CHICAGO – Aries Capital has completed a $2.8 million loan for the purchase of a 37-unit apartment complex in Chicago’s Logan Square neighborhood. Fannie Mae was the investor in the transaction. The apartment complex, located at 1944 N. Spaulding, is a courtyard building including a mix of one- to four-bedroom units. The 10-year, non-recourse loan features a 30-year amortization schedule. The borrower has completed the development of more than 1,250 residential units and currently owns and operates several properties in Chicago. Eric Jones, vice president from the firm’s Chicago office, arranged the loan.
Multifamily
CAMDEN, N.J. — Hybrid Capital has arranged $12 million in permanent financing for Northgate Apartments, a 321-unit, affordable-housing complex in Camden. The 10-year loan includes a 3.49 percent interest rate. Marc Wolfe, the borrower, purchased the 21-story property in 2011 for $12 million. Since acquiring the asset, Wolfe has invested approximately $1 million in capital improvements, including 140 apartment renovations at $5,000 per apartment; adding a security system with cameras on every floor; replacing the roof and boiler; upgrading the plumbing and repairing all common areas.
BROOKFIELD, CONN. — A joint venture between Stamford, Conn.-based JCS Capital LLC and Danbury, Conn.-based ACF Properties LLC has secured and closed on land for a 100-unit residential development property in Brookfield. The 4.8-acre property has received municipal approvals for the construction of the apartments, which will feature high-end finished and one- and two-bedroom floor plans. Amenities planned for the property include a pool and fitness center with men and women locker rooms and in-unit laundry facilities. JCS Construction Group Inc., an affiliate of JCS Capital, will be the contractor for the project. Construction is slated to begin in the summer and ready for occupancy in fall 2015.
LITTLETON, COLO. – The 324-unit Terra Vista at the Park Apartments in Littleton has received $30.4 million in acquisition financing. The community is located at 5425 S. Federal Circle. It was built in 1984. The seven-year loan features a 30-year amortization schedule. It was arranged by John M. Stewart of NorthMarq Capital’s Denver regional office through the firm’s seller/servicer relationship with Freddie Mac. Financing was arranged on behalf of Aukum Management.
BLADENSBURG, MD. — Federal Capital Partners, along with its partners Angelo, Gordon & Co. and The Donaldson Group, have sold The Phoenix, a three-tower high-rise apartment community in Bladensburg, for $48.6 million. The 447-unit complex is located near the intersection of the Baltimore-Washington Parkway and Annapolis Road. The partnership stabilized the property with capital improvements including a new façade, new windows, landscaping improvements, pool and playground renovations, elevator modernizations, new mechanical and plumbing systems and fencing and security upgrades. The main lobbies and apartment interiors were also renovated as tenants vacated their units. The property was 95 percent leased at the time of sale.
ST. PETERSBURG, FLA. — Bessolo Design Group, an architectural firm based in St. Petersburg, has been awarded design contracts for four seniors housing facilities in Florida. The projects include the 84-unit, 60,000-square-foot Watercrest of Sebastian in Sebastian; the 60-unit, 40,000-square-foot Watercrest East Lake ALF and Memory Care in Tarpon Springs; the 160-unit Bright Oaks in Fort Myers; and an unnamed 180-bed, 97,748-square-foot skilled nursing facility in Gainesville.
DANBURY, CONN. — Institutional Property Advisors has arranged the $53.3 million sale of Avalon Valley, a 268-unit, garden-style apartment community in Danbury. The sale price equates to $199,000 per unit. Steve Witten and Victor Nolletti of IPA, along with Adam Mancinone and Blake Barbarisi of Marcus & Millichap advised the seller, AvalonBay Communities Inc. Ergs Konover/Outlook Holdings LLC purchased the property. The apartment community is situated on 17.5 acres and is located at 53 Sand Pit Road. Avalon Valley includes 11 detached three-story buildings, one of which is a clubhouse. Averaging 1,119 square feet, the apartments are equipped with in-kitchen breakfast bar, walk-in closets, energy-efficient windows, individual alarm systems, full-size washer/dryer units and a private patio or balcony area.?
SANTA MONICA, CALIF. – The 14-unit Idaho Apartments in Santa Monica has sold to a private investor for $3 million. The community is located at 858 Lincoln Blvd. Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a partnership, in this transaction.
FAYETTEVILLE, ARK. — Bridge Partners, a real estate investment company headquartered near San Francisco, has acquired The Crowne at Razorback apartments, a student housing community near the University of Arkansas (UA) in Fayetteville. The 480-bed property offers amenities including a resort-style pool and sundeck, fitness center, business center, dog park and sand volleyball court. The community is located less than one mile from the UA campus and is located along UA's bus route. The financing of The Crowne at Razorback was executed through a Freddie Mac loan assumption.
TROY, OHIO — Marcus & Millichap has arranged the $11.3 million sale of Towne Park Apartments, a 204-unit Class A community in Troy, located about twenty minutes north of Dayton, Ohio. Built in 2004, the multifamily property spans 201,528 square feet. Michael Barron, Daniel Burkons, and Joshua Wintermute of the Barron, Burkons, Wintermute Group in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller.