OLATH AND OVERLAND PARK, KAN. — Greg Duvall in the Kansas City office of NorthMarq Capital has arranged approximately $30 million in first-mortgage financing for two multifamily properties in Kansas. Duvall has arranged $15.3 million in first-mortgage financing for Millcreek Woods Apartments, which are located at 1711 N Ridgeview Rd. in Olathe. Financing for the 312-unit property was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule. In Overland Park, Duvall has arranged $14.5 million in first-mortgage financing for the Pebblebrook Apartments, which are located at 7700 W 95th St. The loan for the 267-unit multifamily community was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule. Both loans were arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac, through its streamline refinance program. Additionally, both transactions are a 7-year adjustable rate mortgage with an embedded cap.
NEW YORK CITY — Completion is nearing for major capital improvements at St. Ambrose Magnolia Apartments, a Section 8 housing community located at 686 Lafayette St. and 210 Kosciusko St. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The community consists of two identical buildings that contain 51 three- and four-bedroom units each. Upgrades include new lighting and painting throughout common areas; the redesign and renovation of an 800-square-foot community room at the Kosciusko Street building; new boilers, upgrades to the buildings’ plumbing and electrical systems; the installation of GFI outlets; new roofs; the restoration of parapets; and new asphalt and striping for the parking area. The project also aims to fix 177 building code violations for the community. The project is being designed and managed by Lester Evan Tour Architect; Manda International is serving as general contractor. Completion is scheduled for early fall.
PITTSBURGH — NorthMarq Capital has arranged a $27.25 million first-mortgage loan for Club at North Hills, a 372-unit multifamily property located in Pittsburgh. Terms of the financing include a 7-year term and a 30-year amortization schedule. Sam Berns of NorthMarq’s Upstate New York office arranged the financing on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance. The transaction represented an additional draw down on an established Fannie Mae credit facility.
ARLINGTON, TEXAS — Hendricks & Partners (H&P) has brokered the sale of Woodstock, a 128-unit apartment community located at 712 Washington Dr. in Arlington. The seller, New Albany, Ohio-based The Bank of New York Trust Company, was represented by Mike Miller of H&P’s San Antonio office, and Tome Burns and Jay Gunn of the firm’s Dallas office. Brookfield, Wis.-based MLG Capital 2008 acquired Woodstock for an undisclosed amount.
CHICAGO AND MICHIGAN CITY, ILL. — New York City-based Meridian Capital Group has arranged approximately $3.14 million in financing for four multifamily properties located at 222 and 234 E. 109th St., also known as 10848 and 10849 S. Prairie; 7802 S. Michigan Ave.; and 9040 S. Bishop St. in Chicago. The properties, which house 55 units, are situated on the Southside of Chicago in the Beverly and Chatham neighborhoods. Financing was based on a 5-year term, with rates all sub 6 percent. Gershon Friedman of Meridian Capital Group’s Illinois office negotiated on behalf of the borrower. Friedman also arranged $1.94 million in financing for a 31,000-square-foot multi-tenant office/loft property located at 1456 N. Dayton St. in Chicago. Additionally, Meridian Capital Group arranged an approximately $3.89 million loan for another multifamily property located at 3208 Dody Ave. in Michigan City. The property consists of 130 units. On behalf of the undisclosed borrower, Friedman secured a 7-year term mortgage, with a rate of 6.25 percent.
ALVIN, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $5.8 million in refinancing for Morgan Oaks Apartments, a 98-unit, Class A multifamily community located at 877 E. House St. in Alvin. The property features an average unit size of 879 square feet. Community amenities include a swimming pool, a clubhouse, a fitness center, a playground and security access gates. Tucker Knight and Steve Gautier of HFF arranged the loan on the behalf of Minkoff Development with Freddie Mac. The securitized loan was placed under HFF’s Capital Markets Execution program, and will be serviced by the company. Terms of the financing include a 10-year term and a fixed interest rate.
HAYWARD, CALIF. — A division of Mill Valley, Calif.-based Thompson|Dorfman Partners LLC has acquired Dorchester House, a 68-unit multifamily community located in Hayward, for $7.1 million. The community comprises four buildings offering one- and two-bedroom units and a central pool and courtyard. The buyer plans to rehabilitate the property. Nathan Blair, David Silver and Casey Davis of Arroyo & Coates represented the seller, Pleasanton, Calif.-based Seaview Financial, in the transaction; the buyer was represented in-house.
DENVER — The Denver regional office of NorthMarq Capital has arranged $6.54 million in permanent financing for Cheyenne Creek Apartments, which is located south of Denver. Built in 1995, the 87-unit complex features two four-story buildings with elevator access to all floors. The units feature 9-foot ceilings, patios/balconies, full-size washer/dyers, cable-ready TV and wood burning fireplaces. The community offers a clubhouse with fitness and business centers, an indoor pool and a hot tub. The borrower is Seattle-based Weidner Investment Services Inc. Greg Benjamin and Steve Mumford of NorthMarq Capital arranged the financing.
OLATHE, KAN. — Hendricks & Partners has arranged the approximately $2.93 million sale of Fountain Ridge apartments located at 515 S. Clairborne Rd. in Olathe. The 72-unit multifamily community was sold by Future Enterprises LLC of Overland Park/Olathe. Pacific Financial Exchange Corp. — a qualified intermediary for Hansen Perng & Mary Liu, Wei Chun Li, & William a Perng of Fullerton, Calif. — has acquired the facility. Jeff Lamott in the Kansas City, Mo., office of Hendricks & Partners represented the seller in the transaction.
NEW HAVEN, CONN. — The New Haven office of Marcus & Millichap has completed the sale of Terrace Heights Apartments, located at 70 Terrace St. in New Haven, for $2.6 million. The 41-unit community consists of nine buildings, and is a mix of 33 one-bedroom units and eight two-bedroom units. One-bedroom units range between 600 and 712 square feet, and two-bedroom units average approximately 815 square feet. Steven Witten and Victor Nolletti of Marcus & Millichap were the sole brokers in the transaction between the buyer, Green Properties Management, and the seller, 84 Terrace Street LLC. The property traded at a price of $63,415 per unit.