PHOENIX – The 582-unit Sierra Ranch Apartments in Phoenix has received a $21.5-million loan. The community is located at 4722 East Bell Road. The property is 95 percent occupied. The 10-year, fixed-rate loan was arranged by Charlie Williams of Berkadia Commercial Mortgage’s Phoenix office through a life company correspondent.
Multifamily
SUNNY ISLES BEACH, FLA. — HSBC has provided a $284 construction loan for the development of Jade Signature, a luxury 57-story condominium tower in Sunny Isles Beach, 16 miles north of Miami. The developer, Fortune International Group, will use the proceeds of the loan to develop the 192-unit tower by 2017. The project team includes general contractor Suffolk Construction, architect Herzog & de Meuron, interior design firm PYR and landscape architect Raymond Jungles. Individual condominium units range in price from $3 million to more than $26 million. According to Fortune International Group, roughly 80 percent of the homes are under contract.
ATLANTA — Atlanta-based Preferred Apartment Communities Inc. has acquired four multifamily communities totaling 1,397 units in Nashville, Kansas City, Dallas and Houston. Preferred purchased the assets from four new wholly owned subsidiaries for roughly $182 million. The acquisitions were financed through separate Freddie Mac loans from KeyBank National Association totaling $119.9 million.
RIVER GROVE, ILL. —Marcus & Millichap has arranged the $2 million sale of 2453 N. 1st Ave., a 28-unit apartment property in River Grove. The apartment building consists of one- and two-bedroom units and features an on-site laundry facility and parking. The property is five blocks south of the River Grove Metra station, three miles from Interstate 294 and less than five miles from O'Hare International Airport. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, as well as the buyer, a limited liability company.
REYNOLDSBURG, OHIO — Foresite Realty Partners, through its local affiliate Foresite Realty OH LLC, has arranged the sale of a 124-unit apartment property in Reynoldsburg. Independence Village Apartments is located on more than six acres and includes studio, one- and two-bedroom apartments. The property is comprised of 16 buildings and was 92 percent leased at the time of sale. A Chicago-based investor, that was looking to diversify its portfolio, purchased the property for an undisclosed sales price. Jamie Hadac, Bryan Nickow and Jo Lease of Foresite Realty OH LLC represented the seller in the transaction.
PHOENIX – The 26-unit Encanto Oasis Apartments in Phoenix has sold to a local private capital investor for $1.2 million. The community is located at 1840 West Thomas Road, across from the Encanto Golf Course. It was built in 1962. Brian Tranetzki and Rich Butler of Marcus & Millichap represented both the buyer and seller, Encanto Oasis Partners, in this transaction.
LEXINGTON, S.C. — Drever Capital Management has refinanced The Village at Southlake, a 122-unit independent living community in Lexington, with a $12.5 million bridge loan. CBRE’s senior housing debt and structured finance team in Houston arranged the five-year loan with two years of interest-only payments through an unnamed regional bank. Amenities of The Village at Southake include a nature and wildlife habitat preserve, large pond, walking trails, raised gardens, swimming pool, clubhouse, movie theater, wine bar and a salon.
INDIANAPOLIS — Mainstreet and Heritage Enterprises will open a 65,602-square-foot, 100-bed assisted living facility in Indianapolis. Evergreen Crossing & The Lofts is set to open Oct. 1. The $13.2 million facility, located at 5404 Georgetown Road, will provide transitional care (short-stay rehabilitation and therapy) services. The facility will feature a movie theatre, game room, walking trails, as well as restaurants and an on-site chef. Construction on the project began in September 2013. Indiana-based Mainstreet developed and owns the property. Illinois-based Heritage Enterprises will operate the facility. The development is the first project between Mainstreet and Heritage Enterprises.
NEW YORK CITY — Meridian Capital Group has negotiated $87 million in permanent financing for an 11-property multifamily portfolio located throughout Manhattan and Brooklyn. The loan was made on behalf of H.I.G. Realty Partners and Stone Street Properties LLC. The two-year loan, which was provided by a national balance sheet lender, features a floating-rate, a competitive spread over 30-day LIBOR and interest-only payments for the full term. The 303-unit portfolio consists of 504 East 88th Street, 310 East 83rd Street, 325 East 83rd Street, 233 East 82nd Street, 319-321 East 78th Street, 410 East 64th Street, 234-238 East 33rd Street, 438-440 East 13th Street, 104 East 7th Street and 101 MacDougal Street in Manhattan and 354-356 State Street in Brooklyn. Drew Anderman and Alan Blank of Meridian’s New York City headquarters brokered the transaction.
NEW YORK CITY — Q10 | New York Realty Advisors has closed a $27.3 million leasehold mortgage loan secured by an apartment building located at the corner of First Avenue and 52nd Street on Manhattan’s East Side. The 15-story residential building also features ground-floor retail space. The non-recourse, interest-only loan was written for a 10-year term. The ground lease on the property dates to the 1950s and has more than 40 years remaining on the term. Jeanne Cronin of Q10 | New York Realty Advisors brokered the financing. Law firm Hunton & Williams LLP represented the lender, while Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf LLP represented the borrower. Additionally, Larry Linksman of Bridge Funding advised the borrower.