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 in Gresham 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.
AURORA, COLO. – The 143-unit Windsor Court Apartments in Aurora has received a $9-million refinance. The community is located at 1570 Joliet Street. The loan features a 10-year, fixed-rate term and a 30-year amortization schedule. It was originated by Jarett Blasberg of Alliant Capital LLC.
BIRMINGHAM, ALA. — Hendricks-Berkadia has arranged the $18.3 million sale of Madison at Shoal Run, a 276-unit apartment community located in Birmingham. The purchased involved the assumption of an existing Freddie Mac loan fixed at 6.1 percent with an approximate balance of $13 million. David Oakley of Hendricks-Berkadia's Alabama office represented both the seller, Alabama-based Madison at Shoal Run LLC, and the buyer, New York-based TEG Madison at Shoal Run LLC, in the transaction.
ATLANTA — Los Angeles-based Thorofare Capital has provided an $8.2 million recapitalization financing for a 420-unit multifamily portfolio in Atlanta. The three-property portfolio has an average 73 percent occupancy. The loan includes a $900,000 capital expenditure facility.
MISSION, KAN. — NorthMarq has arranged $10.8 million in first mortgage refinancing for Foxfire Apartments, a 280-unit multifamily property in Mission, a southern suburb of Kansas City. The market-rate apartment property is located at 5020 Glenwood Road. The 10-year loan includes a 30-year amortization schedule. Brent Blake, vice president of NorthMarq’s Kansas City regional office, arranged the financing through Freddie Mac. Foxfire Apartments LLC was the borrower.
NEW YORK CITY — Meridian Capital Group LLC has arranged $16.4 million in construction financing and $5.7 million in joint venture equity for a condominium project in Queens. A local bank provided the two-year loan, which includes interest-only payments. Stonecutter Capital Management LLC provided the equity. Emanuel Westfried, a vice president at Meridian Capital, negotiated the joint venture equity on behalf of Rising Developers Group LLC and Stonecutter Capital Management LLC. The condominium development is located at 42-60 Crescent St. and will include 40 units.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 115 Powers St., a six-unit apartment property in Brooklyn, for $1.5 million, or $363 per-square-foot. Shaun Riney, Michael Salvatico and Jim Saros, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor. Salvatico, Riney and Saros also represented the buyer, a fund manager.
SAN ANTONIO — CBRE has arranged the sale and financing of Westover Springs, a 296-unit Class A apartment community in northwest San Antonio. The garden-style property, located near the intersection of State Highway 151 and Loop 1604, offers one-, two- and three-bedroom layouts and amenities such as a swimming pool, outdoor fireplace and grilling area, community center and fitness center. Charles Cirar, Ryan Epstein and Michael Wardlaw of CBRE Central Texas multi-housing represented the seller, a joint venture between Carbon Thompson and an equity fund advised by Prudential Real Estate Investors. Jim Kirkpatrick and Jim Richards of CBRE’s Debt and Equity Finance Group arranged the loan with 40/86 Capital. The buyer was Steel Castle Property Partners LLC.
AURORA, COLO. – The 143-unit Windsor Court Apartments in Aurora has received a $9-million refinance. The community is located at 1570 Joliet Street. The loan features a 10-year, fixed-rate term and a 30-year amortization schedule. It was originated by Jarett Blasberg of Alliant Capital LLC.