NEW YORK CITY — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small balance loan for the refinancing of a 13-unit apartment building located at 2402 Gerritsen Ave. in Brooklyn. Built in 1964 and recently rehabilitated, the property includes ground-floor retail space. Vincent Chiodo of Arbor’s New York office provided the loan, which carries a 10-year term and a 30-year amortization schedule. The borrower was not disclosed.
DALLAS — CBRE has negotiated the sale of Greens of Hickory Trail, a 250-unit multifamily community located about 10 miles south of downtown Dallas. The property was built in 2000 and was 97 percent occupied at the time of sale. Chris Deuillet, Chandler Sims, Jeff Kunitz and Mike Canori of CBRE represented the seller in the transaction. According to brokers, the property’s rental restrictions will phase out over the next two years, creating an opportunity for the undisclosed buyer to upgrade the property and unlock additional value.
NEW YORK CITY — New York City-based Greystone has provided a $125.2 million refinancing loan for a four-property multifamily portfolio in Kentucky and Pennsylvania. The Fannie Mae financing features a 12-year term, 30-year amortization and six years of interest-only payments. The loan also includes a new ownership structure, with Nick Kozul of Bayshore Properties taking a 50 percent stake in the portfolio from current owner, Angie Djurin of North Street Properties. The four properties are the 470-unit Ventana Hills Apartments in Corapolis, Pa.; the 252-unit Berkeley Manor Apartments in Cranberry Township, Pa.; the 409-unit WoodSpring Apartments in Florence, Ky.; and the 252-unit Colts Run Apartments in Lexington, Ky.
MORRISVILLE, N.C. — HFF has arranged the $46.5 million sale of Bainbridge Lake Crabtree, a 200-unit apartment community in Morrisville. Bainbridge Lake Crabtree is located at 2599 Evans Road, about 15 miles from both Raleigh and Durham. The asset was delivered in 2018 and offers units averaging 1,015 square feet. Communal amenities include a swimming pool, sun deck, interior courtyard with fire pits, grilling station, pet spa, bark park, clubroom and a fitness center with yoga studio. Justin Good, Jeff Glenn, Allan Lynch and Caylor Mark of HFF represented the seller, The Banbridge Cos. LLC and Amzak Capital Management, in the transaction. The team also procured the buyer, RK Properties.
HAYWARD, CALIF. — Faris Lee Investments has arranged the purchase of Casa Sandoval, a 187,926-square-foot seniors housing community in Hayward, located along San Francisco Bay. Kayne Anderson Real Estate, a Florida-based private equity firm, acquired the property for $39 million in an off-market sale. The purchase was made through a recently closed $1.85 billion private equity fund focused on seniors housing, medical office and student housing. Gene Ventura with Faris Lee Investments represented the buyer in the transaction. The name of the seller was not released. Constructed in 1990, the Casa Sandoval community offers a total of 235 licensed beds for independent living, assisted living and memory care, with expansion opportunities available.
GILBERT, ARIZ. — The Praedium Group has purchased Town Commons, a multifamily complex located in Gilbert, for an undisclosed price. The name of the seller was not released. Comprising 24 residential buildings, Town Commons features two two-story townhouse buildings, 10 two-story carriage homes and 12 three-story, garden-style buildings. Constructed in 2018, the property features 306 units in a mix of one-, two-, three- and four-bedroom layouts, ranging in size from 776 square feet to 2,197 square feet. Community amenities include a resort-style swimming pool, outdoor lounge, bonfire pits, barbecue grills, dog park, children’s splash pad, clubhouse with a cyber café, private work space with a 55-inch presentation television and fitness center.
SEATTLE — Norris, Beggs & Simpson Financial Services has arranged $5.5 million in financing for Soundview Apartments in Seattle. The borrower, RSA Soundview LLC, plans to use the funds to refinance existing debt. Michael Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate financing through State Farm Life Insurance Co., a life company correspondent of NBS Financial. The 108,066-square-foot property features 85 apartments, a parking garage, rooftop deck, courtyard and 3,872 square feet of ground-floor retail space.
LIMA, OHIO — Woda Cooper Cos. Inc. has completed the conversion of an historic 1926 bank building in downtown Lima into a 47-unit mixed-income housing community. A grand opening ceremony took place Tuesday, June 25. Formerly the First National Bank & Trust Building, the 12-story building is listed on the National Register of Historic Places. Known as 43 Town Square, the property offers a mix of affordable and market-rate apartments. The building sat vacant for many years and was in need of substantial rehabilitation. Of the 47 units, 37 are designated as affordable for families and seniors with household incomes up to 60 percent of the area median income. Rents for the affordable units range from $313 to $675 per month. The 10 market-rate apartments rent for $769 to $916 per month. The project also includes a first-floor management office, two community rooms, a computer room and multiple laundry spaces. Project funding partners included the Ohio Housing Finance Agency, the U.S. Department of Interior, Ohio Development Services Agency, city of Lima and RiverHills Bank. CREA LLC is investing in the low-income housing tax credits and federal historic tax credits.
ST. CLAIR SHORES, MICH. — Ciena Healthcare has opened Regency at St. Clair Shores, a $20 million skilled nursing center in north suburban Detroit. The 146-bed facility is located at 22700 Greater Mack Ave. Regency at St. Clair Shores is the fourth Ciena Healthcare center in Macomb County. More than 200 full- and part-time employees will work at the facility, which features 56 private deluxe suites and 43 semi-private suites. Amenities include 24-hour dining options, a full-service spa, salon and lounges. Skilled services include 24-hour nursing care, physical, occupational and speech therapy, as well as a rehabilitation gym.
TOPEKA, KAN. — NorthMarq has arranged the sale of three multifamily properties totaling 216 units in Topeka for an undisclosed price. The properties include the 117-unit Shawnee Lake, the 65-unit Wanamaker View, and the 34-unit Brentwood Apartments. Jeff Lamott of NorthMarq arranged the sale on behalf of both parties. Orozco Capital Trust sold the assets to Vertex Investments. Built in the 1990s, the Class B properties are nearly fully occupied.