CLEBURNE, TEXAS — Marcus & Millichap has arranged the sale of Northridge Court, an 86-unit apartment complex in Cleburne. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen and Hoover also procured the buyer, another limited liability company. Northridge Court is located at 101 Westcourt Street in Cleburne, just off Henderson Street. The property was built in 1967 and is more than 90 percent occupied. The complex includes 14 buildings with an average unit size of 874 square feet.
Multifamily
MARIETTA, GA. — Walker & Dunlop has originated $24 million in bridge financing to refinance an existing acquisition and renovation loan for Ashford Retreat, a 654-unit apartment community in Marietta, a northern suburb of Atlanta. Jeff Lawrence of Walker & Dunlop led the team that originated the loan with two years of interest-only payments on behalf of the borrower, an Atlanta-based real estate investment company. Since purchasing the asset in 2012, the borrower has spent $4.7 million on exterior and interior upgrades to the community. Using the new loan, the borrower plans to invest another $1.5 million in capital improvements.
ORLANDO, FLA. — Franklin Street Real Estate Services has arranged the $14.2 million sale of Colonial Ridge Apartments, a 194-unit multifamily community located at 649 Cannon Ridge in Orlando. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented the buyer, a regional owner, in the transaction. Larry Ochab of Pinnacle Realty represented the seller, a private partnership based in New York City that owned the apartment community for nearly 15 years.
JERSEY CITY AND HOBOKEN, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sale of a four-property Hudson County, N.J., multifamily portfolio. A private investment group purchased the 159-unit portfolio for a total of $21 million. The transaction includes 125-129 Magnolia Avenue in Jersey City, which sold for $12.7 million; 115-117-119 Magnolia Avenue in Jersey City, which sold for $5.4 million; 50 Stuyvesant Avenue in Jersey City, which sold for $1.04 million and 328-332 Jackson Avenue in Hoboken, which sold for $1.8 million. Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller, a long-time client, and the buyer in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a three-story, walk-up apartment building located at 257 West 113th St. in Harlem. Wanders in the West LLC sold the property to 257 West 113th Street LLC for $1.5 million. Built in 1900, the 2,691-square-foot building features nine apartments. Michael Kerwin of Rosewood represented the seller, while Aaron Jungreis, also of Rosewood, represented the buyer in the transaction.
CLEVELAND — Love Funding has secured a $5.3 million FHA loan for Governor’s Village, a Cleveland-area assisted living facility. The funding from the loan will be used to expand the facility. Robert Smallwood of Love Funding’s Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s (HUD) 232/241(a) loan insurance program. The program backs supplemental loans to fund repairs, additions and improvements at existing FHA-insured healthcare facilities. Randall Residence, the majority owner and operator of the property, built the facility in Mayfield Village in 2001. The property currently has 24 traditional, assisted living units and 24 memory care units. Upon completion, 38 assisted living units will be added, while subtracting one memory care unit, bringing the total capacity at the facility to 85 units. The Douglas Co. will build the project based on plans created by architecture firm C.C. Hodgson.
PHOENIX – The 126-unit Briarwood Apartments in Phoenix has sold to David Barnes for $4 million. The community is located at 3450 W. Missouri Ave. It was built in 1983. Briarwood is 90 percent occupied. The seller, Edward Sibley, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
WOODLAND, CALIF. – The 48-unit Crosswood Apartments in Woodland has received $3.3 million in refinancing. The community is located at 646 3rd Street. The non-recourse, fixed-rate loan features a 35-year amortization schedule. The loan will fund the community’s rehabilitation. Crosswood was originally developed as a HUD affordable apartment complex under the 236 program. It currently receives project-based Section-8 rental assistance. The sponsor, an affiliate of Yolo County Housing, secured the 4 percent Low Income Housing Tax Credit through the California Tax Credit Allocation Committee. The loan was originated by Joe Litten, Vice President and Mary McDonald of CBRE Debt and Structured Finance in CBRE’s San Francisco office.
MISSION, TEXAS — The Chicago office of Tremont Realty Capital has arranged for the refinancing of Mobile Gardens, a 184-site, age-restricted mobile home park in Mission. Tom Lorenzini with Tremont arranged the $2.7 million loan, which was funded through a relationship with a CMBS lender. The 10-year, non-recourse loan includes roughly a 72 percent loan-to-value ratio with a 4 percent interest rate. The property was 92 percent occupied at the time of closing. Amenities include a clubhouse, swimming pool, shuffleboard courts, library and laundry facilities.
AUSTIN — BMC Capital’s Austin office has arranged a $3.8 million non-recourse loan for the acquisition of a 50-unit multifamily property in Austin. The 10-year loan features a fixed interest rate of 4.4 percent and a 30-year amortization schedule for the out-of-state buyers using a 1031 tax-deferred exchange. The loan was arranged through one of BMC’s correspondent agency relationships.