ATLANTA — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged a $10.6 million loan for the acquisition and renovation of The Villas on Briarcliff, an 82-unit apartment community located in Atlanta’s North Druid Hills neighborhood. The property features a resort-style pool, 24-hour fitness center and detached garages. Dekel Capital arranged the 18-month, interest-only, floating-rate loan through Berkadia Commercial Mortgage.
COLUMBUS AND REYNOLDSBURG, OHIO — Lancaster Pollard has closed two refinancing loans totaling $5.5 million for multifamily properties in Ohio. Both properties were participating in the federal Low-Income Housing Tax Credit Program and have recently exited their initial 15-year credit period. Homeport Inc. was the borrower for both loans. In the first deal, Lancaster Pollard originated and underwrote a $3.5 million fixed-rate FHA loan for Pheasant Run Apartments, a 136-unit property located in Reynoldsburg. The FHA loan, which features a 35-year term, paid off existing debt and provided $1 million for repairs and renovations. In the second transaction, Lancaster Pollard originated and underwrote a $2 million fixed-rate Fannie Mae loan for Emerald Glen Apartments, a 130-unit complex in Columbus. The nine-year term financing paid off current debt and provided $350,000 for repairs and renovations. Both loans were paired with additional financing from the Ohio Housing Finance Agency.
TRUMBULL, CONN. — Paredim Partners, in partnership with LEM Capital, has acquired Eaves Trumbull Apartments, an apartment community located in Trumbull, for $70.2 million. Situated on 38 acres, the multifamily community features 340 apartment units in a mix of one-, two- and three-bedroom layouts, and an 11,000-square-foot clubhouse with a pool, indoor basketball and racquet courts. The seller was Avalon Bay Communities. Paredim Partners is an owner-operator of multifamily residential properties in the Northeast, specializing in the Connecticut marketplace.
FLORHAM PARK, N.J. — A joint venture partnership between The Rockefeller Group and Korman Communities has started construction on AVE Florham Park, a flexible-stay community located within The Green at Florham Park in Florham Park. Slated to open in 2017, the 450,000-square-foot property will feature 256 corporate suites for corporate housing and relocations and 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, a community courtyard with lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbeque area, a movie screen, fire pits and cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including an indoor media center, café with weekday club breakfast, conference suites, a fitness center, a yoga studio, a spa and a 24-hour concierge. The Green at Florham Park is The Rockefeller Group’s 268-acre master-planned development. Additional plans for The Green at Florham Park include a 425-unit active adult residential community, to be developed by Pulte Homes on 100 acres, and an Archer Hotel.
PORTLAND, ORE. — MG Properties Group (MGPG) has acquired the 283-unit Russellville Commons Apartments in Portland for $57.8 million. The community is located at 10320 S.E. Pine St., within the Gateway District. Russellville was built in 1999. This is MGPG’s seventh acquisition in the past year. MGPG is currently targeting much of the West, including Arizona, California, Colorado, Nevada, Oregon and Washington. Cody Hagerman and Tyler Johnson of HFO Investment Real Estate represented the seller, the Reliant Group, in this transaction. Joe Briganti at PNC Real Estate arranged a 10-year, fixed-rate mortgage for the transaction.
DENVER — Jackson Square Properties has sold the 345-unit Villas at Parker apartment community in Denver to Advenir for an undisclosed sum. The community is located at 1090 S. Parker Road. It was built in 1972 and renovated in 2008 and 2009. ARA Newmark represented Jackson Square in this transaction.
PLAINFIELD, IND. — KeyBank has provided a $13.2 million Fannie Mae loan for an apartment complex in Plainfield, approximately 17 miles southwest of Indianapolis. Gladden Farms Apartments is a 220-unit affordable housing community that operates under the federal Low-Income Housing Tax Credit Program established by the Tax Reform Act of 1986. Gladden Harmony Housing LLC will use the loan proceeds to fund the acquisition and refinance the property.
PHOENIX — A joint venture led by Sunroad Enterprises received $23.5 million in first mortgage debt to finance the acquisition of the 240-unit Sonoma Ridge Apartments in Phoenix. The community is located at 8201 W. Beardsley Road. HFF’s Aldon Cole and Tim Wright arranged the financing, which Mesa West Capital provided.
RIALTO, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the $14.1 million sale of Vista Cove Care Center, a 177-bed skilled nursing facility in Rialto, about 55 miles east of Los Angeles. A joint venture of a New York-based real estate group and a Los Angeles-based operator bought the property from a regional owner/operator. The purchase price equates to $79,858 per bed and a capitalization rate of 7.3 percent. Blueprint’s Christopher Hyldahl was the lead advisor and Mike Segal assisted in executing the transaction.
BURLESON, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Reserve at Village Creek, a 191-unit apartment community in Burleson. Will Balthrope, Drew Kile and Rowan Burch of IPA represented the seller and procured the buyer in the transaction. Built in 2012, the property is located at 444 E. Renfro St., with visibility and frontage on I-35. Texas Health Hughley Hospital is located three miles from the property and Alcon Laboratories, a manufacturer of eye care products, is six miles away. Apartments at The Reserve at Village Creek feature black appliances, island-style kitchens with granite countertops and washers and dryers. Community amenities include a fitness center and a swimming pool.
