EDEN PRAIRIE, MINN. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for a 75-unit apartment complex in Eden Prairie. The garden style community, which features a mix of one-, two- and three-bedroom units, was fully occupied at closing. Tony Carlson of Grandbridge originated the 10-year, fixed-rate loan, which includes a 20-year amortization schedule, through a life insurance company. The undisclosed borrower utilized loan proceeds to retire existing recourse debt.
LEWISVILLE, TEXAS — NorthMarq Capital has arranged the $12.4 million refinancing of Oak Tree Village Apartments, a 272-unit multifamily property located at 1595 S. Old Orchard Lane in Lewisville. Brent Blake of NorthMarq’s Kansas City office arranged financing on behalf of the unnamed borrower. The 10-year loan was structured with a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
LOS ANGELES – The 60-unit Sherman Apartments in Los Angeles has sold to Lion Real Estate Group for $5.2 million. The community is situated in Koreatown, near three of Downtown’s metro stations. It was built in 1926. Lion Real Estate plans to invest about $1 million to redevelop the property and appeal to urban lifestyle professionals. Peter Strauss of Iconic Investments represented both the buyer and seller, a local private investor, in this transaction.
SAN ANTONIO — Construction is set to begin on the 86,000-square-foot Heartis San Antonio assisted living and memory care community. The property will be completed in the second quarter of 2016. Heartis San Antonio will be built on a 3.6-acre site on Huebner Road, near the cities of Shavano Park and Hill Country Village. It is one of three communities under development in Texas that will be managed by Frontier Management, with a second soon to begin construction in central Texas and a third under development in metro Dallas. Amenities at Heartis San Antonio will include two interior courtyards, activity areas, a gym, specialized programming, 24-hour nursing services, housekeeping and laundry services and Class A finishes. Austin-based Katus LLC is the project’s architect and Cameron, Texas-based EBCO General Contractor Ltd. Is the general contractor. American Momentum Bank is providing construction debt financing.
GROTON, CONN. — CBRE/New England’s Capital Markets team has brokered the sale and arranged financing for The Ledges, a multifamily community located in Groton. The 339-unit asset traded hands for $48.3 million. Built in 2005, the community consists of one single-story leasing center and 14 garden-style apartment buildings offering a mix of 148 one-bedroom units, 155 two-bedroom units and 36 three-bedroom townhomes with an average unit size of 1,022 square feet. Unit amenities include fully equipped kitchens, in-unit washer and dryers and more than eight-foot ceilings throughout. Community amenities include a clubhouse with a resort-style outdoor swimming pool with sundeck, resident lounge with gas fireplace and partial kitchen with built-in bar area, billiards rooms with pool table, business center, conference room, two fitness centers with bathrooms and showers, picnic areas with barbeque grills and a children’s playground, as well as walking trails and a Fit-Trail with 12 exercise stations. Simon Butler, Biria St. John and Mike Stone of CBRE/NE represented the seller, LCOR Groton Apartment LLC, an affiliate of LCOR, and procured the undisclosed buyer. Mike Riccio, Susan Larkin and Anna Pfau of CBRE Debt & Structured Finance team placed $39.21 million in acquisition financing for The Ledges.
NEW YORK CITY — Alpha Realty has brokered the sale of 306 Fifth Avenue, a residential building located in the Park Slope section of Brooklyn. The six-story building sold for $8.3 million. Built in 2002, the 16,525-square-foot building features 10 residential apartments and one commercial unit. Additionally, there is a 421(a) tax abatement in effect on the property until 2025. Lev Mavashev of Alpha Realty represented the seller, the original developers, and the buyer, a Manhattan-based investor, in the off-market transaction. The transaction achieved a 19.8x rent roll multiple and a cap rate of 4.8 percent.
NEW YORK CITY — New York City-based HAP Investments LLC is developing a new project at 284 Wadsworth Ave. in Washington Heights. Known as HAP 4.1, the six-story, 11,000-square-foot development will offer 10 one- and two-bedroom apartments and basement space. The project team will employ Insulated Concrete Form (ICF) wall system for building construction. HAP has selected Design AIDD Architecture to design the project. HAP is currently developing 11 other projects in Upper Manhattan and Chelsea as well as one in Jersey City, N.J.
LOS ANGELES — Douglas Emmett has acquired San Vicente on the Park, a 216,000-square-foot office complex in Los Angeles, for $75.3 million. The two-building complex is located at 6310 San Vicente Blvd. The boutique, five-story property sits adjacent to Cedars Sinai Medical Center, Beverly Hills and the Miracle Mile district. It caters to entertainment-related firms, business services and medical tenants. PRP LLC originally acquired the complex in 2009.
SACRAMENTO, CALIF. – Virtu Investments has acquired the 796-unit Natomas Ridge apartment complex in the Sacramento submarket of Natomas for a reported $62 million. The community is located at 2025 W. El Camino Ave. Natomas Ridge was 94 percent occupied at the time of sale. It is situated just eight minutes from downtown Sacramento, via Interstate 5. The community was constructed in 1979. About 765 of the community’s 796 units have undergone complete kitchen and bathroom renovations. The transaction was executed by Mark Leary, Curtis Gardner and John McCulloch of the ARA Pacific team. The seller was a global investment manager.
LOS ANGELES — RC Acquisitions has purchased National City Tower, a historic adaptive reuse development in Downtown Los Angeles, for $43.2 million. The 118,162-square-foot property is located at 810 South Spring Street in the Financial District. National City Tower was built in 1924 and redeveloped in 2008. It formerly served as a National City Bank branch. The property now contains 93 residential lofts, in addition to ground-floor and basement retail space. The retail portion was fully occupied by tenants like Terroni restaurant, Peking Tavern and Crane’s Downtown Bar. The residential component is 97 percent occupied. Janet Neman and Bryan Glenn of Charles Dunn Company represented both the buyer and seller, National City Towers LLC, in this transaction.