CHICAGO — Berkadia has brokered a $15.3 million loan for the refinancing of Sheridan Plaza Apartments, a 140-unit multifamily property located in Chicago’s Uptown neighborhood. The completely renovated apartment project was built in 1920 and is located at 4607 N. Sheridan Road. The five-year loan, which was secured through Fannie Mae, features a 3.25 percent fixed interest rate. Aaron Abelson of Berkadia secured the loan. The borrower was Horizon Group XXI LLC.
GRAND RAPIDS, MICH. — The Woda Group has broken ground on Grand View Place, a 68-unit apartment building in Grand Rapids. The groundbreaking ceremony took place on Thursday, Nov. 3. Grand View Place will be the first major residential development in the existing commercial and industrial sector of the Grand River between the 6th Street Bridge and Leonard Avenue. The primary source of funding for the project was tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Stan Wisinski of NAI Wisinski West Michigan represented The Woda Group in the purchase of land at the former Ryder Truck terminal at 936 Front St.
LAWRENCEVILLE, GA. — Emma Capital Investments Inc. has purchased 3400 Club Apartments, a 300-unit, garden-style apartment community located at 3400 Club Lake Parkway in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. Emma Capital acquired the asset for $25.7 million. Built in 1984, 3400 Club features six different floor plans averaging 1,140 square feet. Community amenities include a swimming pool and tennis court. Emma Capital plans to renovate the interiors of a majority of the units, as well as expand tenant amenities with features such as outdoor fitness equipment and enhancements to the clubhouse. This is Emma Capital’s 19th purchase in the United States and brings Emma Capital’s total acquisitions to date to more than $300 million and over 4,500 apartment units.
ARLINGTON, TENN. — The Memphis office of Financial Federal Bank has arranged a $16.1 million permanent loan for Hall Creek Apartments, a newly built garden-style multifamily community in Arlington, a suburb of Memphis. Constructed in 2015 and 2016 by the Memphis-based borrower, Hall Creek features 164 units with community amenities including a parking garage, resort-style swimming pool, pool deck with private cabanas, grilling area and a fitness center. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 20-year loan with a fixed 3.87 percent interest rate and a 30-year amortization schedule through an unnamed national life insurance company.
BATON ROUGE, LA. — Blueprint Healthcare Real Estate Advisors has brokered the $11.5 million sale of Oakwood Village, a 77-unit independent living, assisted living and memory care community in Baton Rouge. Blueprint represented the seller, a regional owner-operator divesting its only seniors housing asset. The buyer was a subsidiary of Florida-based specialty insurer Fortegra Financial Corp., an affiliate of Tiptree Financial Inc. New York City-based Care Investment Trust LLC will serve as asset manager of Oakwood Village, and Traditions Senior Management of Clearwater, Fla., will provide management services. Jacob Gehl was the lead Blueprint advisor on the transaction, supported by Michael Segal. Clint Parker and Jeremy Joiner from Brown Gibbons Lang & Co. Real Estate Partners assisted in the transaction.
GRAND TERRACE, CALIF. — TruAmerica Multifamily and Investcorp have acquired The Highlands, a 556-unit garden-style apartment community near Loma Linda, for $92 million. The community is located at 11750 Mt. Vernon Ave. in Grand Terrace, about 60 miles east of downtown Los Angeles. The Highlands was built in two phases between 1986 and 1988. It features a mix of one- and two-bedroom floor plans, each with a patio or balcony. The new owners plan to upgrade the unit interiors, exteriors and common area amenities. HFF’s Charles Halladay and Mike Gigliotti arranged financing.
BOSTON — CBRE/New England has arranged the sale of Rockingham Glen, an affordable apartment community located in Boston’s West Roxbury neighborhood. Beacon Communities acquired the 143-unit property for an undisclosed sum. Built in 1974, the community features one studio apartment, 94 one-bedroom units and 48 two-bedroom units, with an average size of 786 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.
SAN ANTONIO — Dougherty Mortgage has closed a $9.3 million Fannie Mae loan for the acquisition of Ridge at Southcross, a 212-unit multifamily property located in San Antonio. The borrower was 4700 Stringfellow LLC. The 12-year loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va., office. The loan features a 30-year amortization schedule and three years of interest-only payments.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use multifamily asset located at 59 Thompson Street in Manhattan’s SoHo neighborhood. Veracity Equities acquired the property from Whistlepig Associates for $21.5 million, or approximately $1,315 per square foot. The six-story, 15,918-square-foot building comprises two ground-floor commercial units and 34 residential apartments. Of the residential units, 27 are free market and seven are subject to rent stabilization. Robert Burton and Keegan Mehlhorn of Cushman & Wakefield brokered the all-cash transaction.
DENVER — Oak Coast Properties has acquired Pembrooke on the Green Apartments, a 959-unit multifamily community located in Denver, for $129 million. The 37-building property is located at 10700 E. Dartmouth Ave., close to the Denver Technological Center, downtown Denver, Fitzsimons Life Science District and Denver International Airport. The community was 95 percent occupied at the time of sale, and offers a mix of studio, one- and two-bedroom units with fireplaces, frost-free refrigerators and walk-in closets. Shared amenities at the complex include a barbecue and picnic area, a business center, carports, two clubhouses, community kitchen, dog park, fitness center, two heated swimming pools, sauna, laundry rooms, playground, soccer field, splash park and walking path. The company has set aside $1.9 million for capital improvements, which will include upgrades to landscaping and outdoor furniture; concrete and stair repairs; roof and gutter repairs; steel fixes; exterior upgrades to the leasing office, pools, clubhouses and laundry rooms; and mechanical work including electrical and plumbing. Renovations are scheduled to begin immediately. Charles Halladay, Lee Redmond and Brock Yaffe of HFF’s debt placement team assisted in securing a $103 million Freddie Mac loan for the acquisition of the property. Miami-based Pensam Residential provided a portion of the …