TACOMA, WASH. — NorthMarq has arranged a $35 million refinancing for Weatherly Inn, an independent living, assisted living and memory care community in Tacoma. Developed in the mid-1990s, the community is family owned and operated. It features 136 units. Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle office, arranged the Freddie Mac financing with a 10-year term and 30-year amortization.
SPRING, TEXAS — Multifamily developer Wood Partners has completed Alta Cathedral Lakes, a 300-unit apartment community in the northern Houston suburb of Spring. Units come in one-, two- and three-bedroom floor plans and feature stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool, fitness center, business center with coworking spaces and reserve-able conference rooms, dog park and wash, bike storage and an outdoor courtyard with a kitchen. Rents start at $1,070 per month for a one-bedroom unit, according to Apartments.com.
MISSION, TEXAS — NorthMarq has brokered the sale of Circle T RV & Mobile Home Park, a 270-site manufactured housing community located in the Rio Grande Valley city of Mission. Jared Bosch, Don Vedeen and Chris Michl of NorthMarq represented the seller, Boston Road MHP Inc., and the buyer, Lewis RR Properties Ltd., in the transaction. The sales price was not disclosed.
PHILADELPHIA — Nashville-based Southern Land Co. has acquired land at 1620 Sansom St. in the Rittenhouse neighborhood of Philadelphia for the development of a $180 million multifamily building. The property will rise 28 stories and will feature 306 units and 32,000 square feet of commercial space. Ken Wellar, Corey Lonberger and Mark Duszak of Rittenhouse Realty Advisors brokered the $24.5 million sale of the land.
NEW HAVEN, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Westville Village Apartments, a 294-unit multifamily community in New Haven. Built on eight acres in 2008, the property offers amenities such as a clubhouse, fitness center, game room and outdoor courtyards. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
NEW YORK CITY — NorthMarq has provided a $44.5 million Freddie Mac loan for the refinancing of Briarwood Gardens, a 514-unit multifamily property located in the Jamaica area of Queens. The property was built in the 1950s and offers studio, one- and two-bedroom units, as well as a playground, dog park and onsite laundry facilities. Robert Ranieri of NorthMarq originated the fixed-rate loan. The borrower was not disclosed.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $34.4 million bridge loan for the refinancing of a 117-unit apartment building in the Williamsburg neighborhood of Brooklyn. The property, which includes 4,000 square feet of commercial space, was originally built as a pencil factory and was converted to multifamily in 2012. A private lender provided the five-year loan, which was structured with a 3.65 percent interest rate, three years of interest-only payments and a 75 percent loan-to-value ratio. Steven Rock of MMCC originated the debt. The borrower was not disclosed.
ROCKVILLE, MD. — An affiliate of The Milestone Group has purchased The Villages at Decoverly, a 564-unit garden-style apartment community located in Rockville. Decoverly is located at 9901 Gable Ridge Terrace, approximately 24 miles from Washington, D.C. Decoverly was developed in stages in 1991 and 2006. The community features a variety of one-, two- and three-bedroom floor plans and common area amenities including two pools, two fitness centers, tennis courts, an outdoor grilling and entertainment area and a children’s play area. Steve Collins, Water Coker, and Brian Crivella and Robert Jenkins of JLL Capital Markets represented the seller, an undisclosed foreign investor, in the transaction. The sales price was not disclosed.
AURORA, ILL. — JVM Realty Corp. has sold The Aventine at Oakhurst North in Aurora for an undisclosed price. The 464-unit apartment community was built in 1999. The property recently received a big facelift, including an update to the clubhouse and amenity spaces, repairs to major building systems and a full renovation of approximately 40 percent of the unit interiors. The property’s 29 buildings sit on 28.5 acres. Dan Cohen, John Jaeger, Justin Puppi and Nisha Mishra of CBRE’s Chicago multifamily team represented JVM in the sale. Hayman Co. was the buyer.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of The Falls and Oak Village, two adjacent apartment complexes that are situated on a combined 22 acres in Fort Worth. The Falls was built in 1976 and totals 256 units, while Oak Village was constructed in 1980 and comprises 152 units. Amenities include two pools, soccer fields, playgrounds, dog parks, grilling areas, and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, Florida-based GreenWater Investments, and procured the buyer, an out-of-state investment group.
