KLAMATH FALLAS, ORE. — NorthMarq Capital has arranged a $14.5 million bridge/construction loan for the expansion of Quail Park at Crystal Terrace, a seniors housing property in the south Oregon city of Klamath Falls, which is situated about 20 miles north of the California state border. The facility, which provides both independent and assisted living services, currently consists of one three-story, 67-unit building and 20 one-story cottages. The expansion will include a 24-unit, 36-bed memory care facility to be developed on an adjacent parcel. Stuart Oswald of NorthMarq originated the four-year loan, which includes a 25-year amortization schedule and reflects a 75 percent loan-to-value ratio. A non-recourse bridge lender supplied the financing.
Multifamily
HERMITAGE, TENN. — Multi Housing Advisors (MHA) has arranged the $13.8 million sale of Green Leaf at Hermitage, a 261-unit apartment community in Hermitage, about 14 miles northeast of Nashville. The property, built in 1973, includes one- to three-bedroom layouts. The asset’s amenity package includes a fitness center, playground, swimming pool, business center, laundry facilities and a picnic area. Brett Kingman of MHA’s Atlanta office represented the sellers, affiliates of Danville, Calif.-based Green Leaf Partners, in the transaction. The buyer, an affiliate of Old Tappan, N.J.-based Spyglass Capital Partners, did not use a broker.
LAKE WORTH, FLA. — CBRE has arranged the sale and financing of Palm Club Apartments, a 160-unit townhome community located at 2425 Second Ave. N. in Lake Worth. Palm Club Investments LLC purchased the property from Palm Club Townhouses LLC for $12.9 million. Built in 1993, the property features a swimming pool with a sundeck, clubhouse, fitness center and sand volleyball court. Richard Tarquinio and Calum Weaver of CBRE represented the seller in the transaction. Charles Foschini, Chris Apone and Christian Lee of CBRE arranged a 10-year, $9.8 million Freddie Mac loan on behalf of the borrower to acquire the property.
ORLANDO, FLA. — NXT Capital has provided a $26.3 million first mortgage loan to refinance a Class B, 386-unit multifamily community in Orlando. The property features one- to three-bedroom layouts and includes two swimming pools, a fitness center, playground, sauna and spa. The borrower will use the loan proceeds to repay existing debt, repurchase units within the complex previously sold as condominium units, return the property to a rental structure and implement capital improvements.
NEW YORK CITY — Meridian Capital Group has arranged a $30 million first mortgage construction loan for the ground-up development of a multifamily property located at 501 East 74th Street in New York. The borrower, Golden Asset LLC, plans to develop a 20-story, 83-unit property, which is being designed by Steven B. Jacobs Group Architects. Aaron Birnbaum and Tal Savariego of Meridian Capital Group negotiated the three-year loan, which features a competitive spread over LIBOR, interest-only payments for the full term and several extension options.
NEW YORK CITY — GFI Realty Services has brokered the sale of a vacant, five-story walk-up apartment building located in Manhattan’s East Harlem neighborhood. A local investor acquired the 10-unit property for $3 million or $300,000 per unit. Constructed in 1930, the 9,656-square-foot building is located two blocks from the 116th Street subway station, which services the 2, 3 and 6 lines. Yosef Katz and Yisroel Pershin of GFI represented the seller, a local investor, in the transaction.
DALLAS — StreetLights Residential (SLR) has broken ground on a 212-unit high-rise apartment property in the Uptown area of Dallas. The project, located at the intersection of the Maple/Routh Connection and Thomas Avenue, will stand 23 stories and include one- and two-bedroom residences. Gromatzky Dupree & Associates designed the building, Waldrop + Nichols Studio LLC designed the apartment interiors, and Studio Outside is designing the landscaping. SLR Uptown Construction LLC is the general contractor. The first units at the yet-to-be-named property are slated for delivery in late 2015.
McALLEN, TEXAS — Berkadia Commercial Mortgage LLC has arranged an $8.3 million loan for the acquisition of The Landing on Sixth, a 150-unit multifamily complex in McAllen. Located at 4401 N. 6th St., the property offers studio, one-, two- and three-bedroom residences, as well as a fitness center, playground, swimming pool and clubhouse. Michael Levell of Berkadia worked on behalf of the borrower, Juniper Investment Group, to secure the 10-year Fannie Mae loan, which includes a fixed interest rate of 4.87 percent and 30-year amortization schedule. The property was 98 percent occupied at the time of the loan’s closing.
HENDERSON, NEV. — Newmark Grubb Knight Frank has brokered the $26 million sale of Elysian Parc, a 164-unit apartment complex in the Las Vegas suburb of Henderson. The property offers one- and two-bedroom apartments, as well as a clubhouse, fitness center, tanning bed, swimming pool, fire pit and hot tub. The garden-style community was 94 percent leased at the time of the sale. NGKF represented the seller, The Calida Group, in the transaction. San Francisco-based Hamilton Zanze was the buyer and procured acquisition financing through Berkeley Point.
GLENDALE, CALIF. — NAI Capital has brokered two multifamily property sales in Glendale for a combined $24.8 million. The Sirott family trust acquired both Villa Geneva Apartments, a 36-unit property located at 1304 E. California Ave.; and Villa Monaco Apartments, a 49-unit property located at 1234 E. California Ave. Glendale Villa Geneva sold Villa Geneva, which was constructed in 1987 for $9.3 million; while Villa Monaco Ltd. sold Villa Monaco, which was constructed in 1988, for $15.5 million. Jesus Henao of NAI Capital represented the Sirott family trust in the transactions.