PALM SPRINGS, CALIF. — Marcus & Millichap has brokered the sale of the 23-unit Villa Vista apartment complex between two undisclosed parties for $1.35 million. The property is located at 685 Vista Chino in Palm Springs. Tom McCartin and Tim Noonan of Marcus & Millichap’s San Diego office and Greg Bassirpou of the firm’s Newport Beach, Calif., office represented the seller. Tyler C. Leeson and Jonathan Mitchell of the Newport Beach office represented the buyer.
WEST PALM BEACH, FLA. — Azalea Village has secured a $19.5 million loan for the purchase of the 384-unit Archstone Villages apartment complex from an undisclosed seller. The West Palm Beach property includes a fitness room, a pool and recreation areas. Freddie Mac funded the 10-year loan, which carries a 30-year amortization. Charles Foschini of CB Richard Ellis’ Miami office arranged the loan. Robert Given, who works in the firm’s Miami office, represented the seller in the transaction.
ATLANTA — Behringer Harvard has purchased the 253-unit Mariposa Loft Apartments from a private seller for an undisclosed price. Located on 5 acres at 100 Montag Circle in Atlanta, the 5-year-old property is 96 percent occupied. Mariposa also includes a pool and sauna, a fitness center and a business center.
NEW YORK CITY — Arbor Commercial Funding has arranged an $18.1 million loan for 2025 Seward, a 154-unit apartment property located in the Bronx, New York City. The loan carries a 10-year term with a 30-year amortization schedule and a 5.9 percent interest rate. It was secured under Fannie Mae's DUS program. Alexander Kaushansky of Arbor's New York City office originated the financing. The borrower was not disclosed.
NEW JERSEY — NorthMarq Capital has secured three permanent loans in New Jersey totaling $21.9 million. In the first transaction, NorthMarq arranged a $9.5 million loan for an 82-unit multifamily property located in Monmouth County. The loan, which was provided by a regional bank, carries a 10-year term over a 30-year amortization and a fixed interest rate. In the second transaction, NorthMarq arranged an $8 million loan for a 222-unit garden apartment complex located in Morris County. The self-liquidating loan carries a 15-year term, a 6.12 percent interest rate and was provided by a regional bank. Finally, NorthMarq arranged $4.4 million for 3 Century Drive, a 68,200-square-foot office building located in Parsippany. The loan carries a 10-year term with a 30-year amortization schedule. The borrower, S/K 3 Century Associates will use the proceeds to retire an existing loan. Mark Scott of NorthMarq's New Jersey office arranged the deal. The lender was a regional bank.
SANTA ANA, CALIF. — Advanced Real Estate Services has secured a $19.68 million loan for the 196-unit The Court at Artists Village in Santa Ana. Freddie Mac funded the 10-year loan, which carries a 30-year amortization schedule. Michael Elmore of NorthMarq Capital’s Los Angeles office arranged the loan.
MIAMI — Cornerstone Group has completed construction of the 148-unit Valencia Pointe affordable housing apartment complex. Located at 7755 N.W. 27th Ave. in Miami, the property features a swimming pool, a tot lot, a business center and a fitness room. Units are equipped with washer/dryer hookups, energy-efficient appliances and cherry kitchen cabinets.
CAMBRIDGE, MASS. — Construction management firm William A. Berry & Son has completed two new residence halls for Lesley University in Cambridge. Located at the intersection of Massachusetts Avenue and Wendell Street, the project includes a five-story building with retail space on part of the first floor and a three-story, wood frame building that complements the architectural character of Wendell Street. The two buildings are able to house 98 students. The project architect was local firm Brunner/Cott.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 19,500-square-foot apartment building located in Manhattan, New York City, for $6.7 million. The building contains 38 residential units, four retail spaces and is located at 234-236 Mulberry St. Daniel Glaser and Sam Schneider of Eastern Consolidated represented the seller, the Weiss family, and procured the buyer, Aghajun Holdings.
AUSTIN, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $32.2 million in financing for AMLI on 2nd, a multifamily tower located in Austin. Situated at 421 W. Third St., the Class A tower totals 19 stories; it contains 231 one- and two-bedroom units as well as approximately 41,000 square feet of ground-floor retail space. Amenities include a fitness center, a sky deck with a pool and barbecue grills, a business center, a resident lounge and garage parking. HFF's Scott Galloway and Matt Kafka arranged the loan on behalf of AMLI Residential Properties. Terms of the financing include an adjustable interest rate and a 7-year term. The lender was Freddie Mac.