NORTH CHARLESTON, S.C. — New York Life Real Estate Investors has originated a $24.5 million acquisition loan for Ansley Commons, a 270-unit, Class A multifamily community in North Charleston. New York Life provided the loan to the buyer, The Praedium Group. Brian Eisendrath and Steve Heffner of CBRE arranged the loan on behalf of The Praedium Group.
RICHMOND HILL, GA. — Berkadia has brokered the sale of and arranged financing for Ashton of Richmond Hill, a 232-unit affordable housing property located at 505 Harris Trail in Richmond Hill, a suburb of Savannah, Ga. The community’s amenities include a clubhouse, tennis court, volleyball court, picnic area, playground, swimming pool, community laundry room and 24-hour emergency maintenance. Savannah-based Kole Management Co. purchased the property from Ashton Partners GA LLC for $14.7 million. Andrew Mays, Paul Vetter, Mark Boyce and Cole Whitaker of Berkadia brokered the transaction. Berkadia also arranged acquisition financing for the transaction. Lloyd Griffin, Frank Brown and Brett Bennett of Berkadia arranged the $11.8 million Freddie Mac loan with a fixed interest rate of 4.16 percent and a 30-year amortization schedule.
KANSAS CITY, MO. — Baltimore-based MMA Capital Management has completed the sale of Whispering Lake Apartments, a 384-unit multifamily property located in Kansas City. El Dorado Hills, Calif.-based L5 Investments purchased the property with an $11.7 million acquisition loan arranged by Grandbridge Real Estate Capital. Developed in 1989, the 384-unit, garden-style multifamily property features one- and two-bedroom units with balconies or patios. On-site amenities include a swimming pool, clubhouse with lake views, newly remodeled fitness center, outdoor grilling area and an 18-acre lake with fishing dock. Brett Meinzer, Michael Sullivan, Grant Kollman, Alex Blagojevich, David Gaines of Marcus & Millichap represented the seller in the transaction. Paul Harbor of Grandbridge originated the 10-year loan, which features a 30-year amortization schedule and three years of interest-only payments. The financing was arranged through Freddie Mac.
SCHAUMBURG, ILL. — NorthMarq Capital has arranged $10 million in refinancing for Beech Pointe Apartments, a multifamily property located in Schaumburg. The property features 192 residential units. Sue Blumberg of NorthMarq Capital secured the 10-year loan, which features a 30-year amortization schedule, through NorthMarq’s seller-servicer relationship with Freddie Mac.
EAST VILLAGE, ILL. — @properties Commercial has brokered the sale of a mixed-use property located at 1656 W. Chicago Ave. in East Village. Sedgwick Investments acquired the property for $2.3 million from BP Building. The buyer plans to lease the five residential units and the ground-floor retail space. Lizzie Kaplan of Sedgwick Investments provided in-house representation for the buyer, while Michael Weber and Ian Feinerman of @properties Commercial represented the seller in the transaction.
COLLEGE STATION, TEXAS — Berkadia has originated a $34.1 million loan for Woodlands of College Station, a student housing community in College Station. Jackson Cloak of the firm’s Irvine office secured the financing through Berkadia’s Fannie Mae program. The San Diego-based borrower will use the loan to refinance existing debt on Woodlands of College Station, which is located at 1725 Harvey Mitchell Parkway, approximately two miles south of Texas A&M University. The community, which is 98 percent occupied, consists of 21 buildings and 276 units that offer two-, three- and four-bedroom layouts. Community amenities include study areas, a cyber café, basketball and volleyball courts, fitness center and a resort pool.
LOS ANGELES – The 34-unit Vista Modern apartment complex in the Los Angeles submarket of Sherman Oaks has sold to a Japanese construction company for $16.5 million. The community is located at 4632-4646 Vista Del Monte Ave. It was built in 2014. Jeff Louks and Janette Monfared of Marcus & Millichap’s Encino office represented both the buyer and seller in this transaction.
NEW YORK CITY — HFF has brokered the $14.2 million sale of 2217 Caton Avenue, a 24,214-square-foot mixed-use building in Brooklyn’s Prospect-Lefferts Gardens neighborhood. Caton Acquisition Partners LLC purchased the asset free and clear of existing debt from Second City Real Estate. 2217 Caton Avenue is located at the intersection of Caton and Bedford Avenues, near the Church Avenue subway station. Built as condominiums in 2010, the nine-story property has 29 two-bedroom residential rental units that are 97 percent leased and 2,698 square feet of ground-floor retail space, which is fully occupied by a local daycare center. Rob Rizzi, Jeff Julien, Rob Hinckley and Steven Rutman of HFF marketed the asset on behalf of the seller.
COLLINGSWOOD, N.J. — NAI Mertz has brokered the sale of a mixed-use property located at 814-816 Haddon Ave. in Collingswood. The 6,000-square-foot building sold for an undisclosed sum. The property is occupied by Weinstein Bath & Kitchen Showroom on the ground level. Additionally, the property features three residential units. Jonathan Klear and Scott Mertz of NAI Mertz represented the seller, Dergalcol LLC, in the transaction. The name of the buyer was not released.
PEMBROKE PINES, FLA. — Suffolk Construction has completed vertical construction on City Center at Pembroke Pines, a 768,042-square-foot luxury apartment community in Pembroke Pines. Situated on a 12-acre lot comprising six residential buildings and two parking garages, the complex will feature a club room with a movie theater and conference spaces, pool deck with cabanas and pavilions, dog park, children’s play area and a fitness center with tennis courts, bocce ball courts and volleyball courts. The project’s design team includes Related Group-Miami, MSA Architects and Vstarr Interiors. This project is the first development within Pembroke Pines’ City Center community.