LOS ANGELES – Grandbridge has provided $26.5 million in first-mortgage financing to a pair of Los Angeles area apartment buildings. They include a 205-unit community in Canoga Park and a 128-unit complex in Simi Valley. The former property received $14.2 million, while the latter received $12.2 million. Both non-recourse loans were provided by Lincoln National Life Insurance Company. They contain 15-year terms and 30-year amortization schedules with interest-only features. Financing was originated by Shelley Magoffin and Perry Colligan of Grandbridge. They worked on behalf of a West Los Angeles investor.
Multifamily
LOS ANGELES – A 32-unit apartment building in Venice has sold to Mastraili, LLC for $3.5 million. The community is located at 1210 Venice Blvd. in the Los Angeles submarket. It was built in 1988. Michel Hibbert and Dan Johnson of Charles Dunn Company represented both the buyer and the seller, Coastal Property, in this transaction.
LITTLE CANADA, MINN. — NorthMarq Capital’s Minneapolis office has arranged a $20 million loan for the refinancing of Montreal Courts Apartments in metro Minneapolis. The market-rate apartment community includes 444 units and is located in Little Canada. Patrick Minea, senior vice president and managing director of NorthMarq, arranged the loan for the borrower through Freddie Mac.
REVERE, MASS. — Real Estate Capital Partners (RECAP) is teaming up with Covington Realty Partners LLC to develop The Vanguard at Waterfront Square, a 194-unit apartment community in Revere, a northeast suburb of Boston. The $41.7 million master-planned development includes 900 residences in addition to offices, hotels and retail, as well as access to the Revere Beach oceanfront. The Vanguard will span 144,443 square feet and feature a mix of one-, two- and three-bedroom units. Chicago-based Covington expects to break ground on the property this month. Covington and New York City-based RECAP,through its RECAP Metropolitan Opportunity Fund III LP, acquired the 1.6-acre site at 800 Ocean Ave. from Eurovest Development for $4.8 million.
PITTSBURGH, PA. — Pennrose has completed construction of The Gateway at Summerset, a 131-unit apartment community in Pittsburgh’s Squirrel Hill neighborhood. The apartments include open-floor plans featuring gourmet kitchens with granite countertops, stainless-steel appliances and breakfastbars. Rents for one- and two-bedroom apartments range from $1,375 to $2,025 a month. Two-bedroom units include a laundry room and more than 1,000 square feet of living space. One-bedroom apartments span nearly 800 square feet. Amenities at the community include a private, furnished clubhouse with full-service kitchen, fireplace, floor-to-ceiling windows and a 24-hour fitness center. The Gateway, which was built and is managed by Pennrose, follows Phase I of thecommunity called The Reserve at Summerset.
DOVER, N.J. — Gebroe-Hammer Associates has arranged the $4 million sale of Lion Gate at Granny Brook, a 27-unit luxury, garden-style apartment complex in Dover. Located at 91 Park Heights Ave., the apartment community opened in 2012 in the restored Carson & Gebel Co. Ribbon factory building. The three-story brick complex features a mix of studio, one- and two-bedroom apartment units, on-site parking and two centralized laundry rooms. The apartments include 12-foot ceilings, ceramic-tile bathroom flooring, granite vanity tops, wall-to-wall carpeting, cherry-tone kitchen cabinets and faux granite countertops. Stephen Tragash, vice president at Gebroe-Hammer Associates, represented both the seller and the buyer in the transaction.
LOS ANGELES – Grandbridge has provided $26.5 million in first-mortgage financing to a pair of Los Angeles area apartment buildings. They include a 205-unit community in Canoga Park and a 128-unit complex in Simi Valley. The former property received $14.2 million, while the latter received $12.2 million. Both non-recourse loans were provided by Lincoln National Life Insurance Company. They contain 15-year terms and 30-year amortization schedules with interest-only features. Financing was originated by Shelley Magoffin and Perry Colligan of Grandbridge. They worked on behalf of a West Los Angeles investor.
LOS ANGELES – A 32-unit apartment building in Venice has sold to Mastraili, LLC for $3.5 million. The community is located at 1210 Venice Blvd. in the Los Angeles submarket. It was built in 1988. Michel Hibbert and Dan Johnson of Charles Dunn Company represented both the buyer and the seller, Coastal Property, in this transaction.
TAMPA, FLA. — PinPoint Commercial LP and Thrive Senior Living have begun construction on The Legacy at Highwoods Preserve, a new assisted living and memory care facility in north Tampa. The 164-bed will feature telemedicine suites, oversized rooms, libraries, gaming areas, shops, beauty salons and multiple courtyards. PinPoint and Thrive's partnership with LG, a global technology corporation, will allow the facility to feature high-tech equipment to care for residents. The new facility is slated to wrap up construction in the fall of 2014.
STOCKBRIDGE, GA. — The LaSalle Group has broken ground on Autumn Leaves of Stockbridge, a 26,000-square-foot memory care facility located at 100 Monarch Village Way in Stockbridge. The $10 million property is the first stand-alone memory care facility in Henry County. The LaSalle Group partnered with Silverado Interests and OmniAmerican Bank for the project. The memory care facility is expected in open in the summer of 2014.