DENVER – A 23-unit apartment building in Denver has sold to a local group of apartment buyers for $2.8 million. The community is located near the intersection of Colfax Avenue and Colorado Boulevard near National Jewish Health. Jim Knowlton of Pinnacle Real Estate Advisors represented the buyers. The unnamed seller was represented by Jeff Johnson of the firm’s Johnson Ritter Team.
Multifamily
GILBERT, ARIZ. – The Shoppes at the Islands land, an 11.4-acre site at the southeast corner of Warner and McQueen roads in Gilbert, has sold to Genica Arizona, LLC for $2.1 million. The partnership plans to use the land to develop a new single-family housing community. It was represented by Aaron Carson of Carson Commercial, LLC. The seller, Starwood Asset Management, LLC, was represented by Jim Crews, Brett Polachek and Adam Madison of Cushman & Wakefield.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $250 million mortgage for the refinancing of the Aire multifamily property located at 200 W. 67th St. in New York City on behalf of 150 Amsterdam Avenue Holdings LLC. A national conduit lender provided the 10-year CMBS loan, which features a fixed interest rate of 5 percent. The Aire, located on the Upper West Side, is a 43-story, 310-unit multifamily property featuring numerous amenities including a private courtyard, an indoor children’s playroom and outdoor play area, an event deck, fitness center, conference room, on-site parking and a private park. Aaron Appel, managing director, Jeffrey Weinberg, executive vice president, and Michael Diaz, vice president at Meridian Capital Group, arranged the financing. Kasowitz, Benson, Torres & Friedman LLP represented 150 Amsterdam Avenue Holdings LLC in the transaction.
GREENWICH, CONN. — Q10 | New York Realty Advisors has arranged a $2 million loan on a luxury cooperative apartment building in Greenwich. The 20-year, self-liquidating loan includes a fixed interest rate of 4.84 percent. The co-op corporation also received a $1 million revolving line of credit, which features a floating interest rate starting at 2.5 percent. The property overlooks the Long Island Sound and Greenwich Harbor. Scott Gerard, Esq. of Murtha Cullina LLP in Stamford, represented the co-op board. Jeanne Cronin, managing director of Q10 | New York Realty Advisors, arranged the loan.
DALLAS — Arbor Commercial Funding LLC, a subsidiary of Arbor Commercial Mortgage LLC, has arranged nearly $48 million in loans for eight Texas multifamily assets. Among the properties refinanced were Wimberly Park Apartments in Duncanville ($15 million), Camelot Village in Mesquite ($14.9 million), Sayle Gardens in Greenville ($3.2 million), Mill Run Apartments in Dallas ($3 million), Summit Plaza Apartments in Arlington ($2 million), Lakeview Townhomes in Rowlett ($2 million) and The Plaza Apartments in Austin ($1.1 million). Meanwhile, the acquisition of Ventana at Valwood in Farmers Branch received $6.5 million. Anthony Tarter of Arbor’s Dallas office originated all of the loans under Fannie Mae DUS product lines.
DENVER – A 23-unit apartment building in Denver has sold to a local group of apartment buyers for $2.8 million. The community is located near the intersection of Colfax Avenue and Colorado Boulevard near National Jewish Health. Jim Knowlton of Pinnacle Real Estate Advisors represented the buyers. The unnamed seller was represented by Jeff Johnson of the firm’s Johnson Ritter Team.
GILBERT, ARIZ. – The Shoppes at the Islands land, an 11.4-acre site at the southeast corner of Warner and McQueen roads in Gilbert, has sold to Genica Arizona, LLC for $2.1 million. The partnership plans to use the land to develop a new single-family housing community. It was represented by Aaron Carson of Carson Commercial, LLC. The seller, Starwood Asset Management, LLC, was represented by Jim Crews, Brett Polachek and Adam Madison of Cushman & Wakefield.
ATLANTA — Bull Realty has arranged the $4.3 million sale of 1753 Peachtree St., a 1.2-acre site in Atlanta’s Buckhead submarket. UHS-Pruitt, a healthcare real estate owner and operator based in Norcross, Ga., purchased the land from Woodhaven Ventures LP. UHS-Pruitt plans to develop an upscale, six-story skilled nursing facility on the property that will house 120 beds. The corner site is located within a half mile of Piedmont Hospital and the Shepherd Center. Michael Bull and Daniel Latshaw of Atlanta-based Bull Realty represented the seller in the transaction. Rush Bradley of Lavista Associates represented the buyer. The site is located at the intersection of Peachtree Street and Huntington Road.
SEATTLE — HomeStreet Bank Commercial Real Estate has launched a new senior housing lending program and has financed its first project. It has provided $13.6 million to fund the construction of Vineyard Park at Mountlake Terrace. The 110-bed assisted-living and memory care facility will be located along 56th Street West in Mountlake Terrace, just north of Seattle. Vineyard Park is being developed by Round Lake, LLC. It will be managed by Care Partners. The loan was originated by HomeStreet’s Diane Leonidas.
SEATTLE — HomeStreet Bank Commercial Real Estate has launched a new senior housing lending program and has financed its first project. It has provided $13.6 million to fund the construction of Vineyard Park at Mountlake Terrace. The 110-bed assisted-living and memory care facility will be located along 56th Street West in Mountlake Terrace, just north of Seattle. Vineyard Park is being developed by Round Lake, LLC. It will be managed by Care Partners. The loan was originated by HomeStreet’s Diane Leonidas.