SCOTTSDALE, ARIZ. — Clear Sky Capital EBH LLC has acquired the 164-unit Tatum Place apartment community in Scottsdale for $18 million. The community is located at 16801 N. 49th St. Tatum Place was built in 1984. Amenities include two swimming pools, sun decks, a spa, fitness center, gas barbecue grills and picnic area, laundry facility, gated access and covered parking. David Fogler and Steven Nicoluzakis represented the seller, NNC Tatum Place, in this transaction.
LITTLETON, COLO. — A joint venture between PCCP and Griffis Residential has acquired the 332-unit Monterey Apartments in Littleton for an undisclosed sum. The new owners will rebrand the community as Griffis Marston Lake. It is located at 4601 S. Balsam Way. The joint venture plans to renovate the clubhouse, fitness center, pool and spa, and upgrade the community landscaping. Unit interiors will be upgraded with vinyl plank floors in kitchens, living rooms and bathrooms, new kitchen cabinet faces, quartz countertops and stainless steel appliances. Notable employers in the area include Lockheed Martin, the Denver Federal Center, the National Renewable Energy Lab and St. Anthony’s Hospital.
NEW YORK CITY — Bentall Kennedy has purchased The Addison, a high-rise multifamily property located at 225 Schermerhorn St. in Brooklyn. Waterton sold the 271-unit property for $154.2 million. Constructed in 2011, the property features a 26-story building and 15-story building with 65 studio, 117 one-bedroom and 89 two-bedroom units, with an average size of 715 square feet per unit. Additionally, the property features 6,610 square feet of ground-floor retail space and a 109-space parking garage. Andrew Scandalios, Rob Hinckley, Jeff Julien and Matthew Lawton of HFF represented the seller in the deal.
NEW YORK CITY — Madison Realty Capital has provided a $90 million first mortgage loan for a to-be-developed 232-unit apartment community and an existing community facility in Brooklyn’s Bushwick neighborhood. The undisclosed borrower will use the loan proceeds to retire all existing debt and develop two residential buildings at 889 Bushwick Ave. and 340 Evergreen Ave. In addition to the residential developments, the site also features a newly renovated 152,674-square-foot community facility at 871 Bushwick Ave. that is triple-net leased on a long-term basis to a national non-profit organization.
RANDOLPH, MASS. — EagleBridge Capital has arranged $3.3 million in permanent mortgage financing for an apartment complex located at 34-42 West St. in Randolph. Ted Sidel and Brian Sheehan of EagleBridge secured the financing, which includes a 10-year term and a 30-year amortization schedule, through Freddie Mac. The two-building complex features 32 apartments in a mix of 14 two-bedroom/one-bath units, 17 one-bedroom/one-bath units and one studio unit. At the time of financing, the property was 100 percent leased. The name of the borrower was not released.
EAST WINDSOR, N.J. — Kennedy Funding Financial has closed a $1.7 million loan for EW Acquisition. The loan proceeds will be used for working capital and to fund infrastructure improvements to convert the property into The Seasons at East Windsor, a proposed 121-unit/148-bed assisted living facility located at 359 Princeton Road in East Windsor. The borrower acquired the property in 2005 and started an improvement program at the property, which is situated on 3.9 acres. The 89,038 square feet of improvements are scheduled for completion in 2017. Once complete, the property will contain a mix of assisted and memory care units.
WACO, TEXAS — Eisner Equities has broken ground on OPUS 2430, a 151-bed boutique student housing community located near Baylor University in Waco. The development is expected to open for occupancy in fall 2017. The 68,000-square-foot property will offer townhome-style units featuring granite countertops, washers and dryers and en-suite bathrooms, with an additional powder room on the ground floor of each unit for guests. Community amenities will include a clubhouse, fitness center, outdoor living and exercise areas and a resort-style pool and tanning deck. Project team members include Bennett, Benner Partners Architects and Waco-based engineering firm Walker Partners. Campus Realtors will serve as the on-site management and leasing firm. Ciera Bank of Fort Worth provided construction financing on behalf of Eisner Equities.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Windemere, an apartment property located at 2001 Wesley Drive in Arlington. A limited liability company acquired the 60-unit property for an undisclosed price. Built in 1980, the property features a mix of three floorplans with an average unit size of 797 square feet. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the deal.
NASHVILLE, TENN. AND HUNTSVILLE, ALA. — Andrew Agee of the SVN Multifamily group has brokered the $19.8 million sale of a three-property multifamily portfolio in Nashville and Huntsville. The communities include the 200-unit Millwood Manor in Nashville, the 110-unit Hartford House in Nashville and the 169-unit Summertree Apartments in Huntsville. A private buyer based in Nashville purchased the portfolio from Athens, Ala.-based J&J Properties for roughly $41,231 per unit. Agee represented both the buyer and seller in the transaction.
PALO ALTO, CALIF. — Greystone has provided a $220 million Freddie Mac credit facility for a 1,808-unit affordable housing project in East Palo Alto. The Woodland Park project will feature 118 individual land parcels, including a mix of small properties (one to 50 units), as well as conventional multifamily and commercial properties. The borrower was Woodland Park Property Owner LLC, an affiliate of Sand Hill Property Co. John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team represented the borrower. Rob Russell, head of CMBS production in Greystone’s New York office, originated the financing.
