, a 239-unit multifamily community located at 9645 Westminster Ave. and 11632 Stuart Drive in Garden Grove. The affordable housing complex maintains an average occupancy of 97 percent. HFF’s David Bleiweiss represented the borrower, Bertram Partners, in securing the 10-year, fixed-rate Fannie Mae DUS loan.
OBERLIN, OHIO — Sustainable Community Associates, serving as developer, has completed the redevelopment of a vacant lot into East College Street, a residential, office and retail property located on East College Street in downtown Oberlin. The project features 32 residential units, including 11 affordable rental units and 19 for-sale units, and four for-sale commercial units offering more than 18,000 square feet of office or retail space. The project was financed by a $5 million New Markets Tax Credit (NMTC) allocation provided by Enterprise Community Investment and a $9.75 million NMTC allocation from MBS Urban Initiatives CDE. The Enterprise Community Loan Fund provided $675,000 in predevelopment and acquisition financing. Additional financing sources include a HUD Special Project Grant, funding from a local philanthropist, Oberlin College, local organizations and $1.4 million in tax increment financing.