MEMPHIS, TENN. — Bill Jones of Love Funding’s New York City office has arranged more than $6.54 million in loans for two Memphis apartment complexes. The 171-unit Breezy Point Apartments has received $3.69 million, and the 138-unit Rolling Hills Apartments has received $2.85 million. The loans carry a 5.02 percent fixed interest rate and were funded through the HUD 207/223(f) program.
SAN ANTONIO — Marcus & Millichap has completed the sale of Stepping Stone Apartments, an 80-unit multifamily property located in San Antonio. The community was built in 1985 and is situated at 7737 Skolout Dr. near the interchange of Highway 90 and Loop 410. Ryan Epstein and Moses Siller of Marcus & Millichap's San Antonio office represented the seller, a financial institution, and the buyer, locally based Terravista Corp. The acquisition price was not disclosed.
ORLANDO, FLA. — Shelton Granade and Luke Wickham of CB Richard Ellis’ Orlando office have represented an undisclosed party in the sale of the 212-unit Promenade Crossing to a private buyer for an undisclosed amount. The Orlando apartment was built in 1997 and is 95 percent occupied.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged $8 million in acquisition and construction financing for five multifamily buildings located in the Bronx, New York City. The four-story, walk-up buildings contain a total of 105 vacant units and are located at 4289-4305 Park Ave. and 422 E. 178th St. The loan, which was arranged by Max Herzog and Michael Diaz of CBRE Capital Markets, includes an 18-month term with an 8.5 percent floating interest rate. The lender is a foreign bank.
DUBLIN, CALIF. — Behringer Harvard Multifamily REIT I has acquired Waterford Place Apartment Homes, a 390-unit luxury apartment community located at 4800 Tassajara Rd. in Dublin, for $79.7 million or $204,358 per unit. Built in 2003, the 350,968-square-foot property features a mix of one- and two-bedroom units, landscaped courtyards, a heated resort-style swimming pool, a recreation room, a state-of-the-art fitness center, a theater, a business center and conference room, controlled access and a four-level parking garage. The seller was Shea Properties’ Waterford Place Apartments. Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Marcus & Millichap represented both parties in the transaction.
FEDERAL WAY, WASH. — Brandon Grishman of Marcus & Millichap represented a private investor in the acquisition of Seatac Village, a 22-unit apartment property located at 1808 S. 311th Pl. in Federal Way. The property sold for $1.58 million. The community offers one- and two-bedroom units featuring wood-burning fireplaces, garbage disposals and storage space. Grishman also represented the undisclosed seller.
SAN DIEGO — Senior Community Centers, in partnership with HomeAid San Diego, are converting a 60-year-old building at 1525 Fourth Ave. in downtown San Diego into Gary and Mary West Senior Wellness Center. The two-story, 17,000-square-foot facility will feature a main lobby, a living room area, an activity room, an enrichment center, a Cyber Café, a kitchen and dining room area and the Center for Healthy Aging. Smith Consulting Architects designed the project, which is being constructed by Ledcor Construction. Completion for the LEED-Gold project is slated for early 2010.
WINSTON-SALEM, N.C. — Brett Mason of NorthMarq Capital’s Raleigh, N.C., office has secured a $2.68 million loan for the 111-unit Hampton Court Apartments in Winston-Salem. AmeriSphere Multifamily Finance provided funding for the 10-year loan, which carries a 30-year amortization.
EAST ORANGE, N.J. — Gebroe-Hammer Associates (GHA) has completed two multifamily sales in East Orange totaling more than $3 million. The first property, which is located at 376 and 424 Park Ave., consists of 33 units and three ground-floor retail spaces. The second property, which is located a few blocks away at 75 and 81 N. Arlington Ave., consists of two buildings containing 35 units. GHA represented the buyers and sellers in both transactions, with David Oropeza and Steven Tenenbaum negotiating the North Arlington deal, and Oropeza and David Jarvis negotiating the Park Avenue deal.
AUSTIN, TEXAS — Vertical construction has topped out for The Austonian, a 56-story residential tower located in downtown Austin. The 683-foot tower, which was designed by Ziegler Cooper Architects, is located at the intersection of Congress Avenue and Second Street. Upon completion in spring 2010, The Austonian will contain 178 condominiums and more than 40,000 square feet of amenity space. Benchmark Development is the developer of the project and Second Congress, Ltd. is the owner.