JERSEY CITY AND HOBOKEN, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sale of a four-property Hudson County, N.J., multifamily portfolio. A private investment group purchased the 159-unit portfolio for a total of $21 million. The transaction includes 125-129 Magnolia Avenue in Jersey City, which sold for $12.7 million; 115-117-119 Magnolia Avenue in Jersey City, which sold for $5.4 million; 50 Stuyvesant Avenue in Jersey City, which sold for $1.04 million and 328-332 Jackson Avenue in Hoboken, which sold for $1.8 million. Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller, a long-time client, and the buyer in the transaction.
Multifamily
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a three-story, walk-up apartment building located at 257 West 113th St. in Harlem. Wanders in the West LLC sold the property to 257 West 113th Street LLC for $1.5 million. Built in 1900, the 2,691-square-foot building features nine apartments. Michael Kerwin of Rosewood represented the seller, while Aaron Jungreis, also of Rosewood, represented the buyer in the transaction.
CLEVELAND — Love Funding has secured a $5.3 million FHA loan for Governor’s Village, a Cleveland-area assisted living facility. The funding from the loan will be used to expand the facility. Robert Smallwood of Love Funding’s Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s (HUD) 232/241(a) loan insurance program. The program backs supplemental loans to fund repairs, additions and improvements at existing FHA-insured healthcare facilities. Randall Residence, the majority owner and operator of the property, built the facility in Mayfield Village in 2001. The property currently has 24 traditional, assisted living units and 24 memory care units. Upon completion, 38 assisted living units will be added, while subtracting one memory care unit, bringing the total capacity at the facility to 85 units. The Douglas Co. will build the project based on plans created by architecture firm C.C. Hodgson.
PHOENIX – The 126-unit Briarwood Apartments in Phoenix has sold to David Barnes for $4 million. The community is located at 3450 W. Missouri Ave. It was built in 1983. Briarwood is 90 percent occupied. The seller, Edward Sibley, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
WOODLAND, CALIF. – The 48-unit Crosswood Apartments in Woodland has received $3.3 million in refinancing. The community is located at 646 3rd Street. The non-recourse, fixed-rate loan features a 35-year amortization schedule. The loan will fund the community’s rehabilitation. Crosswood was originally developed as a HUD affordable apartment complex under the 236 program. It currently receives project-based Section-8 rental assistance. The sponsor, an affiliate of Yolo County Housing, secured the 4 percent Low Income Housing Tax Credit through the California Tax Credit Allocation Committee. The loan was originated by Joe Litten, Vice President and Mary McDonald of CBRE Debt and Structured Finance in CBRE’s San Francisco office.
MISSION, TEXAS — The Chicago office of Tremont Realty Capital has arranged for the refinancing of Mobile Gardens, a 184-site, age-restricted mobile home park in Mission. Tom Lorenzini with Tremont arranged the $2.7 million loan, which was funded through a relationship with a CMBS lender. The 10-year, non-recourse loan includes roughly a 72 percent loan-to-value ratio with a 4 percent interest rate. The property was 92 percent occupied at the time of closing. Amenities include a clubhouse, swimming pool, shuffleboard courts, library and laundry facilities.
AUSTIN — BMC Capital’s Austin office has arranged a $3.8 million non-recourse loan for the acquisition of a 50-unit multifamily property in Austin. The 10-year loan features a fixed interest rate of 4.4 percent and a 30-year amortization schedule for the out-of-state buyers using a 1031 tax-deferred exchange. The loan was arranged through one of BMC’s correspondent agency relationships.
THE WOODLANDS, TEXAS — A CBRE Global Investors sponsored fund has acquired The Plantation at The Woodlands, a 432-unit, Class A apartment complex that is 94 percent occupied. The Plantation is located at 3720 College Park Drive in The Woodlands, 27 miles north of downtown Houston. CBRE Global Investors plans to upgrade the property by installing two-inch wood blinds, tile backsplashes, new cabinet fronts, lighting and ceiling fan upgrades, new flooring and two-tone paint.
STOCKBRIDGE, GA. — The LaSalle Group plans to open Autumn Leaves at Stockbridge, the first freestanding memory care facility in Stockbridge, this fall. The property is roughly 20 miles southeast of Atlanta near the intersection of Chadwick Commons and Monarch Village Way. The 26,000-square-foot property will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia and memory impairment.
CHARLOTTE, N.C. — ARA has arranged the $7.7 million sale of The Edison, a 53-unit apartment community in Charlotte’s historic Plaza Midwood neighborhood. Constructed in 2013, The Edison was fully occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA represented the seller, Charlotte-based Lat-Purser & Associates Inc., in the transaction. Raleigh-based Chaucer Creek Capital purchased The Edison, which is the company’s second investment in the Charlotte area.