COLONIAL HEIGHTS, VA. — Oak Grove Capital has arranged the refinancing of two affordable housing properties in Colonial Heights totaling $19.5 million. The two assets, Colonial Ridge and Bermuda Run Apartments, total 292 units. Tim Leonhard of Oak Grove Capital arranged the fixed-rate, preservation loan through Freddie Mac on behalf of the unnamed borrower.
WINDERMERE, FLA. — NorthMarq Capital has arranged acquisition financing for Citra at Windermere, a 360-unit apartment community located at 11353 Citra Circle in Windermere. Greg Duvall of NorthMarq Capital has arranged the 10.5-year loan with five years of interest-only payments and a 30-year amortization schedule. Duvall arranged the Freddie Mac loan on behalf of the undisclosed borrower.
MINNEAPOLIS — Oak Grove Capital has originated a $27 million fixed-rate Fannie Mae loan for Oak Residential Partners LLC, for the acquisition of Stratford Woods Apartments, a 297-unit, market-rate multifamily property in Minneapolis. The fixed-rate loan has a 10-year term with four years of interest-only payments and seven years of yield maintenance. The garden-style Stratford Woods Apartments community is comprised of 10 buildings, each containing four floors.
COON RAPIDS, MINN. — Marcus & Millichap has arranged the $4.1 million sale of Crest Oak Apartments, a 60-unit apartment property located in Coon Rapids. The property is located at 9930 Bluebird St. Northwest. The 1970s Class C apartment property includes a mix of 26 one-bedroom apartments and 33 two-bedroom apartments. Dan Linnell and Mox Gunderson of Marcus & Millichap’s Minneapolis office represented both the undisclosed seller and the buyer in the transaction.
ERIE, PA. — UMH Properties has acquired Holly Acres, a manufactured home community in Erie, for $3.8 million. Situated on 40 acres, the community consists of 141 developed home sites. The average occupancy for the community is 96 percent. With this acquisition, UMH own 89 communities totaling approximately 15,200 developed home sites. Additional terms of the deal were not released.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 68 Maujer St. in Brooklyn. The eight-unit building sold for $2.6 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the 1031 exchange transaction.
ATLANTA — Wingate Cos. and Columbia Residential have broken ground on City Lights, an 80-unit affordable seniors housing development located at 430 Boulevard in Atlanta’s Old Fourth Ward district. The project is the first phase of the redevelopment of the Village of Bedford Pine. The property’s one-bedroom apartments will be made available to qualifying seniors aged 62 or older. The project’s financial partners include Community Affordable Housing Equity Corp., Sugar Creek Capital, HUD, the Georgia Department of Community Affairs and Atlanta’s Office of Housing. Prudential Huntoon Paige is providing construction financing for the project, which is slated for a summer 2016 completion. Amenities at City Lights will include a fitness center, TV and movie room, community kitchen, sundeck, covered garage, Wi-Fi access and a business center.
DENVER — The 302-unit One City Block apartment community in Denver has received a $57-million loan. The community is located at 444 East 19th Ave. in Downtown Denver’s Uptown neighborhood. The property was completed in January 2014. It features 207,598 square feet of residential space and 10,035 square of ground-floor retail. One City Block is currently 95 percent leased. Community amenities include a lap pool with sun deck and hot tub, grilling areas, fire pit, sport court with practice putting green, four rooftop terraces, fitness center, yoga studio, game room with ping pong and pool table, demonstration kitchen, on-site bike repair shop and pet spa. The fixed-rate loan proceeds will replace the borrower’s existing construction loan. Financing was arranged by HFF’s Eric Tupler, Josh Simon and Leon McBroom, on behalf of RedPeak Properties. The loan was placed with Cornerstone Real Estate Advisers LLC, which acted on behalf of an institutional client.
MILL VALLEY, CALIF. — Woodmont Companies has acquired the 38-unit Casa Roja Apartments in Mill Valley, just 14 miles north of San Francisco. Though the purchase price was not disclosed, the deal set a new record for the price paid per square foot for a multifamily property in Marin County, according to Colliers International, which represented the seller. The sales price equates to about $570 per square foot, while the in-place cap rate was in the low 4 percent range. Casa Roja is located at 396 Pine Hill Road. It is situated just 10 minutes from the Golden Gate Bridge. The community underwent an extensive renovation over the past 18 months. Common-area amenities include a pool terrace and laundry facilities. The seller, Red Island Real Estate LLC, was represented by Ryan Wagner, Brad Lagomarsino and James Devincenti of Colliers International.
GLENDALE, ARIZ. – The 345-unit Thunderbird Retirement Resort in Glendale has received $21.2 million in financing. The seniors housing community is located at 5401 West Dailey Street. The fixed-rate, non-recourse loan was provided to ROC Seniors for the acquisition of the community. It features a three-year term with two, one-year extensions. The initial term is interest-only, with amortization beginning in the extensions. The loan includes about $5 million for renovations and repurposing. Financing was originated by Richard Thomas and Meredith Davis of the Seniors Housing and Healthcare Finance team at Grandbridge Real Estate Capital. It was provided through BB&T Real Estate Funding’s Structured Loan Program.