ORLANDO, FLA. — Jefferson Apartment Group (JAG) has completed the sale of Azul Baldwin Park, an apartment property located at 4460 Lower Park Road in Orlando. An undisclosed buyer acquired the asset for $43 million. Developed by JAG and Pacolet Milliken Enterprises, the property features 178 apartments. On-site amenities include a spa, resort-style pool with sundeck and an outdoor kitchen, as well as a grilling area, fitness center and clubroom.
MYRTLE BEACH, S.C. — Eyzenberg & Co. has secured a $26 million first mortgage bridge loan to replace a $22.6 million construction loan for THEBlvd, a mixed-use property in Myrtle Beach. Land South of MB LLC is the borrower and retained Eyzenberg & Co. last year as its financial advisor for the development of THEBlvd. David Eyzenberg, Jeff Conti and Anastasia Vladislavova of Eyzenberg & Co. arranged the loan, which was provided by Rialto Capital Management. Located at 1410 N. Ocean Blvd., the 42,000-square-foot property features live entertainment, restaurant and retail space. At the time of financing, the recently completed property was 70 percent leased to tenants, including Tin Roof, Banditos Cantina, BurgerFi and Starbucks Coffee.
CAMBRIDGE, MASS. — CBRE has secured a $120.2 million loan for the refinancing of Zinc Apartments, a 392-unit multifamily property in Cambridge. Located at 22 Water St., the high-rise community features an outdoor resident lounge, a 15,000-square-foot garden terrace, fitness center and 24-hour concierge service. Nate Sittema and Kristen Reilley of CBRE represented the borrower, Greystar Real Estate Partners, in securing a 10-year, fixed-rate loan through Freddie Mac.
NEW YORK CITY — Brax Realty has negotiated the $12.2 million sale of a two-building multifamily property on the Upper East Side of Manhattan. Located at 432- 434 E. 89th St., the properties were built in 1910 and are comprised of 41 units. Alan Stenson of Brax Realty represented the buyer, S.W. Management, in the transaction. The seller was H.S. Realty Associates Inc.
CEDARHURST, N.Y. — Rosewood Realty has arranged the $3.2 million sale of a three-story apartment building in Cedarhurst, Long Island. Located at 488 Central Ave., the 12,000-square-foot property was built in 1924 and includes eight apartments as well as two ground-floor retail spaces. The retail spaces include a restaurant and a children’s clothing store. Michael Guttman of Rosewood Realty represented both the buyer, PD Central LLC, and the seller, 488 Central Avenue LLC, in the transaction.
JACKSON, TENN. — Greystone has funded a total $20.9 million in HUD-insured loans to refinance a two-facility skilled nursing portfolio in Jackson. Fred Levine of Greystone’s Monsey, N.Y., office originated the financing for the undisclosed borrower. The two loans both carry a 30-year term and amortization period. The financing is a permanent exit from the interim bridge loans that Greystone previously arranged for the facilities.
INDIANAPOLIS — A joint venture between Wilkinson Corp. and Torchlight Investors has purchased a five-property multifamily portfolio in Indianapolis. Hampshire Properties Ltd. sold the portfolio for $121.5 million, according to the Indianapolis Business Journal. The portfolio consists of nearly 2,000 units. Berkadia’s Atlanta office originated the senior mortgage loan for the acquisition. Wilkinson’s affiliated property management company, Wilkinson Asset Management, has assumed management responsibilities of the communities. The joint venture plans to invest several million dollars to refresh the exterior designs, amenities and unit interiors. The properties will be rebranded with different names. The acquired communities include: Riverwood Apartments, a 120-unit community located at 5830 River Wood Drive on the north side of Indianapolis. The property will be rebranded The Preserve on Allisonville, and will receive a full renovation to the exterior and interiors. Woods Edge Apartments, a 190-unit community located at 6401 Woods Edge North Drive. The property will be rebranded Parkside at Castleton Square, and will receive interior renovations, as well as upgrades to the exterior and amenity spaces. Villa Nova Apartments, a 126-unit community located at 8760 LeMode Court. The community will be renamed The Elliott at College Park, and is set to undergo exterior and interior renovations, …
CHATTANOOGA, TENN. — The Legacy Cos. has purchased Elements of Chattanooga, a multifamily property in Chattanooga. Wicker Park Capital Management sold the property to Legacy for $35.9 million. Robbie O’Bryan and Brad Boston of Cushman & Wakefield represented the seller in the deal. Located at 7310 Standifer Gap Road, the property features 340 apartment units. Community amenities include a clubhouse, fitness center, swimming pool with sundeck, tennis and volleyball courts, on-site management and maintenance, picnic areas and a business center. Additionally, Dougherty Mortgage provided a $27 million Green Fannie Mae loan for the acquisition, as previously reported.
SMITHTOWN, N.Y. — Benchmark has opened Whisper Woods of Smithtown, an assisted living and memory care community in Smithtown, located on Long Island. Whisper Woods is a three-story, 88,500-square-foot building that sits on 12.6 acres. The property, Benchmark’s first in New York, features 101 units that can serve up to 136 residents. “There has been a need for high-quality seniors housing on Long Island, where the 75-plus population has grown by 20 percent in the last eight years,” says Tom Grape, Benchmark’s chairman and CEO. “Whisper Woods is in an ideal location — close to downtown Smithtown and St. Catherine of Siena Medical Center.” Desiree Krajnyak-Baker is the community’s executive director, overseeing a team of 85. Based in Waltham, Mass., Benchmark operates 58 senior living communities offering independent living, assisted living, memory care and continuing care in Connecticut, Maine, Massachusetts, New Hampshire, New York, Pennsylvania, Rhode Island and Vermont.
LOS ANGELES — Meridian Capital Group has secured a $16.5 million refinancing for Kingsley Drive Apartments, a multifamily property in Los Angeles. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian arranged the seven-year loan featuring full-term interest-only payments. A life insurance company provided the capital. Located at 737 S. Kingsley Drive in Los Angeles’ Koreatown neighborhood, the five-story complex consists of 83 one- and two-bedroom apartments. Originally built in 1988, a portion of the apartments were renovated in 2016 and 2017 and feature quartz countertops, stainless steel appliances, wine coolers, tile flooring and updated fixtures. Community amenities include a pool, spa, fitness center, putting green and driving range.
