CHICAGO — The Chicago office of Tremont Realty Capital has arranged $18.8 million in refinancing for four manufactured home communities in Indiana, Wisconsin and Iowa. The properties include the 278-site Arlington Valley in Bloomington, the 200-homesite Lincoln Park in West Allis, the 207-unit Sunset Village in Marshalltown, and the 191-site Wheatland Estates in Burlington. Tom Lorenzini with the Chicago office of Tremont arranged the four loans, which were funded through a relationship CMBS lender. The four individual 10-year loans are non-recourse with a 5 percent fixed interest rate amortized over 30 years.
PLAINSBORO, N.J. — Affiliates of Harbor Group International (HGI) have acquired Pheasant Hollow, a 439-unit apartment community in Plainsboro. A partnership of Vantage Group and Angelo Gordon & Co. sold the property, which comprises 28 garden-style buildings, for $62.55 million. HGI plans to invest $3 million in common area improvements and interior upgrades at the property, which will be renamed Addison at Princeton Meadows. Additionally the community recently received a new fitness center, leasing center, signage and improved tennis courts and playground facilities. Jose Cruz of HFF represented the seller in the transaction.
NEW YORK CITY — Massey Knakal has completed the sale of eight elevator-serviced buildings in Brooklyn in an all-cash transaction valued at $78 million or approximately $187 per square foot and $173,000 per unit. The properties total 416,352 square feet and 452 rent-stabilized units. The acquisition includes the 42,000-square-foot 357 Avenue P property (53 rental units), the 50,500-square-foot 79 Brighton 11th Street (59 units), the 117,600-square-foot 125 Brighton 11th Street building (112 units), and the 206,432-square-foot, 228-unit Manhattan Beach Estate, located at 200 and 210 Brighton 15th St. and 211, 1511 and 1521 Brightwater Ave. Alex Svetlakou and Bob Knakal of Massey Knakal brokered the transaction. The buyer and seller were not disclosed.
SAN DIEGO – The 90-unit Waterford Terrace Retirement Community in the San Diego submarket of La Mesa has received $10 million in financing. The independent living facility is located at 5580 Aztec Drive. It is managed by Sunshine Retirement Living. The seven-year, fixed-rate Fannie Mae loan was provided by KeyBank Real Estate Capital on behalf of La Mesa Retirement Residence Limited Partnership.
SACRAMENTO, CALIF. – A 185-unit apartment complex in the Sacramento suburb of North Highlands has sold to Trion Properties for $9.3 million. The community is located at 5416 Jackson Street. It was built in 1986. CBRE’s Peter Stevens, Marc Ross and Will Blucher represented both the buyer and Texas-based seller in this transaction.
WOODSTOCK, GA. — Grandbridge Real Estate Capital has closed a $27 million first mortgage loan to refinance a 308-unit apartment community in Woodstock, a northern suburb of Atlanta. Alan Tapie of Grandbridge’s Atlanta office originated the loan. The apartment community features a pool, fitness center with a yoga studio, cabanas, fire pits, business center, coffee bar and greenway access to downtown Woodstock.
NEW YORK CITY — Tsilo Group is developing Icon 52, a luxury rental development located at 5205 Queens Blvd. in the Woodside neighborhood of Queens. Designed by Todd Ernst of Ernst Architect, the property will feature 66 studio, one- and two-bedroom apartments ranging from 403 to 806 square feet. Amenities include a virtual doorman, a landscaped rooftop deck with chaise lounges, a parking garage, barbeque and sitting areas, tenant storage, laundry facilities and a bicycle storage room. Modern Spaces has been selected as the exclusive leasing and marketing firm for the luxury rental development, which is slated to open this year.
NEW YORK CITY — An Israeli developer has acquired a development site located at 1790-92 Third Ave. in the East Harlem neighborhood of New York. The seller, 1790 Third Avenue LLC, sold the property for $5.8 million or approximately $150 per buildable square foot. The proposed development will have 52 rental units and ground-floor retail space. Adelaide Polsinelli and Marcia Rose Yawitz of Eastern Consolidated represented the seller; and Yawitz also represented the buyer in the transaction.
COLLEGE STATION, TEXAS — NorthMarq Capital has arranged a $25.8 million refinancing loan for The Trails at Wolf Pen Creek, a student housing property serving Texas A&M University in College Station. The 404-unit complex, located at 950 Colgate Drive, offers one-, two- and four-bedroom apartments, plus amenities such as two swimming pools, a fitness center, basketball court and clubhouse. Stephen Whitehead of NorthMarq negotiated the terms of the three-year loan, which includes a 25-year amortization schedule and two years of interest-only payments.
PUEBLO, COLO. – The 75-unit Fountain Garden Apartments in Pueblo has sold to an unnamed buyer for $3 million. The community is located at 2006 Mohawk Road. It is in close proximity to the Pueblo Mall, Pueblo Country Club and the Colorado State University Pueblo campus. Fountain Garden was built in 1974. The buyer was represented by Jamie Mitchell of Pinnacle Real Estate Advisors. The unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team.