SAN FRANCISCO – A two-tower, 655-unit luxury condominium development in Downtown San Francisco has received $371.7 million in construction financing. The project is located at – and referred to as – 201 Folsom. It will feature two high-rise towers consisting of 42 and 37 stories, as well as two mid-rise podiums arranged around a private courtyard. It will also contain10, 963 square feet of ground-floor retail space. The project is scheduled for completion in January 2016. It is being developed by Tishman Speyer. The non-recourse financing was secured by HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth. The loan was provided by a single source lender at Cornerstone Real Estate Advisers.
RESEDA, CALIF. – The 138-unit Villa La Paloma in Reseda has sold to La Paloma LLC for $14.5 million. The community is located at 7722 Reseda Blvd. in the Los Angeles submarket. The seller, 1439 Curson Partners LP, was represented by Jeff Louks of Marcus & Millichap’s Encino office.
CHULA VISTA, CALIF. — The 55-unit Vista Pacific Villas in the San Diego submarket of Chula Vista has sold to Masaaki Shintaku for $9.6 million. The community is located at 1035 Fourth Ave. Masaaki Shintaku was represented by Norio Kanai of Cosmo Investments. The seller, Vista Pacific Villas, L.P., was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.
LOUISVILLE, KY. — PRG Investments has brokered the sale of Colonial Oaks Apartments, a bank-owned multifamily property located at 101 Colonial Oaks Court in Louisville. The Class C community contains 192 units in nine buildings as well as a clubhouse. PRG’s Reed Winberg and Fred Sutterlin represented the seller. The buyer was a New York-based investment firm.
CHICAGO — Marcus & Millichap has arranged the sale of an eight-unit apartment property located in Chicago for $1.7 million. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a local investment group, and the buyer, a limited liability company. The property is located at 3600 N. Oakley Ave., about six miles north of the Loop, in the upscale north side neighborhood of Roscoe Village. The multifamily building recently underwent extensive renovations, including the addition of granite countertops, individual HVAC and stainless steel appliances.
CHICAGO — Weis Builders has completed five low-rise multifamily buildings at Lake Park Crescent, a $44 million redevelopment in Chicago. The initial 24 units are located at the south end of the property, on the corner of Lake Park and Bowen Avenue. The project will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group contracted Weis Builders to add a total of 132 units to the community. Weis will also build a midrise building and three-story parking ramp, as well as site preparation for future buildings.
ROCHELLE, N.Y. — Meridian Capital Group LLC has arranged $13.5 million in acquisition financing for two high-rise apartment buildings in New Rochelle. Abe Schonfeld, vice president at Meridian Capital’s Iselin, N.J. office, negotiated the loan on behalf of Sound View Management Associates. The seven-year loan carries a fixed interest rate of 3.5 percent. The Sound Shore Apartments property includes an 11-story tower and a 12-story tower, which total 206 units. The buildings were acquired from a medical facility and are now being leased to the public market.
RESEDA, CALIF. – The 138-unit Villa La Paloma in Reseda has sold to La Paloma LLC for $14.5 million. The community is located at 7722 Reseda Blvd. in the Los Angeles submarket. The seller, 1439 Curson Partners LP, was represented by Jeff Louks of Marcus & Millichap’s Encino office.
CHULA VISTA, CALIF. — The 55-unit Vista Pacific Villas in the San Diego submarket of Chula Vista has sold to Masaaki Shintaku for $9.6 million. The community is located at 1035 Fourth Ave. Masaaki Shintaku was represented by Norio Kanai of Cosmo Investments. The seller, Vista Pacific Villas, L.P., was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.
OXFORD, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $6.5 million loan to Timberlake Holdings Co. LLC for the refinancing of 803 acres of undeveloped land in Oxford. Timberlake plans to build a 385-unit, master-planned active adult community on the land. The property surrounds Oxford Greens, an 18-hole championship golf course.