PHOENIX — Meridian Capital Group, LLC, has provided $34 million in financing for nine multifamily and retail properties in Phoenix. The largest loan was the $9.5-million, cash-out refinancing of a multifamily property that paid off an existing CMBS loan while reducing the interest rate by more than 250 basis points. The smallest loan was the $900,000 in funding provided for a retail strip center in Tempe near the Arizona State University campus. The center is home to a restaurant and a sports bar. All of the loans featured five- or seven-year, non-recourse mortgages with fixed interest rates that ranged from 3.63 percent to 4.25 percent. The loans were all rate-locked at application. The mortgages carry 30-year amortization schedules and flexible pre-payment penalties. They were arranged by Seth Grossman, Kovi Elkus, Sarah Kuebler and Andy Strauss of Meridian.
Multifamily
DENVER – An unnamed national real estate investment and property management corporation has purchased a three-property boutique apartment portfolio in Denver for $22.3 million. The Boutique Apartments Portfolio totals 165 units throughout the city’s metro area. The portfolio buy includes the 71-unit Metropolis high-rise building nearthe University of Colorado Health Science Center redevelopment; the 60-unit Shambhala garden-style apartments in Denver’s Capitol Hill neighborhood; and the 36-unit Red Fort community in the city’s West Washington Park neighborhood. The properties were 97 percent occupied at the time of sale. This is the largest single-buyer portfolio acquisition in the history of central Denver, according to ARA, which represented the seller, Boutique Apartments. The transaction was executed by Terrance Hunt, Shane Ozment, Justin Hunt, Robert Bratley and Andy Hellman of the firm’s Colorado office.
LOS ANGELES – Private investors Bob Hart and Jay Schulman have purchased the 71-unit Villa Fontaine apartment complex in Los Angeles for $14.2 million. The community is located at 11850 Riverside Drive in the San Fernando Valley community of Valley Village. The complex received about $3 million in structural and other upgrades in the mid-90s. However, the community has not undergone a renovation in about 20 years. Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office represented both the buyers and the sellers, the Lindquist and Morrow families, in this transaction.
SANTA MONICA, CALIF. – A 17-unit Santa Monica apartment building has sold to a private investor for $7.2 million. The community is located at 3104 4th Street near the beach and Abbott Kinney and Main Street districts. The seller was Margaret Shan. The transaction was executed by Collin Brashears, Mario Gandara, Tim Steuernol, Rob Zaharia, and Kevin Kawaoka of NAI Capital’s West L.A. office.
MIAMI GARDENS, FLA. — Franklin Street Real Estate Services has arranged the $6 million sale of a five-building, 112-unit apartment community in Miami Gardens. The property is located at 611 N.W. 177 St. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the seller, a local investor named George Dancea, in the transaction. Another local investor purchased the property and plans to invest approximately $1 million to upgrade the property.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 108 Calyer Street, an eight-unit apartment property located in Brooklyn. The asset sold for $2.2 million, which represents approximately $272 per square foot. Shaun Riney, Michael Salvatico and Jim Saros of Marcus & Millichap’s Brooklyn office represented the buyer and the seller, both private investors.
SAN FRANCISCO — A 12-unit apartment building in San Francisco has sold to a family limited liability investor for $6.4 million. The community is located at 1355 Bay Street in the Marina District. Clinton Textor and Sanford G. Skeie of Marcus & Millichap’s San Francisco office represented both the buyer and the seller, a private investor, in this transaction.
TYSONS CORNER, VA. — A joint venture between Kettler and PS Business Parks LP has filed an application with Fairfax County to develop a luxury mixed-use apartment community in Tysons Corner, about 16 miles west of Washington, D.C. The joint venture plans to develop the property at 7915 Jones Branch Drive beginning in late 2015, according to Kettler. The property will span between 275 and 400 residential units and include a small public park, a dog park and play area for children. The joint venture has selected Design Collective Inc. to design the new community. The design team also includes landscape architect Parker Rodriguez Inc. and civil engineer VIKA.
CHICAGO – Aries Capital has completed a $2.8 million loan for the purchase of a 37-unit apartment complex in Chicago’s Logan Square neighborhood. Fannie Mae was the investor in the transaction. The apartment complex, located at 1944 N. Spaulding, is a courtyard building including a mix of one- to four-bedroom units. The 10-year, non-recourse loan features a 30-year amortization schedule. The borrower has completed the development of more than 1,250 residential units and currently owns and operates several properties in Chicago. Eric Jones, vice president from the firm’s Chicago office, arranged the loan.
CAMDEN, N.J. — Hybrid Capital has arranged $12 million in permanent financing for Northgate Apartments, a 321-unit, affordable-housing complex in Camden. The 10-year loan includes a 3.49 percent interest rate. Marc Wolfe, the borrower, purchased the 21-story property in 2011 for $12 million. Since acquiring the asset, Wolfe has invested approximately $1 million in capital improvements, including 140 apartment renovations at $5,000 per apartment; adding a security system with cameras on every floor; replacing the roof and boiler; upgrading the plumbing and repairing all common areas.