GOLDSBORO, N.C. — Concord, N.H.-based EWT, LLC has acquired McArthur Apartments, an 11-acre, 110-unit multifamily community, from McArthur, for $4 million. The property is located at 204 Benton St., adjacent to the Seymour Johnson Air Force Base, and was 95 percent occupied at the time of sale. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented both the buyer and the seller.
INDIANAPOLIS — NorthMarq Capital has arranged $11.28 million in first-mortgage financing for Riverchase Apartments, a 216-unit multifamily community located in Indianapolis. Financing was based on a 7-year term with a 30-year amortization schedule. David Farrell of NorthMarq’s Kansas City, Mo., office arranged the financing on behalf of the borrower, Riverchase Partners, through Freddie Mac.
CINCINNATI AND LOVELAND, OHIO — Hendricks & Partners (H&P) has brokered the sale of two Ohio multifamily properties for $14.22 million. Beechwood Villas, a 184-unit property located at 4706 Beechwood Rd. in Cincinnati, was sold for $10.1 million. MacArthur Park is an 85-unit property located at 660 Park Ave. in Loveland that sold for $4.12 million. Both of the properties provide Section 8 housing through HUD. Eric Taylor and Mark Rohr of H&P’s Detroit office represented the seller, Loveland-based Matrix Capital Partners. The properties were acquired by Knoxville, Tenn.-based Lawler-Wood Housing at a capitalization rate of 7.33 percent. The buyer plans to undertake a significant rehabilitation of the properties equating to more than $10,000 per unit.
NEW YORK CITY — Roe Development has begun construction on Star Tower, a 25-story residential condominium located in the Long Island City area of Queens, New York City. The 180-unit tower, which is located at 28-02 42nd Rd., will offer one- and two-bedroom residences ranging from 617 to 1,213 square feet. Amenities include The SkyDeck, a 2,700-square-foot residents-only rooftop deck; and The SkyLounge, a 1,000-square-foot club room. The project will also include the Great Lawn, a 7,500-square-foot mezzanine-level lawn. Prices for the units range from $425,000 to more than $1 million.
TRENTON, N.J. — CB Richard Ellis has brokered the sale of two multifamily facilities in Trenton. The Beechwood Garden apartment complex sold for $3.1 million to an undisclosed buyer. The 62-unit facility sits on 1.15 acres in the Hillcrest area and was 48 percent occupied at the time of the sale. The Greenwood Avenue Gardens facility is located at 1020 Greenwood Ave. and consists of 18 units set within three stories. Situated on .32 acres, the facility sold for just under $1 million to an undisclosed buyer. The property was 95 percent occupied at the time of the sale. Mark Duszak, Robert Miller, John McFadden and Corey Lonberger of the Miller/McFadden Multi-Housing Group of CB Richard Ellis represented both undisclosed sellers in the transaction.
SPRING LAKE, N.C. — New York-based First American Exchange Corp. has acquired Village on the Lake Luxury Apartments, a 115-unit, 30-acre multifamily community in Spring Lake, from Village on the Lake LLC, for $16.9 million. The property also includes an adjacent land parcel that has entitlements for the development of 108 additional units. The complex was 94 percent occupied at the time of sale and is located at 605 Village Lake Court, near Fort Bragg and Fort Pope Air Force Base. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented the seller, and the buyer was represented by Lefku & Company.
EAGAN AND BLOOMINGTON, MINN. — Centerline Capital Group has restructured the bond credit enhancement for two affordable housing communities located in Minnesota. In addition to restructuring $36 million in tax-exempt and taxable bond debt, Centerline provided an additional $8.14 million in supplemental loan financing. Both loans were funded through Centerline’s Fannie Mae DUS platform. Thomas Lake Pointe Apartments, located in Eagan, received a $4.11 million supplemental loan, and Bristol Village Apartments, located in Bloomington, received a $4.03 million supplemental loan. The borrowers in both transactions are affiliates of Dominium Group, which established separate limited partnerships for each transaction. Robert Walsh of Centerline led the team that arranged the restructurings and supplemental loans.
SUSSEX COUNTY, N.J. — The Pegasus Group has been selected to complete a Sussex County stalled residential project, Ridgefield Commons. The townhome community will consist of 313 residences, 100 of which are already complete and occupied. Sussex Bank took over the failed project, and the court appointed Pegasus on the bank’s behalf.
MIDLAND AND LUBBOCK, TEXAS — The Houston office of Live Oak Capital has arranged $43.16 million in permanent loans on four apartment complexes located in Midland and Lubbock. Live Oak’s Jonathan Gilfillan worked on behalf of Haley Associates LP to secure four permanent loans with Column Guaranteed. The communities, which comprise a total of 1,054 units, include Willow Hill Apartments and Meridian Apartments in Lubbock and Polo Park Apartments and Windtree Apartments in Midland.
KATY, TEXAS — Formation Development Group has broken ground on The Sienna at Cinco Ranch, a luxury senior living project in the Cinco Ranch master-planned community in Katy. The development, which will be complete in the third quarter of 2009, will offer 126 independent living and 32 assisted living rental apartments. The Sienna at Cinco Ranch will feature amenities such as concierge services, multiple dining venues, a wine bar and a terrace club activities room. The project is located at 24001 Cinco Village Center Blvd. next to LaCenterra, a new Main Street-style retail center in Cinco Ranch. Spawglass Construction Corp. of Houston is the general contractor for the project, and architectural services are being provided by Three Architecture of Dallas. The Sienna will be managed by The Arbor Company. Guaranty Bank is providing project debt financing.