PITTSBURGH, PA. — KeyBank Real Estate Capital, on behalf of NSP Inc., has arranged a $139 million refinance loan for a four-property multifamily portfolio. The 1,382-unit portfolio comprises two assets in Pittsburgh, one property in Cincinnati and one asset in Lexington, Ky. The financing was structured as a non-recourse, fixed-rate CMBS first mortgage for $120 million and a $19 million fixed-rate mezzanine financing placed with a third-party investor. The facilities are 5-year, coterminous tenor. Randy Martin and Jon Reible of KeyBank arranged the loan for the borrower.
Multifamily
BOSTON — CBRE/New England has brokered the sale of 95 Border Street located on 1.32 acres in East Boston. Sisson Realty Trust sold the 23,000-square-foot industrial facility to Neighborhood of Affordable Housing (NOAH) for $1.6 million. NOAH plans to redevelop the site into Coppersmith Village, a transit-oriented residential community. Within walking distance to the MBTA Maverick Station and a planned water taxi station, the property will feature 56 rental apartments and 3,000 square feet of retail space, which is slated for restaurant use. Mark Reardon, David Corkey and Jake Borden of CBRE/New England represented the seller in the transaction.
TULSA, OKLA. — The RADCO Cos. has purchased Southern Slope, a 142-unit apartment community in Tulsa’s Jenks submarket. Using a mix of bridge debt and private equity, the Atlanta-based multifamily investor purchased the asset for roughly $6 million from the lender seller in an off-market transaction. RADCO plans to implement interior upgrades, as well as overhaul the property’s exterior and amenities. As part Southern Slope’s overhaul, the property will be renamed Ashford Ridge. It is RADCO’s second apartment community in Tulsa. Raymond Lord and Benjamin Davis of NAI Commercial Properties brokered the transaction.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of La Costa Townhomes, an 88-unit apartment community located at 4303 Mariposa Drive in the Dallas suburb of Irving. Al Silva of Marcus & Millichap’s Fort Worth office represented the seller, a local private investor, in the transaction. Silva also secured the Dallas-based buyer.
FONTANA, CALIF. — D.R. Horton has acquired 622 lots in three separate residential developments throughout the Inland Empire for $62 million. The deal contains a total of 246 finished lots, including 178 lots at Mission Estates in Jurupa Valley and 68 lots at Rosena Ranch in the Lytle Creek area of San Bernardino County. It also includes 376 lots that are fully entitled but undeveloped at Bella Strada in Fontana. The seller was Foremost Communities and its related entities. Starwood Capital Group Global acted as Foremost’s financial partner on two of the properties. Foremost has nearly 7,800 lots across Southern California under ownership or management. Foremost was represented by Province West and Land Advisors. Tom Dallape and Norm Scheel of The Hoffman Company also assisted on this transaction.
SAN DIEGO – The 150-unit Vista Lane Apartments in the San Diego submarket of Chula Vista has sold to the Conrad Prebys Trust for $19.4 million. The community is located at 1440 Second Ave. near Broadway, the area’s dominant retail corridor. Christopher J. Zorbas of Marcus & Millichap’s San Diego office represented both the buyer and the seller, the Kreutzkamp Revocable 2000 Trust, in this transaction.
MIAMI BEACH, FLA. — Plaza Construction has begun building two luxury condominium communities in South Beach for The Related Group. The properties include the $187 million One Ocean and the $88 million Marea condominiums. Enrique Norten of Ten Arquitectos and The Sieger Suarez Architectural Partnership designed the seven-story, 275,141-square-foot One Ocean. Sieger Suarez designed the six-story, 190,654-square-foot Marea community as well. Working on both projects, Enzo Enea is the landscape architect and Yabu Pushelberg is the interior designer. The two condominium projects are slated for completion in 2015. Plaza Construction is the general contractor on a total of four projects for The Related Group totaling $498 million. The other two communities include the $118 million, 42-story Icon Bay in Miami’s Biscayne Corridor and the $105 million, 42-story Millecento Residences by Pininfarina.
ATLANTA — Houlihan-Parnes Realtors LLC has closed a $34 million loan for The Preserve at Legacy Park, a 498-unit apartment community in Atlanta. The property, built in 2001, is 98 percent occupied. Fred Stahl and Sheldon Stahl of Houlihan-Parnes Realtors LLC originated the 10-year loan with a fixed interest rate of 4.45 percent.
LUDINGTON, MICH. — Spartan Real Estate Services has arranged the $8.1 million sale of a multifamily development in Ludington, approximately 58 miles north of Muskegon. Sherman Oaks Apartments, located at 700 Sherman Oaks Drive, consists of 172 two-bedroom units. Matt Callendar of Callendar Commercial represented the seller, Morren Wiltjer LLC. Wayne Loebig of Spartan Real Estate Services represented the buyer, Ludington-Sherman Oak LLC.
CHELSEA, MASS. — NorthMarq Capital’s Boston office has secured a $34.4 million refinance for Parkside Commons Apartments located at 100 Stockton St. in Chelsea. The 238-unit multifamily property is owned by John M. Corcoran & Co. and Guardian Life Insurance Company and managed by Corcoran Management Company Inc. James Murphy of NorthMarq arranged the transaction, which is structured with a 7-year term with five years of interest only payments.