ROCHESTER, N.Y. — NorthMarq Capital has arranged $4.6 million in first-mortgage financing for Creek Hill Apartments, a 126-unit multifamily property located in Rochester. The loan includes a 5-year term and a 20-year amortization schedule. It was arranged by Sam Berns of NorthMarq’s Upstate New York regional office on behalf of the undisclosed borrower. The lender was a regional bank.
GALVESTON, TEXAS — Sperry Van Ness has brokered the foreclosure sale of The Club of the Isle, a 248-unit luxury multifamily community located in Galveston. The Class A property is situated on more than 15 acres at 3433 Cove View Blvd. on Galveston Island. It comprises three four-story wood frame and concrete stilt buildings with parking garages on the ground floor. The community features one-, two- and three-bedroom units, and three-bedroom townhome units. Monthly rents range from $765 to $1,395. Amenities include gated access, swimming pools and a spa, a billiard room, a massage room, a volleyball court a clubhouse, a fitness center, a playground, a 16-hole chip and putt course and a business center. Occupancy was 80 percent at the time of sale. Kitty Wallace represented the sellers, Bank of America and Wachovia, and the buyer, Illinois-based Marquette Cos. The Club of the Isle was built in 2005 as an apartment community, but a local investor acquired it in 2006 and proceeded to sell some of the units as condominiums. As the residential market deteriorated, the owner started leasing units prior to the foreclosure. The new owner plans to operate the community as apartments in the near-term.
BOULDER, COLO. — The Denver office of NorthMarq Capital has arranged construction/permanent financing in the amount of $41 million for The Carillon at Boulder Creek, a 117-unit senior-living community located at 2525 Taft Dr. in Boulder. The loan will be used to renovate the 117-unit senior-living community. The property consists of a nine-story building, which is currently being renovated to feature 54 senior residential units. Additionally, 63 units are currently under construction on a site that formerly housed a one-story skilled nursing wing. Amenities include a full-service restaurant, an outdoor garden and walking path, a spa/salon, an indoor lap pool, a theatre and game/activity room, concierge service, a business center, medical/dietary assistance, laundry/housecleaning services, and full kitchens in all units. One Eighty/Leisure Care will operate property. Steve Koeneke and Dave Link of NorthMarq arranged the financing through NorthMarq’s FHA subsidiary, AmeriSphere, on behalf of the borrower, MGL Partners.
MOREHEAD CITY, N.C. — Brad Cox of Thomas D. Wood & Co.’s Sarasota, Fla., office has arranged a $1.55 million loan for the 50-unit Crystal Coast Apartments, located at 2109 Mayberry Loop in Morehead City. The 10-year loan is part of the Fannie Mae Immediate Delivery Loan Program. The loan carries a 5.94 percent interest rate and a 30-year amortization.
FITCHBURG, WIS. — NorthMarq Capital has arranged the sale of New Fountains, a 578-unit apartment community located in Fitchburg, for $21.7 million. The transaction was arranged by Paul DeKruiff of NorthMarq’s Chicago office on behalf of the undisclosed seller. The property was purchased by an undisclosed party at a 7.25 percent capitalization rate.
SAUK VILLAGE, ILL. — Marcus & Millichap has brokered the sale of Crossroads Apartments, a 180-unit multifamily community located in Sauk Village. Crossroads Apartments comprises ten buildings with 18 units apiece. Amenities include an outdoor swimming pool, a tennis court and a picnic area. James Walsh and Michael Wernke of Marcus & Millichap’s Chicago Downtown office represented the seller and secured the buyer. Both parties were undisclosed. The property listed for $8.95 million but the sale price was not released.
PHILADELPHIA — NAI Bluestone Real Estate Capital has secured $36.5 million in senior debt for the Glen at Shawmont Station, a Class A, 202-unit multifamily complex located in Philadelphia. The Glen at Shawmont Station is a garden style apartment community consisting of 10, three-story buildings situated over 18 acres. The property is nearly 100 percent occupied with amenities such as a combination leasing office/clubhouse, which includes a full size kitchen, a leasing office, a sample apartment unit, an exercise facility and a cyber café with wireless Internet access. The loan was structured and secured on behalf of Hunters Pointe Associates, an affiliate of the Andorra Group. Freddie Mac provided $30 million in senior permanent financing and an additional $6.5 million was secured from local banks and collateralized by additional real estate assets. The 10-year, senior permanent loan is fixed at 6.2 percent and amortized over 30 years.
HOUSTON AND SAN ANTONIO — Marcus & Millichap has brokered the sale of Mimosa 7, an apartment property located at 2414 Mimosa in Houston. Brian Janak and Mitchell Berg of the firm’s Houston office represented the seller, a Texas-based private investor. A Texas-based limited liability company bought the property, which was built in 1960 and sits on 5,778 square feet of land. Paul Gardner and Shelly Barzilay of the Marcus & Millichap’s Houston office represented the buyer. The property listed for $500,000. In addition, Marcus & Millichap’s San Antonio office secured the sale of an O’Reilly Auto Parts to a private investor. The property, located at 4019 San Bernardo Avenue in Laredo, is a 10,000-square-foot building ground-leased to O’Reilly’s. Rick Holland and Chad Knibbe of represented the undisclosed seller.
AURORA, COLO. — 14195 Montview Blvd Partners LLC, a subsidiary of Vultures LLC, has acquired Sand Creek Apartments, a 126-unit apartment community located at 14155 E. Montview Blvd. in Aurora. The property sold for $2.58 million or $24.86 per square foot. Built in 1974, the property offers a mix of one-, two- and three-bedroom units averaging 824 square feet. Amenities include patios/balconies, a swimming pool, a playground and carports. Erik Robson of Hendricks & Partners represented the buyer; Marcus & Millichap represented the seller, Sausalito, Calif.-based Montview Park Associates, in the transaction.
SIOUX CITY, IOWA — Brent Blake of NorthMarq Capital’s Kansas City office has arranged first-mortgage financing of $3.92 million for the Clifton Estates Apartments. The 109-unit multifamily community is located in Sioux City. Borrower Bandit Inns LLC was able to secure financing, which NorthMarq arranged through its affiliate AmeriSphere Multifamily Finance, based on a 10-year term with 2 years of interest-only payments.