FRESNO, CALIF. — Colliers International has negotiated the $22.325 million sale of the 418-unit Torrey Ridge apartment community located at 222 South Clovis Ave. in Fresno. Constructed between 1971 and 1979, the Class B+, low-density property underwent major renovations from 2005 to 2007 at a cost of $6.6 million. Torrey Ridge’s amenities include four swimming pools, a fitness center, four tennis courts, three playgrounds and a 14-acre wooded greenbelt. Colliers’ Cindy Cooke, Brad Cooke and Ernest Rice represented the undisclosed seller in the transaction.
Multifamily
CHICAGO — Meridian Capital Group has secured $3.5 million in financing to refinance three properties in Chicago. The properties include a nine-unit multifamily building located on North Clark Street in Chicago’s Lakeview neighborhood and two properties featuring a total of 11 apartments and two retail spaces on Division Street in the Wicker Park neighborhood. Provided by Northern Trust, the three 5-year loans feature rates of 5.75 percent and amortize on a 25-year schedule. Gershon Friedman of Meridian Capital originated the loans.
CREST HILL, ILL. — Gershon Friedman of Meridian Capital Group secured a $1.3 million loan to refinance Cedar Green Apartments in Crest Hill. The multifamily property features 36 units. The 10-year loan has a 30-year amortization schedule and carries a 6.06 percent rate. Centerline Capital Group financed the loan.
WESTBOROUGH, MASS. — NAI Hunneman has brokered the sale of a 35-unit apartment building in Westborough for $2.6 million. The property is located at 15 Willow St. It contains one studio, 23 one-bedrooms and 12 two bedrooms. It was constructed in 1969 and renovated in the last 4 years. NAI's Carl Christie and Dan McGee represented the seller, 15 Willow Street LLC, and procured the buyer, 15 Willow Westboro LLC.
FROSTPROOF, FLA. — Dimara Corp. has sold the 34-acre Frostproof Retreat to Lomas Del Sol for $1.05 million in a transaction that took nearly 2 years to complete. The Frostproof property features a 6,000-square-foot building, a mobile home and six outbuildings, and it will be used as an H2A Farm Labor Housing facility. Greg Smith, Clay Taylor, David Hitchcock and Darby Craddock of Coldwell Banker Commercial Saunders Real Estate brokered the sale.
NORTHFIELD, MINN. — Dominium Development and Acquisition has acquired Jefferson Square Townhomes in Northfield. The 50-unit affordable housing complex sold for an undisclosed price. Dominium has a $3.2 million renovation planned for the project, including new roofing, siding, apartment upgrades, parking lot improvements, site landscaping and the construction of a new community building. Jefferson Square is the 94th property acquired in Minnesota by Dominium since its founding in 1972. Additional terms of transaction were not released.
DANBURY AND BETHEN, CONN. — Arbor Commercial Funding has secured Fannie Mae DUS funds to refinance a portfolio four Connecticut multifamily communities. A $15.11 million loan was arranged for Spring Ridge Apartments, a 138-unit property located in Danbury. A $5.4 million loan was arranged for Park Ridge South Apartments, a 47-unit property also located in Danbury. A $3.13 million loan was arranged for Mountain View Apartments, a 36-unit property located in Beth. Finally, a $3.18 million loan was arranged for Grassy Plain Estates, a 36-unit property also located in Bethel. Each loan carries a 10-year term, a 30-year amortization schedule and a 5.73 percent interest rate. Edward Petti of Arbor's New York City office originated the transactions. The borrower's name was not disclosed.
NEW YORK CITY — Realty Capital Partners has invested approximately $2.1 million to recapitalize a multifamily rental building located in Manhattan's Tribeca neighborhood. The property contains 11 residential units, two of which are rent stabilized, and two retail spaces. It underwent extensive renovations in 2005. Occupancy was 100 percent at the time of closing. The project's owner, Code RED, plans to convert the apartments to for-sale condominiums.
LAKE WORTH, FLA. — HH Somerset has purchased the 24-unit Somerset Apartments from a private seller for $1.82 million. The 20,748-square-foot property is located at 102 N. Lakeside Drive in Lake Worth. Brandon Rex of Marcus and Millichap brokered the sale.
GREENWOOD, IND. — Tikijian Associates has completed the sale of Friendly Village, a more than 500 lot mobile home community in Greenwood. Illinois-based Indy Mobile acquired the property for an undisclosed price. The buyer has numerous capital improvement projects planned for the property, which is its first acquisition in the Indianapolis market. Tikijian represented the court-appointed receiver, McKinley, and special servicer, LNR Partners, in the transaction.