COLUMBIA AND NORTH BETHESDA, MD. — KeyBank Real Estate Capital has secured two loans worth $33.8 million for apartment complexes in Columbia and North Bethesda. UDR Maryland Properties received a $20 million loan for its 178-unit Tamar Meadow Apartments in Columbia. KeyBank also arranged a $13.8 million loan for Wisconsin Park Associates’ 549-unit Grand Apartments, a Class A complex in North Bethesda. Both loans were financed by Fannie Mae.
Multifamily
ST. CLOUD, MINN. — Marcus & Millichap has brokered the sale of Park Place Estates, a 175-unit multifamily community located at 3700 West Germain in St. Cloud. The property, which includes one-, two- and three-bedroom units, commanded a sales price of $11.6 million. Jim Walsh and David Scott of Marcus & Millichap listed and sold the community to an undisclosed buyer. Amenities of Park Place Estates include three elevators, a private courtyard, an indoor swimming pool, an indoor spa and sauna, an exercise facility, a tennis court and a resident clubroom.
DETROIT — Fort Shelby Tower Apartments has opened at 527 W. Lafayette in downtown Detroit. The community, which shares a lobby with the newly renovated Doubletree Hotel, features 54 apartment homes and two penthouses. The 22-story building includes 12 one-bedroom units ranging from 939 square feet to 1,350 square feet; 42 two-bedroom units ranging from 1,223 square feet to 1,848 square feet; and two two-story penthouse Sky Suites measuring 2,097 square feet and 2,231 square feet in size. Units are situated between the 11th and 21st floors of the building, with each floor housing five apartment homes. Residence of the community have full access the Doubletree amenities, which include valet parking, 24-hour dining options, a concierge, a fitness center, and housekeeping and dry cleaning services. Bingham Farms, Mich.-based FOURMIDABLE is managing the community.
JERSEY CITY, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered two Jersey City multifamily sales for a total of approximately $3.9 million. The first transaction involved the disposition of 168-170 Clinton Ave. and 205 Monticello Ave. for $2.93 million. The two properties contain a total of 34 units. The second transaction included the sale of a 16-unit property located at 170-172 Jewett Ave. for $975,000. The properties had a 95 percent combined occupancy at the time of closing. All feature brick façades, and a mix of one-, two- and three-bedroom units. In the first transaction, David Jarvis and Benjamin Greenstein of GHA procured the buyer, DKCS LLC, and represented the seller, a private, New Jersey-based corporation. In the second transaction, Greenstein and Alan Lieberman, also of GHA, negotiated the transaction between the seller, 170-172 Jewett LLC, and the buyer, an undisclosed private investor.
WEST HARTFORD, CONN. — Meridian Capital Group has secured $5.43 million in non-recourse financing for the acquisition of Boulevard Square Apartments, an 80-unit property located in West Hartford. The loan was originated by Avner Avesar and Noam Kaminetzky of Meridian’s Florida office. Terms of the financing include a 6.27 percent fixed interest rate and a 10-year term. The borrower, as well as the seller, was not disclosed.
LOS ANGELES — Meridian Capital Group has arranged $20 million in permanent financing for a 10-property multifamily portfolio in Southern California. The 163-unit property recently underwent extensive renovations. Alex Katz of Meridian’s Los Angeles office negotiated the financing on behalf of the borrower, Los Angeles-based Capital Foresight LP. Terms of the non-recourse loan include a 5.75 percent fixed-rate interest for 5 years.
NORTH HILLS, CALIF. — Tony Azzi of Marcus & Millichap’s West Los Angeles office has brokered the disposition and acquisition of 8615 Columbus Avenue in North Hills. The 42-unit multifamily property sold for $3.8 million or $151 per square foot. The building was constructed in 1970. The seller and buyer were not disclosed.
ATLANTA — Atlanta-based Post Properties has sold its 206-unit Post Lenox Park apartment complex to Steven D. Bell & Co. of Greensboro, N.C., for $22.7 million. The property, which was built in 1995, is located at 100 Lenox Park Circle in Atlanta. With the sale, Post is expected to report a gain of $12 million.
WATERBURY, CONN. — PNC ARCS has arranged an $8.57 million loan for River’s Edge Apartments, a 156-unit multifamily community located in Waterbury. The gated community was built in 1974; amenities include a swimming pool with a cabana area, secured storage space and laundry rooms. The loan was originated by the Princeton, N.J., office of PNC ARCS through Fannie Mae. Terms of the financing include a 6.5 percent fixed interest rate and a 10-year term with 2 years of interest-only payments. The borrower was not disclosed.
VALLEJO, CALIF. — Stanford Jones, Phil Saglimbeni and Sal Saglimbeni of Marcus & Millichap represented both parties in the disposition and acquisition of Blue Rock Village, a 560-unit multifamily community located at 1900-2000 Ascot Pkwy. in Vallejo. The property sold for $54.4 million or $97,143 per unit. The 448,256-square-foot property features a mix of one- and two-bedroom units offering a private balcony or patio, functional kitchen layouts, generous walk-in closets and covered parking. Additionally, the gated community features swimming pools, a spa, a fitness center and picnic areas. The buyer and the seller were not disclosed.