CHARLOTTE, N.C. — KeyBank Real Estate Capital has arranged a $28.1 million Freddie Mac loan for Barrington Place, a 348-unit apartment community in Charlotte. Situated nine miles outside of downtown Charlotte, the property was built in 1998 and will undergo upgrades over the next three years. Trevor Ritter of KeyBank arranged the seven-year, interest-only loan, which the borrower used to refinance existing debt.
DELRAY BEACH, FLA. — Meridian Capital Group has arranged $23.9 million in financing for the development of a three-story, 118-unit seniors housing community in Delray Beach. The five-year loan, provided by a regional balance sheet lender, features a floating interest rate of 3.25 percent over LIBOR and three years of interest-only payments. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in the Meridian’s New York City headquarters, arranged the financing.
ATLANTA — CBRE Capital Markets has closed $19 million in financing through the Freddie Mac Small Balance Loan program for a 12-property multifamily portfolio in Atlanta. The workforce housing properties are located in three metro Atlanta submarkets and total 458 units. Kelly Martone of Bellwether Enterprise arranged the refinancing on behalf of the borrower, Nelkin Real Estate. Jeffrey Pirhalla of CBRE Capital Markets’ Wholesale Lending team originated the financing, which comprises 20-year hybrid ARM loans whereby the interest rate is fixed for the first 10 years of the term and adjustable for the following 10 years. The financing also features three years of interest-only payments.
OAK LAWN AND WORTH, ILL. — Essex Realty Group Inc. has brokered the sale of a 110-unit multifamily portfolio in suburban Chicago for $7.4 million. The portfolio consists of three buildings in the southwest suburbs of Oak Lawn and Worth. The properties include 10409-35 S. Menard Ave. and 10300-20 S. Parkside Ave. in Oak Lawn, and 6615-19 W. Lloyd Drive in Worth. The buildings were converted to condos in the mid-2000s. The unit mix for the buildings includes 49 one-bedroom, 59 two-bedroom and two three-bedroom units. The purchaser plans to acquire the remaining 16 units. Brian Kochendorfer and Matt Welke of Essex represented the seller in the transaction. Doug Imber and Kate Varde represented the buyer.
MINNEAPOLIS — CBRE has arranged the sale of The Parkway in Minneapolis for $6.5 million. The 70-unit apartment community is located at 1501 LaSalle Ave. near Loring Park. The building, originally built in 1917, has undergone significant improvements to the lobby and common areas. Half of the apartments were upgraded prior to the sale. Ted Abramson, Robert Lockman, Keith Collins and Laura Hanneman of CBRE represented the seller, Parkway Property Investors LLC. The buyer was local owner TE Miller Development LLC, based in Eden Prairie.
SMITHTOWN, N.Y. — Benchmark Senior Living is developing Whisper Woods, an assisted living community located at Route 25A and River Heights Drive in Smithtown. Slated to open in June 2018, the $25 million property will feature 101 units. Project members include EW Howell Construction Group and Moseley Architects. The property will be Benchmark’s first assisted living facility in New York.
DEPTFORD, N.J. — Eastern Union Funding has arranged $52.3 million in senior debt of behalf of Redstone Equities for the acquisition of Narraticon, a multifamily community in Deptford. David Singer of Eastern Union Funding arranged the senior debt, which features a floating rate, with a Freddie Mac seller/servicer. The 171-acre development features 443 rental apartments and townhomes, ranging from one- to four-bedroom layouts. Community amenities include a saltwater pool, lighted tennis courts, fitness center, sauna and a clubhouse with billiards, televisions, a library and complimentary WiFi.
HOBOKEN, N.J. — Advance Realty has acquired The Metropolitan, a residential property located at 1300 Clinton St. in Hoboken, for an undisclosed price. Built in 2000, two-building property features 128 apartment units, an above-ground parking garage, fitness center, residents’ lounge, clubroom and 2,000 square feet of retail space. The property is located adjacent to Advance Realty’s Harlow, a recently developed lifestyle-oriented apartment building. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the undisclosed seller in the deal, while Jon Mikula and Jim
SANTA ROSA, CALIF. — Cushman & Wakefield has negotiated Anvil Development’s acquisition of four acres in Santa Rosa, just north of San Francisco, for $1.5 million. The developer plans to build a 59-bed skilled nursing facility on the property. A.J. Ventures sold the plot. The skilled nursing facility will be 37,000 square feet once completed. The Cushman & Wakefield team of Travis Ives, Matt Davis, Terry Jackson and Curtis Buono represented the buyer in the transaction.
TAMPA, FLA. — The RADCO Cos. has purchased St. Croix, a 540-unit, Class B apartment community in Tampa, for $58.5 million. The Atlanta-based multifamily investor plans to rebrand the asset Radius Tampa Palms and invest $7 million in capital improvements to the property’s amenities and interiors. RADCO is financing the acquisition and renovations using a $45.4 million Freddie Mac loan and $23 million in private capital. RADCO’s property management division, RADCO Residential, will manage Radius Tampa Palms. Built in two phases in 1988 and 1990, the apartment community comprises one- and two-bedroom units averaging 754 square feet. Community amenities include a fitness center, two pools, lighted tennis courts, sand volleyball court, clubhouse, business center and a dog park.
