INDIANAPOLIS — Dwinn-Shaffer & Co. has secured $9.8 million in permanent financing for Pheasant Run Apartments, a 184-unit multifamily community located in Indianapolis. The property comprises 13 two-story buildings in a mix of one-, two- and three-bedroom units. Individual units feature scenic lake views with private balconies or patios. Community amenities include a clubhouse that houses leasing and management offices, a fully equipped kitchen and a community room; a swimming pool with a sundeck and adjacent 24-hour fitness center; a children’s activity center; and a 24-hour laundry facility. The loan was arranged by Marc Fiedler of Dwinn-Shaffer for a 3-year, interest-only term. The borrower and lender were not disclosed.
Multifamily
OAKLAND, CALIF. — BRIDGE Housing Corp. has broken ground for the construction of Ironhouse at Central Station, a 99-unit affordable family apartment community located at 1801 14th St. in Oakland. Situated in the 29-acre Central Station redevelopment site, the property will feature a parking garage, private decks, a community room, classroom space, a landscaped garden area and courtyard. The project will be BRIDGE’s first GreenPoint-rated development, as well as its first to participate in the Bay-Friendly landscaping program. David Baker + Partners are providing architectural services for the project; J.H. Fitzmaurice Inc. is serving as general contractor. Financing for the development is being provided by Redevelopment Agency of the City of Oakland, California Department of Housing & Community Development, Oakland Housing Authority, Federal Home Loan Bank of San Francisco, Union Bank of California NA, US Bancorp Community Development Corp. and Wachovia Mortgage FSB. Completion is slated for November 2009.
OREGON CITY, ORE. — Santa Barbara, Calif.-based Oregon City Apartments LLC has acquired Barclay Square, a 55-unit apartment community located at 290 Warner Milne Rd. in Oregon City. Tualatin, Ore.-based Estate of Paul Oscar Miller sold the property for $3.1 million. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
PHOENIX — Somera Capital Management has partnered with 3 Street Financial LLC to acquire Quail Point Apartments, a 264-unit apartment community located on 67th Ave. in Phoenix, from Newcastle Investments for an undisclosed price. Built in 1988, the property consists of 145 two-bedroom units and 119 one-bedroom units in 12 two- and three-story buildings. Additionally, the property features a swimming pool and spa, basketball, tennis and volleyball courts, a clubhouse, a fitness center, and open space for picnic and play areas. Somera Realty Value Fund II L.P., a value-added, closed-end private-equity real estate fund, provided Somera’s equity to the joint venture.
BOCA RATON, FLA. — Ronald Levine of Meridian Capital Group’s New York office has arranged financing in the amount of $49 million for the construction and conversion of Bacara located at 3201 Clint Moore Rd. in Boca Raton. The 224-unit, 388,792-square-foot luxury condominium complex will be amended to include the ground-up construction of 28 new townhomes. The developer, Ceebraid Signal Corp., is using a portion of the financing to convert the existing 224 units into luxury condominiums.
LEXINGTON, KY. — Todd Harrett of Sperry Van Ness/Skeeters and Associates in Louisville, Ky., has represented the seller, Wexford Property Group, in the sale of Delzan Terrace Townhomes located at 569 Delzan Pl. in Lexington. The 49-unit multifamily community was sold to a Salinas, Calif.-based private investor for $2.9 million. The nine-building community is situated on 2.8 acres and is 92 percent occupied. Chad Sirk of Central Purchase Realty represented the buyer.
MYRTLE BEACH, S.C. — Myrtle Beach-based Shroff Development is building the Towers On The Grove, a 539,024-square-foot, two-building condominium complex in Myrtle Beach. The first 19-story, 269,512-square-foot tower began construction last June and will deliver in November. The building features 221 one-, two- and three-bedroom units, a full-service restaurant and a 10-story parking garage. The second building will also be 19 stories and 269,512 square feet. North Myrtle Beach-based Landmark Builders is the general contractor, and the property is being leased by The Hoffman Group.
LAFAYETTE, LA. — Stephen St. Clair of Marcus & Millichap’s Orlando office and Tom Pate of its Lafayette office have arranged the sale of Diamond Lakes Apartments, a 312-unit, 249,100-square-foot multifamily community in Lafayette, on behalf of the seller, a Mass.-based private investment group, to a La.-based private investment group, for $20 million. St. Clair also represented the buyer. The garden-style community is comprised of 16 two-story buildings featuring one- and two-bedroom units, ranging from 650 to 1,000 square feet. Amenities include two swimming pools, two lighted tennis courts and a fitness center. The property is situated on a 13-acre lot, located at 2700 Ambassador Caffery Pkwy., near Interstate 10 and the Southwest Medical Center.
WAUKEGAN, ILL. — Chicago-based Redwood Capital Partners has acquired Lakes at Fountain Square, a 384-unit apartment community located in Waukegan. The property comprises one-, two- and three-bedroom units with rents ranging from $855 to $1,260. The project was 93 percent occupied at the time of closing. Redwood plans to implement an interior and exterior capital improvements program. The seller, as well as the acquisition price, was undisclosed.
HIALEAH, FLA. — L & D Investors has acquired two multifamily complexes, Nina’s Apartments and Queens Apartments in Hialeah, from Samuel and Nina Levy, for $6 million. Nina’s Apartments, a 36-unit complex located at 1288 W. 29th St., sold for $3.1 million. The building features one- and two-bedroom apartment homes. Queens Apartments, a 34-unit community located at 1271 W. 29th St., sold for $2.9 million. Evan Kristol and Still Hunter of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the sellers.