REDWOOD CITY, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Township, a 132-unit multifamily complex in the San Francisco suburb of Redwood City, for $83 million. Completed earlier this year, the community includes one-, two- and three-bedroom apartments averaging 914 square feet, plus amenities such as a fitness center, whirlpool spa, business center and outdoor kitchen. Located at 333 Main St., the property is in proximity to the major thoroughfares of Veteran’s Boulevard and U.S. Route 101, as well as major area employers Oracle Corp., Electronic Arts, Shutterfly, Rocket Fuel, Stanford University, Facebook, Sony Computer Entertainment America LLC and Gilead Sciences. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni of IPA, a division of Marcus & Millichap, represented the seller in the transaction, a joint venture between Sares Regis Group and J.P. Morgan Asset Management.
Multifamily
RENTON, WASH. — Johnson Capital has arranged $27.6 million in permanent financing for Bristol I at Southport, a 188-unit apartment property in the Seattle suburb of Renton. Completed in 2002, the Class A complex includes studio, one-, two- and three-bedroom residences, as well as 10,037 square feet of commercial space. Amos Smith and Sean Skelton worked on behalf of the borrower, a privately owned development company, to secure the 15-year loan through an insurance company. Proceeds from the loan were used to retire existing debt and fund renovations of the property, such as interior refurbishments and a “re-skinning” of the exterior to maintain consistency with the adjacent Bristol II at Southport.
ARLINGTON, VA. — Finmarc Management Inc. has purchased an 85-unit apartment community located at 3409 Wilson Blvd. in Arlington for $39.9 million through a joint venture partnership with The Goldstar Group. The eight-story property was formerly an AKA Luxury Suites Residences. The property is located approximately two blocks away from the Virginia Square Metro Station and within walking distance of stores and restaurants in the Rosslyn and Ballston neighborhoods. Finmarc plans to invest $6 million to upgrade the property and convert it into a luxury condominium community. The Goldstar Group will manage the community. Alexandria, Va.-based McWilliams | Ballard will begin selling the condominium units in September. Wells Fargo provided senior debt for the community, and Metropolis Capital Finance arranged debt and equity.
BIRMINGHAM, ALA. — Grandbridge Real Estate Capital has provided a $21.2 million acquisition loan for Lake Heather Reserve at Inverness, a 252-unit, Class A apartment community in Birmingham. Mike Ortlip, Josh Davis and C.J. Webb of Grandbridge originated the Fannie Mae DUS Structured ARM loan.
GRAND LEDGE, MICH. — Bernard Financial Group has arranged a $5.1 million HUD loan to refinance Sandstone Creek Apartments, a 169-unit property in Grand Ledge, a suburb of Lansing. The property is located at 1110 Jenne St. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Sandstone Creek Apartments LP.
NEW YORK CITY — Meridian Capital Group has arranged a $13 million mortgage for the acquisition of a townhome located on East 72nd Street in New York. The borrower, Mink Development, plans to convert the six-story, 13,300-square-foot property at 39 East 72nd St. into a luxury residential building. Madison Realty Capital provided the two-year loan features a fixed-rate. Aggelos Sklavenitis of Meridian Capital Group arranged the financing.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 243 Senator Street, a multifamily property located in Brooklyn. A developer purchased the six-unit property for $1.1 million or approximately $244 per square foot. John Brennan and Mark Zarrella of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
MESA, ARIZ. — Hendricks-Berkadia has brokered the sale of Sendero Ridge, a 288-unit multifamily property in the Phoenix suburb of Mesa, for $15 million. Constructed in 1986, the complex includes one- and two-bedroom apartments, plus amenities such as a swimming pool, volleyball court, laundry facility and barbecue area. Situated on 12 acres at 945 W. Broadway Road, the community is in proximity to State Route 87, State Route 60 and Loop 101, as well as the Mesa Arts Center and the spring training facility of the Chicago Cubs. Mark Forrester and Ric Holway of Hendricks-Berkadia negotiated the transaction between the seller, New York-based Pimal Property Inc., and the buyer, Toronto-based 945 W. Broadway Rd. LP.
HALETHORPE, MD. — Enterprise has opened The Greens at English Consul, a $14.6 million seniors housing community located at 4120 Oak Road in Halethorpe in Baltimore County. The property features 72 one-bedroom and 18 two-bedroom apartments affordable for seniors earning up to 60 percent of the area’s median income. In addition to developer Enterprise, the design team includes architect Grimm + Parker and general contractor The Whiting-Turner Contracting Co. The development includes a library with computer terminals, a community room, TV lounge and sports bar, activity room, laundry room, mail room and fitness center. Bank of America provided construction financing for the project. Financing also came via government funds, a grant, bond, construction loan and developer equity.
KLAMATH FALLAS, ORE. — NorthMarq Capital has arranged a $14.5 million bridge/construction loan for the expansion of Quail Park at Crystal Terrace, a seniors housing property in the south Oregon city of Klamath Falls, which is situated about 20 miles north of the California state border. The facility, which provides both independent and assisted living services, currently consists of one three-story, 67-unit building and 20 one-story cottages. The expansion will include a 24-unit, 36-bed memory care facility to be developed on an adjacent parcel. Stuart Oswald of NorthMarq originated the four-year loan, which includes a 25-year amortization schedule and reflects a 75 percent loan-to-value ratio. A non-recourse bridge lender supplied the financing.