CHERRY HILL, N.J. — Meridian Capital Group LLC has arranged a $31 million mortgage for the refinancing of Dwell Cherry Hill Apartments, a 233-unit multifamily property located in Cherry Hill. A regional balance sheet lender provided the seven-year loan, which includes a fixed interest rate of 3.5 percent with a five-year option. David Cohen and Max Beyderman of Meridian arranged the loan for The Klein Co. Dwell Cherry Hill Apartments is located at 1982 Marlton Pike East.
Multifamily
NEW YORK CITY — The Chetrit Group and Clipper Equity will launch leasing this spring for 123 on the Park, a new seven-story, 119-unit rental development, located in the Prospect Park South area of Brooklyn. Phase I of 123 on the Park, located at 123 Parkside Ave., is a rehabilitation of the former Brooklyn Hospital Center with architecture by Karl Fisher & Associates. The building features a mix of studios, one-, two- and three-bedroom apartments with interiors designed by Andres Escobar. Monthly rents begin at $1,999 for a studio, $2,299 for a one-bedroom and $3,800 for a two-bedroom apartment.
SAN JOSE, CALIF. — Sares Regis Multifamily Fund, L.P., has acquired the 144-unit Alterra San Jose apartment community for an undisclosed sum. The community was built in 1988 at 1640 La Rossa Circle in San Jose. It is situated near the intersection of Almaden Expressway and CA-87. Sares Regis represented itself in this transaction. The sellers, Pacific Urban Residential and Hunt Companies, acquired the property on an off-market basis in early 2011. They were represented by HFF’s Nathan Blair and Charles Halladay.
LAS VEGAS – The 72-unit Oasis Crossings Apartments in Las Vegas has sold to Hamilton Zanze (HZ) for $7.4 million. The Class B-plus community is located at 1111 S. Cimarron Road in Summerlin/The Lakes submarket. HZ plans to implement a value-add program that will include capital improvements, expense reduction and new property management via Mission Rock Residential. This is the firm’s second recent acquisition in Las Vegas and its seventh acquisition in the Western U.S. in the past 12 months.
OHIO — UMH Properties Inc. has acquired eight Ohio manufactured home communities for $24.9 million. The communities include a total of 1,018 developed homesites that are situated on approximately 270 acres. The average occupancy for these communities is approximately 70 percent. With this acquisition, UMH owns 82 communities totaling 14,500 developed homesites.
WATERTOWN, MASS. — Wood Partners is constructing Alta at the Estate, a $40 million, 155-unit upscale apartment community on 11.6 acres in Watertown, a western suburb of Boston. The first units of the community are slated for delivery by late March. Designed by The Architectural Team, Alta at the Estate includes two four-story residential buildings and one two-story townhouse building. The clubhouse features a leasing office, clubroom, cyber-café and fitness center, along with private outdoor space that includes a pool, built-in grills and patio areas. The community features 81 one-bedroom units, 73 two-bedroom units and one three-bedroom unit as well as 256 parking spaces. All apartments will include vinyl plank flooring, granite countertops, stainless steel appliances and tile floors in the bathrooms.
HOUSTON — Developer Gables Residential has completed Gables Tanglewood, a 316-unit multifamily property in Houston’s Galleria submarket. The eight-story, concrete-frame building offers one- to three-bedroom apartments, as well as an amenity package that includes a swimming pool, fitness center, movie theater and internet lounge. Ground-level retail space totaling 22,000 square feet features restaurant Dish Society. Atlanta-based Gables Residential is seeking NGBS Silver certification for the project. Houston-based architect Ziegler Cooper designed Gables Tanglewood.
OCEANSIDE, CALIF. – The 240-unit Sunterra Apartment Homes in Oceanside has sold to Sunterra Apartments LLC (Benedict Canyon Equities) for $38.2 million. The community is located at 3851 Sherbourne Drive near State Route 78 in the San Diego submarket. It was built in 1974. The seller, Legacy Sunterra Apartments Partners LP, was represented by Stewart I. Weston, Christopher Zorbas and David Sperling of Institutional Property Advisors, and Michael Walseth of Marcus & Millichap.
DENVER – The 53-unit Governor’s Green apartment building in Denver has sold to a local private investment group for $7.6 million. The community is located at East 6th Ave. in the Governor’s Park area. The property was fully leased at the time of closing. The seller, a private, out-of-state investor, was represented by Justin Hunt, Andy Hellman and Robert Bratley of ARA.
MANSFIELD, TEXAS — Developer UDC Global will break ground in June on Rochester Springs Assisted Living and Memory Care, a seniors housing property in the Dallas/Fort Worth suburb of Mansfield. The $11.5 million facility, which will include 51 assisted living units and 44 memory care units, will occupy 73,073 square feet within the larger mixed-use campus located at the intersection of Matlock Road and East Broad Street. Dallas-based three: living architecture designed the project, which is slated for completion in June 2015.