PLYMOUTH, MINN. — Minneapolis-based NorthMarq Capital has arranged $6.6 million in first-mortgage financing for Fernbrook Townhomes, a 72-unit multifamily community located in Plymouth. The loan was based on a 10-year term with a 30-year amortization schedule. Michael Padilla of NorthMarq arranged the financing on behalf of the borrower, At Home Apartments, through Freddie Mac.
Multifamily
PLYMOUTH, MINN. — Minneapolis-based NorthMarq Capital has arranged $6.6 million in first-mortgage financing for Fernbrook Townhomes, a 72-unit multifamily community located in Plymouth. The loan was based on a 10-year term with a 30-year amortization schedule. Michael Padilla of NorthMarq arranged the financing on behalf of the borrower, At Home Apartments, through Freddie Mac.
NEW YORK CITY — GFI Realty Services has completed the $25.5 million sale of 201 Linden Blvd. and 221 Linden Blvd. in Brooklyn, New York City. The two six-story buildings contain a total of 352,540 square feet and approximately 300 units. The units range from two-, three- and four-bedrooms. Erik Yankelovich of GFI represented the buyer, an undisclosed New York-based investor. The seller was undisclosed.
NEW YORK CITY — GFI Realty Services has completed the $25.5 million sale of 201 Linden Blvd. and 221 Linden Blvd. in Brooklyn, New York City. The two six-story buildings contain a total of 352,540 square feet and approximately 300 units. The units range from two-, three- and four-bedrooms. Erik Yankelovich of GFI represented the buyer, an undisclosed New York-based investor. The seller was undisclosed.
PORTLAND, MAINE — John Edwards of Arbor Commercial Funding’s Boston office has arranged $1.18 million in financing for a 25-unit complex at 485 Cumberland Ave. in Portland. The 10-year loan was funded by Fannie Mae’s 3MaxExpress program. The borrower was undisclosed.
LONGWOOD, FLA. — Mr. and Mrs. Bagsiyao of Kissimmee, Fla., have purchased Bethesda at Longwood Assisted Living Care Center, a 90-bed facility in Longwood, from Mr. Neil Buck, for $5 million. The property is located at 480 East Church St. Ken Carriero and Damien Carriero of Marcus & Millichap’s Tampa, Fla., office represented the seller.
FORESTVILLE, MD. — A subsidiary of FCP Fund I, has purchased Park Berkshire Apartments, a 598-unit garden-style apartment community in Forestville, for an undisclosed amount. The property consists of 22 three-story buildings situated on 21 acres. The complex is in close proximity to Washington Capitol Beltway and the Suitland Metro Station. Plans for a $14 million renovation are underway.
ALTAMONTE SPRINGS, FLA. — Camden Renaissance, a 578-unit, 23-building multifamily complex in Alamonte Springs, is undergoing a $7.6 million renovation. Construction began in February and is projected for completion summer 2009. Orlando-based Leffler & Heaney is the general contractor.
MOUNT PLEASANT, MICH. — Potomac Realty Capital has secured a $9.4 million bridge loan for the acquisition of a student housing community located in Mount Pleasant. The property is located near the campus of Central Michigan University. The undisclosed borrower plans to implement a $2.5 million capital improvements program for the community. The terms of the loan were undisclosed.
MOUNT PLEASANT, MICH. — Potomac Realty Capital has secured a $9.4 million bridge loan for the acquisition of a student housing community located in Mount Pleasant. The property is located near the campus of Central Michigan University. The undisclosed borrower plans to implement a $2.5 million capital improvements program for the community. The terms of the loan were undisclosed.