OMAHA, NEB. — Q10 | Daisley Ruff Financial has arranged $5 million in permanent financing for the 63-unit phase of Pinhook Flats apartment community in Omaha. Bob Chalupa, senior vice president at Q10 | Daisley Ruff Financial, arranged the 10-year, non-recourse loan that includes a fixed interest rate of 4 percent. Pinhook Flats is located at 6440 Cedar St. in the Aksarben Village area of Omaha.
NEW ROCHELLE, N.Y. — AvalonBay Communities has sold its Avalon on the Sound East apartment tower in New Rochelle to The DSF Group for $210 million. The sale marks the largest multifamily property sale recorded in Westchester County, according to HFF, which arranged the transaction. HFF marketed the 588-unit, 39-story building on behalf of Arlington, Va.-based AvalonBay. The sales price equates to approximately $357,000 per unit. Avalon on the Sound East is located at 40 Memorial Highway within a block of the Metro-North Railroad’s New Rochelle train station and less than a mile from Interstate 95. The high-rise building features one-, two- and three-bedroom units, and 7,607 square feet of ground-floor retail. Amenities include a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service in the building. Jose Cruz and Scandalios, Kevin O’Hearn, Jeffrey Julien and Rob Hinckley of HFF arranged the transaction.
RAHWAY, N.J. — Law firm Feinstein, Raiss, Kelin and Booker LLC (FRKB) has represented JS Management in securing $11.3 million in refinancing for a nine-building multifamily portfolio in Rahway. JS Management worked on behalf of affiliated ownership entities Feld Properties, Nests Properties and Dunk Properties. Englewood Cliffs-based ConnectOne Bank provided the financing. The portfolio includes properties located throughout the city of Rahway on Bond, Hamilton, West Grand and West Main streets and East Grand and New Brunswick avenues. Michael Strauss, loan officer, and David Wigfield, attorney at Scura, Mealey, Wigfield & Heyer LLP, represented ConnectOne Bank in the transaction. Michael Donini of Madison Title Agency also assisted in the transaction.
HOUSTON — LMI Capital has arranged a $43.4 million cash-out refinance loan for a five-property Houston multifamily portfolio. The properties, located in the Westheimer, Gulfgate and Clear Lake submarkets, total 1,300 units. The borrower has renovated each of the assets since acquiring the portfolio. Brandon Brown of LMI, in conjunction with colleague Ken Lawrence, originated the non-recourse refinancing at an interest rate of 3.6 percent through a Fannie Mae lender. The loan includes a 30-year amortization schedule, flexible prepayment options and the opportunity to convert to a seven-year fixed rate.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Spanish Village, a 145-unit multifamily property in Fort Worth. Located at 5700 Meadowbrook Drive, the apartment community offers studio, one- and two-bedroom floor plans as well as two on-site laundry facilities and a playground. The complex was originally constructed in 1969 and consists of 21 two-story buildings. Boyan Radic, Doug Banerjee, John Barker and Mason Green of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The same team secured and represented the buyer, a limited liability company.
PEORIA, ARIZ. — The 100-unit Sonoma Place in Peoria has sold to Investment Property Exchange Services for $6.5 million. The community is located at 11600 N. 75th Ave. in Greater Phoenix. It was built in 1985. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented both the buyer and the seller, Mentor Properties, in this transaction.
NEW YORK CITY — Newcastle Investment Corp. has agreed to acquire a 52-property portfolio of seniors housing properties from affiliates of Holiday Retirement for approximately $1 billion. The 5,885-unit portfolio includes communities located across 24 states and was 91 percent occupied as of the end of the third quarter. The deal is expected to close in December. New York City-based Newcastle plans to invest approximately $300 million of equity to acquire the Holiday Retirement Portfolio and to fund the remainder of the purchase with non-recourse mortgage debt. Holiday will continue to manage the communities to be acquired by Newcastle, which have been split into two identical triple-net master leases. Lake Oswego, Ore.-based Holiday Retirement operates 333 independent living properties around the country.
LAKEWOOD, WASH. – The 254-unit Echelon Apartments in Lakewood has received a $28.5-million refinance. The townhouse-style community is located at 101 88th Street Court SW just southwest of Tacoma. It was built in 2009. The loan was provided by Ed Belz of Berkeley Point. Financing was structured under the FHA 223(a)(7) program, which allows existing, qualifying FHA loans to be refinanced. The property is owned by Lakewood Project, LLC.
NORTH MIAMI BEACH, FLA. — Marina Palms Yacht Club & Residences, located in North Miami Beach, has closed a $98 million loan to fund the construction of its first residential condominium tower. The 25-story, 234-unit South Tower will sit on the north side of the waterfront property. The residences will sell starting at $550 per square foot. HSBC Bank USA NA provided the construction loan on behalf of the development team, affiliates of The Plaza Group and The DevStar Group. The Marina Palms, located at 172nd Street and Biscayne Boulevard, features a full-service yacht club, a 112-slip marina, butler service, an infinity-edge swimming pool, hot tub, gym, spa, steam room, news café, teen lounge, secure gated access, children’s playroom and a club room with a bar, billiards and a 100-inch TV. Coastal Construction is the general contractor for the tower.
SAINT CROIX FALLS, WIS. — Marcus & Millichap has arranged the $1.8 million sale of Pine Ridge Apartments, a 32-unit apartment property in Saint Croix Falls, a city in northwest Wisconsin. Evan Miller, Dan Linnell, Josh Talberg and Jon Ruzicka, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. Mox Gunderson, also in Marcus & Millichap’s Minneapolis office, represented the buyer, a private investor. The sales price closed at 103 percent of the original listing price, according to Marcus & Millichap. Pine Ridge Apartments is located at 317-323 Simonson Road and features two-bedroom units and six buildings, two of which are garages.
