BELMONT, CALIF. — Grosvenor Americas has purchased the 195-unit Carlmont Woods Apartments in Belmont for an undisclosed sum. The community is located at 2515 Carlmont Drive just northwest of Silicon Valley. Grosvenor plans to renovate the unit’s interiors and common-area amenities. Carlmont Woods is the firm’s first apartment acquisition in the Bay Area. The property was marketed by Kara Wiard of Eastdil Secured.
LAS VEGAS – FPA has purchased the 210-unit Indigo Creek in the Las Vegas submarket of Summerlin for $19.6 million. The community is located at 2200 Club Pacific Way. FPA was represented by David Baird and Brandon Baird of Sperry Van Ness’ Las Vegas office. The seller, Tomanek, was represented by Michael Miyagishima of the firm’s San Francisco office.
CRANSTON, R.I. — Washington Trust has provided $5 million in construction financing to Scandinavian Home Inc. for an assisted living facility in Cranston. Proceeds from the loan will be used for a 2,000-square-foot addition the Scandinavian Home community, as well as renovations to existing facilities. The assisted living and skilled nursing facility is located in the Edgewood section of Cranston, about five miles south of Providence. Built in 1930, Scandinavian Home is a nonprofit community.
PORTLAND, ORE. – The 165-unit Cathedral Apartments development in Portland has received $21.4 million in construction/permanent financing. The community will be located at 8680 North Ivanhoe Street. The 42-year loan features a 4.76 percent fixed rate. It was arranged by HFF’s Thomas Wilson on behalf of St. Johns Ivanhoe LLC. Financing was provided by Greystone, an FHA multifamily lender. The project is hoping to achieve LEED-Platinum certification. If successful, Cathedral Apartments will be the first LEED-Platinum-certified construction project in the nation that was completed by HUD. The project is being developed by W&K Development.
NEW YORK CITY — Pembrook Capital Management LLC has provided a $20 million bridge loan for the refinancing of the Clarendon Gardens apartment complex in Brooklyn. Clarendon Gardens is a 224-unit, seven-building multifamily property totaling 195,000 square feet. The garden-style apartment complex is more than 98 percent occupied and is located at the southeast corner of Kings Highway and Avenue D. The financing Pembrook provided, along with additional $2 million in preferred equity from a separate private investor, enabled the borrower to refinance the existing debt and complete repair work and renovations.
PORTLAND, ORE. – The 165-unit Cathedral Apartments development in Portland has received $21.4 million in construction/permanent financing. The community will be located at 8680 North Ivanhoe Street. The 42-year loan features a 4.76 percent fixed rate. It was arranged by HFF’s Thomas Wilson on behalf of St. Johns Ivanhoe LLC. Financing was provided by Greystone, an FHA multifamily lender. The project is hoping to achieve LEED-Platinum certification. If successful, Cathedral Apartments will be the first LEED-Platinum-certified construction project in the nation that was completed by HUD. The project is being developed by W&K Development.
SANTA ANA, CALIF. — The Arbors, a 160-unit apartment complex in Santa Ana, has sold to CW Investment Group LLC for $28 million. The community is located at 1100-1200 East Fairhaven Ave. The buyer was represented by Daniel Blackwell of Marcus & Millichap. The unnamed seller was represented by Stewart I. Weston and W. Michael Cavner of Institutional Property Advisors (IPA).
GRESHAM, ORE. – The 264-unit Columbia Trails Apartments inGresham has received $20.3 million in first-mortgage refinancing. The community is located at 1112 NW 15th Street just east of Portland. The low-leveraged loan was based on a 10-year, interest-only term. Financing was arranged by Ron Peterson of NorthMarq Capital’s Seattle regional office through the firm’s seller-servicer relationship with Freddie Mac.
WASHINGTON, D.C. — MAC Realty Advisors has arranged the sale of the Flats at Blagden Alley development sites in Washington, D.C., to a local developer. Flats at Blagden Alley will be a mid-rise, transit-oriented community located at 917 M St. and 1212 9th St., across the street from the Mount Vernon Square/Convention Center Metro Station. MAC Realty Advisors represented the seller, Self Help Ventures Fund, in the transaction. Bruce Levin, Andrew McAllister and Ben Lazarus of MCA led the marketing effort for the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $2.6 million sale of 361 7th Street, a seven-unit apartment property in Brooklyn. The sales price represents $330 per-square-foot. Jakub Nowak, an investment specialist in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller and represented the buyer, a private investor.