ILLINOIS, INDIANA AND WISCONSIN — Berkadia has arranged the $41.5 million sale of the Tristate Portfolio, a 545-unit multifamily portfolio located in Illinois, Indiana and Wisconsin. The properties include: the 184-unit Garden Quarter in Elgin, Ill.; the 123-unit Glacier Hills in Madison, Wis.; the 138-unit Arbor Crossing in Valparaiso, Ind.; and the 100-unit Barrington Bridge in Chesterton, Ind. Glacier Hills was constructed in 1989, while the other properties were built in the 1970s. Alex Blagojevich, Ralph DePasquale, Chris Bruzas and Parker Stewart of Berkadia represented the undisclosed seller. Two separate buyers purchased the portfolio.
TROY, MICH. — Greystone has provided a $36.3 million HUD loan for the refinancing of Gables of Troy, a 544-unit apartment property in Troy. The property features amenities such as a pool, hot tub, tennis court, fitness center and covered parking. Cary Belovicz and Steve Van Riper of Greystone Bel Real Estate Advisors and John Marr of Greystone originated the loan on behalf of Kaftan Communities. The loan, fully amortized over 35 years, is part of HUD’s green program.
POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the sale of a mixed-use portfolio in Poughkeepsie for $1.5 million. The portfolio consists of three buildings: 509-513 Main St., a 12-unit mixed-use building; 30 Kelsey Road, a five-unit residential property; and 82-84 Garden St., a six-unit apartment building. Chip Collins of Marcus & Millichap represented the buyer and seller in the transaction, both private investors.
ALEXANDRIA, VA. — HFF has arranged a $95.5 million loan for the acquisition of Meridian at Carlyle, a 403-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Steven Klein and Cary Abod of HFF secured the five-year, floating-rate loan through MetLife Investment Management on behalf of the buyer, a joint venture led by Lincoln Property Co. (LPC). The new ownership will renovate unit interiors, update common area amenities and rename the community Lincoln at Old Town. Located at 401 Holland Lane, the property is adjacent to a Whole Foods Market and within walking distance to the King Street Metro Station. Community amenities include a resort-style pool, barbecue area, putting green, fitness center, clubroom with billiards, concierge services and on-site dry cleaning service.
ATLANTA — Cushman & Wakefield has brokered the sale of 32Hundred Lenox, a 431-unit apartment community located in Atlanta’s Buckhead district. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. A joint venture between Torchlight Investors and Wilkinson Corp. acquired the asset. The sales price was not disclosed, but the Atlanta Business Chronicle reports the community sold for $72.5 million. The new owners plan to renovate 32Hundred Lenox, which was originally constructed in 1967. The community is located adjacent to the Lenox MARTA station and features a barbecue area, swimming pool, children’s play area, fitness center, spa and a business center.
MARIETTA, GA. — Main Street Residential has acquired View 75, a 214-unit apartment community located at 1035 Franklin Road in Marietta, roughly 20 miles north of Atlanta, for $20 million. The name of the seller was not disclosed. Main Street will invest $2 million to renovate the community’s interiors and exterior, as well as upgrade the property’s common areas. View 75 includes a mix of one-, two- and three-bedroom apartment and townhome-style floor plans. Community amenities include a pool, playground, basketball court and on-site laundry facilities
EDMOND, OKLA. AND CANYON, TEXAS — New York-based Harborview Capital has closed agency financing for two multifamily properties in Texas and Oklahoma. The company arranged a $4.9 million Freddie Mac loan for the refinancing of a 98-unit community in Edmond, a northern suburb of Oklahoma City, and a roughly $1 million Fannie Mae loan for the refinancing of a 23-unit community in the West Texas city of Canyon. Jeffrey Fuchs of Harborview arranged the non-recourse loans, which feature fixed interest rates and 30-year amortization schedules. The names of the properties and borrowers were not disclosed.
CRYSTAL LAKE, ILL. — Greystone Real Estate Advisors has brokered the $16 million sale of Darlington Court Apartments, a multifamily property in Crystal Lake that includes 209 apartments and 26 privately owned condominiums. Situated 45 miles northwest of Chicago and built in the 1970s, Darlington Court Apartments features one- and two-bedroom units ranging in size from 681 to 942 square feet, as well as laundry facilities, a children’s play area, swimming pool and storage units. The undisclosed buyer plans to convert the condo units into rental apartments. The buyer also plans to renovate the interiors of the apartment units and the common areas across the complex. Bill Montana and Chris Sackley of Greystone brokered the transaction on behalf of the seller, Darlington Properties LLC.
HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term financing and to recoup capital expenditures. “The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting from both a lower rate and an extended amortization period, which in the case of this loan is 35 years.”
WESTMINSTER, COLO. — KeyBank’s Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture between Koelbel & Co., Mile High Development and Longs Peak Advisors. The transaction will fund the construction of Eaton Street Apartments, an affordable housing development in the Denver suburb of Westminster. KeyBank provided a $24.8 million construction loan, a $14.1 million Low-Income Housing Tax Credit equity investment and a $10.8 million Fannie Mae permanent loan. Beth Palmer and Sarah Geis of KeyBank’s CDLI team, along with Jeff Rodman of KeyBank’s Commercial Mortgage Group, arranged the financing. Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing’s Colorado Housing Investment Fund. Private Activity Bonds were issued by the Colorado Housing and Finance Authority. Ron Lehr and Sam Adams of KeyBanc Capital Markets provided underwriting and remarketing services for the bond issuance. The property will feature 118 apartment units and 22,000 square feet of ground-floor retail space. A portion of the units, 99 in total, will be reserved for households earning 60 percent or less of area median income (AMI), and eight units will be reserved for households earning 50 percent …