BROOKLYN PARK, MINN. — Marcus & Millichap Capital Corp. has arranged $9.1 million for the refinancing of a 171-unit apartment property in Brooklyn Park, the second-largest suburb in the Twin Cities. John Mulcahey of Marcus & Millichap's Minneapolis office arranged the loan. The 10-year loan has a 30-year amortization schedule.
NORMAN, OKLA. — Memphis, Tenn.-based EdR has purchased the 612-bed The Reserve on Stinson, a student housing community located near the University of Oklahoma at 730 Stinson Dr. in Norman. EdR purchased its joint venture partner's 90 percent interest based on the total property value of $22.9 million. The community is 97.5 percent occupied and features a pool, a fitness center, covered parking and shuttle services to campus.
PLANO — Columbus, Ohio-based Red Mortgage Capital has provided $14.97 million in acquisition financing and refinancing for the 286-unit The Park at Fox Trails, an apartment community located at 6300 Roundrock Trail in Plano. Aventura, Fla.-based Trade Street Property Fund is sponsoring the borrower and the loan was through Fannie Mae Dus' ARM 7-6 program.
NEWPORT BEACH, CALIF. – The Bayshore Apartments and Marina in Newport Beach has been refinanced for $6,975,000. The property is located at 2800 and 2850 Bayshore Drive and contains 40 multifamily units and a 55-slip marina. It was 50 percent leased at the time of closing. Bayshore was built in 1962 and is undergoing a major renovation. The property’s owner, Palmo Investments, plans to hold the asset as a long-term investment. It intends to lease the renovated units. Financing was arranged by Nick Viscount and Scott Pierson of Keystone Mortgage Corporation.
LOS ANGELES – A 45-unit multifamily complex in Los Angeles has received a $5,475,000 interest-only refinancing. The loan features a 4.5 percent fixed interest rate for five years, a 30-year amortization schedule and a 75 percent loan to value. Financing was arranged by Sharone Sabar of Marcus & Millichap Capital Corporation’s Encino, Calif., office.
DELRAY BEACH, FLA. — ARA has arranged the sale of a two-property multifamily portfolio, located in Delray Beach. The properties include the 149-unit The Fountains at Delray Beach, located at 14401 S. Military Trl., and the 148-unit Water's Edge, located at 500 N. Congress. Each property is currently 94.6 percent leased. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton, Fla., office represented the seller, Irving, Texas-based Archon Group, in the transaction. The buyer was Acumen Real Estate.
TUSCALOOSA, ALA. — NorthMarq Capital has arranged $29.4 million in refinancing for the 210-unit Woodlands of Tuscaloosa Phase II, located at 1100 Hargrove Rd. E. in Tuscaloosa. The student housing development is located near the University of Alabama. Bruce Foster of NorthMarq's Atlanta office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac.
NEW YORK CITY — The Alcazar, a 26-unit apartment property at 15 Wadsworth Ave. in New York City, has sold for $3.8 million. Peter Von Der Ahe, Scott Edelstein and Sean Lefkovits of Marcus & Millichap's Manhattan office represented the seller, a limited liability company. They also secured the buyer, a limited liability company.
KELLER — Cadence McShane Construction Co. has been selected to construct the 78-unit Legacy at Bear Creek, a 51,000-square-foot assisted living and memory care facility located on 6.8 acres at Keller Smithfield Road in the Keller Town Center, a 340-acre mixed-use planned development in Keller. McShane's co-developers are PinPoint Commercial and The 410 Group and Wakefield Beasley & Associates is the project's architectural firm. The property will have a retention pond, outdoor seating areas and walking trails within two courtyards. The facility is slated for a December 2012 completion.
PLANO — Beech Street Capital has closed an $8.25 million Fannie Mae conventional loan to refinance the 232-unit Woodlands of Plano, an apartment complex located in Plano. Joel Mazur of Beech Street's Bethesda, Md., office originated the 5-year financing. The property features 51 two-story buildings and laundry facilities.