OMAHA, NEB. — NorthMarq Capital has secured a $4.7 million loan for the refinancing of two multifamily properties in Omaha. The properties are Four Seasons Apartments and South Park Apartments. Jason Kinnison of NorthMarq Capital’s Omaha office arranged the financing for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.
KENT, OHIO — EP Madison Properties LLC has acquired Parkview Kent Apartments in Kent for $625,000. Located at 809 and 841 Silver Meadows, the property features 24 multifamily units. Gary Cooper and Ben Baker of Colliers represented the buyer in the transaction. The name of the seller was not released.
NEW YORK CITY — Meridian Capital Group has arranged $27.5 million in bridge financing for a development site located at 77 Commercial St. in Brooklyn. The borrowers are Chetrit Group and Clipper Equity. The two-year loan, funded by a regional balance sheet lender, features a fixed-rate and interest-only payments for the full term. The borrowers plan to transform the site, situated on the Greenpoint waterfront, into a 750,000-square-foot, 720-unit residential development. Aaron Brinbaum and Tal Savariego of Meridian’s New York City office negotiated the loan.
NEW YORK CITY — CPEX has brokered the sale of a mixed-use property located at 173 Court St. in New York City’s Cobble Hill historic district. The property sold for $5.25 million, or $1,129 per square foot. The four-story building features approximately 2,000 square feet of commercial space and 3,000 square feet of residential space. Timothy King, Keat Chew and Ryan Condren of CPEX represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.
HASLETT, MICH. — Pillar, a Guggenheim Partners affiliate, has originated an $8.7 million 223(f) HUD Loan for Benson Hills Apartments and Townhomes in Haslett, a suburb of East Lansing, Mich. The borrower is MF Capital LLC. The property features 226 one- and two-bedroom apartment units. David Wilkins of Pillar originated the fixed-rate, 35-year loan, which features a 35-year amortization schedule. Kevin Kovachevich of Bernard Financial brokered the financing.
OKLAHOMA CITY — Senior Living Investment Brokerage Inc. has arranged the sale of Quail Springs, an 80-unit assisted living and memory care community located in Oklahoma City. The community features 68 assisted living units and 12 memory care units. Quail Springs was an operational outlier for the seller, Elmcroft/Ventas, and was not producing a positive EBITDA at the time of closing. Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction. Summit Senior Living purchased the seniors housing facility for an undisclosed price.
MIAMI — Melo Group has completed the construction of Bay House, a 165-unit, 38-story luxury condominium tower in Miami’s East Edgewater District. The building is located at 600 N.E. 27th Ave. and features two-story penthouse units spanning 2,766 to 3,512 square feet that include private rooftop decks. The project’s other units range in size from 1,581 to 1,720 square feet. Bay House’s amenities include a 20,000-square-foot resort deck with a swimming pool, Jacuzzi, outdoor lounge, cabanas and barbeque pavilion. Roughly 99 percent of the units are sold, with prices ranging from $2 million and up. Melo Group plans to deliver a mix of 2,000 residential units over the next two years in the form of market-rate rental projects as well as luxury condominiums.
DURHAM, N.C. — Cushman & Wakefield | Thalhimer has brokered the $35.6 million sale of Whetstone Apartments, a 204-unit apartment community located in downtown Durham. Armanda Hoffler recently developed the property, which is within walking distance to American Tobacco and Durham Bulls Stadium. Allan Lynch and Justin Good of Cushman & Wakefield | Thalhimer’s Raleigh office represented the seller, Tribridge Residential Inc., in the transaction.
BRADENTON, FLA. — Marcus & Millichap has brokered the $25 million sale of 30 West Apartments, a 264-unit apartment community located at 2835 50th Ave. W. in Bradenton. All units at 30 West feature screened-in patios or balconies and storage closets, ceiling fans and walk-in closets. Community amenities include two lighted tennis courts, an on-site laundry facility, fitness center, playground, dog-park, clubhouse, resort-style pool, outdoor kitchen with two gas grills and a pond with park benches and picnic tables. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller, Insula Cos., and procured the buyer, Timberland Properties.
PHOENIX – The 96-unit Aura Apartments in Phoenix has sold to Capital Real Estate for $8.7 million. The community is located at 3623 N. 5th Ave. It was built in 1959 and 1962. The space underwent a $1.3 million renovation program to modernize, rebrand and reposition it. The seller was Pathfinder Partners.
