INDIANAPOLIS — The Phoenix and Indianapolis offices of CB Richard Ellis have collaborated in the sale of a 2,103-unit multifamily portfolio located in Indianapolis. Brooklyn, N.Y.-based Hampshire Properties acquired the six-property portfolio from AIMCO for an undisclosed amount. The apartment properties include the 1,381-unit Westlake and the 166-unit Wind Drift located on the west side of the city; as well as the 190-unit Woods Edge, the 126-unit Villa Nova, the 120-unit Spyglass and the 120-unit Riverwood located on the north side of the city. Hampshire Properties has hired locally based Buckingham Cos. and Flaherty & Collins to manage the portfolio. CB Richard Ellis’ Multi-Housing Group represented AIMCO in the transaction.
JOLIET, MORRIS AND CHICAGO, ILL. — New York-based Meridian Capital Group has arranged approximately $10.45 million in loans for four Illinois multifamily properties. In Joliet and Morris, the company has arranged $8.83 million in financing for three apartment communities totaling 237 units. The properties, which are located on Marbel Court in Morris and Larkin Avenue in Joliet, were recently remodeled. Joseph Schwimmer in the Illinois office of Meridian negotiated on behalf of the undisclosed borrower. Financing for all of the properties was based on a 10-year term, with rates ranging from 5.63 percent to 5.79 percent. In Chicago, Meridian has arranged approximately $1.62 million in financing for an apartment community located at 6110 N. Winthrop Ave. The loan for the 37-unit property was based on a 5-year term with a rate of 5.72 percent. Tannie Schnell in Meridian’s Illinois office secured financing for the undisclosed borrower.
NEW YORK CITY — Manhattan, New York City-based Alchemy Properties is advancing construction for Hudson Hill Condominium, a 67-unit residential building currently under construction at 462 W 58th St. in New York City. Upon completion in June, the property will contain a mix of one-, two- and three-bedroom residences that range from 760 to 3,253 square feet in size and range from $805,000 to $2.98 million in price. Many of the homes feature terraces and balconies, and all five of the building’s penthouse units feature rooftop terraces. Building amenities include a 24-hour attended lobby, a video intercom system, a recreation room and an outdoor patio. The project was designed by FXFOWLE ARCHITECTS and is being developed by Alchemy. Sales have commenced for the residences and a model unit has been completed for prospective buyers.
NEW YORK CITY — Meridian Capital Group has arranged $32 million in first-mortgage financing for a 13-story luxury apartment building located at 222 W. 83rd St. in the Upper West Side of Manhattan, New York City. The building comprises 111 apartments and four commercial units. Avi Weinstock of Meridian negotiated the financing on behalf of the undisclosed borrower with a local lender. Terms of the financing include a 5.85 percent fixed interest rate with 5 years of interest-only payments.
SHERMAN OAKS, CALIF. — Woodland Hills, Calif.-based Kiowa Arms LLC has acquired a 14-unit apartment complex, which is located at 14936-40 Magnolia Blvd. in Sherman Oaks, for approximately $2.8 million or $196,429 per unit. The two-building property offers two- and three-bedroom units. The buyer plans to renovate the complex and re-rent the vacant units. Vines Management represented the buyer; Dana Brody and Joshua May of Grubb & Ellis represented the undisclosed seller in the transaction.
LOUISVILLE, KY. — Blankenbaker Crossings Apartments has sold its 236-unit Class A apartment complex to an undisclosed buyer for $20.5 million. The complex is located in the Eastern suburbs of Louisville. Louisville-based Commercial Kentucky’s Craig Collins represented the seller.
CORPUS CHRISTI, TEXAS — Development is under way for Mirador, a 206-unit senior housing facility located at the corner of Staples Street and Yorktown Boulevard in Corpus Christi. The gated, resort-style community is located on 13 acres and features 110 independent living apartments, 40 assisted living suites, 40 skilled nursing care rooms and 16 memory support residences. Amenities at the community include a 25,000-square-foot common area that houses an on-site beauty salon/barber shop, comprehensive wellness programs, restaurant-style dining and a creative arts studio. Mirador is owned by Texas-based non-profit organization Senior Quality Lifestyles Corp. and is being developed by Greystone Communities. Architecture firm three is serving as project architect, with Gignac Landscape Architecture providing landscape architecture services and Bridget Bohacz + associates inc. serving as interior design firm. Andres Construction is serving as general contractor. The construction timetable was not released.
DAYTON, OHIO — Minneapolis-based NorthMarq Capital has arranged $2.59 million in first mortgage financing for Chamberlain I & II, a rehabbed 147-unit multifamily property located in Dayton. Greg Duvall in the Kansas City office of NorthMarq arranged the loan for the borrower, Cornerstone Regency Properties of Chamberlain LLC. The transaction was financed through Freddie Mac’s Embedded Cap Variable Rate Loan program. Additional terms of the loan were not disclosed.
TERRYVILLE, CONN. — Arbor Commercial Funding has secured $2.66 million in Fannie Mae financing for Quail Hollow Village, a 66-unit multifamily community located in Terryville. The loan carries at 10-year term, a 30-year amortization schedule and a 6.42 percent interest rate. John Edwards of Arbor’s Boston office originated the financing on behalf of the undisclosed borrower. The loan was secured under Fannie Mae’s Small Loans product line.
LAS VEGAS — NorthMarq Capital has arranged first mortgage financing of $8.7 million for the Indian Ridge Apartments, a 184-unit apartment complex located in Las Vegas. Financing was based on a 15-year term and a 15-year amortization schedule. The lender was 40/86 Mortgage Capital.