LAKEWOOD, COLO. – The 318-unit Belmar Villas in Lakewood has sold to Seagate Properties for an undisclosed sum. The community is located at 700 S. Reed Court. It was 97 percent occupied at the time of closing. Seagate plans to renovate the property. The unnamed seller was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
ORLANDO, FLA. — CBRE Capital Markets has arranged acquisition financing for Northgate Lakes, a 710-bed student housing community located adjacent to the University of Central Florida in Orlando. Steve Roth and Ben Roelke of CBRE Capital Markets arranged the loan through a life insurance company on behalf of the borrower, Campus 150 Venture LLC, a joint venture between principals of Campus Advantage and a state pension fund. CBRE also arranged acquisition financing for VUE on University in Fort Worth, Texas, and refinancing for Zaragon Place in Ann Arbor, Mich. The three loans totaled more than $64.6 million.
TOLEDO, OHIO — Reichle Klein Group has arranged the sale of Pinetree Apartments, a 90-unit multifamily property in Toledo, for $2.7 million. Located at 1435 Bernath Parkway, the apartment community offers one-, two- and three-bedroom options. Harlan Reichle and Walter Plath of Reichle Klein represented the seller, Pine Tree Apartments LLC.
CHICAGO — McShane Construction Co. has completed the rehabilitation and renovation of Borinquen Bella Apartments in Chicago’s Humboldt Park neighborhood. The work included both exterior and interior improvements for a total of 47 units and 62,896 square feet across four buildings, all owned by the Latin United Community Housing Association. Funding for the project, which was planned by Landon Bone Baker Architects, was made possible in part through Low-Income Housing Tax Credits and Housing and Urban Development funds.
LAKEWOOD, COLO. — The Lodge at Denver West has received a $40.5-million mezzanine construction loan. The 252-unit development is located within the Denver West Business Park in Lakewood, which is southwest of Denver. The Lodge will be the final multi-housing phase for the Denver West master-planned development. Upon completion, the 800-acre, mixed-use project will contain about 2 million square feet of office space, nearly 2 million square feet of retail and 575 existing multi-housing units. The Lodge is slated for completion in 2015. The seven-year loan has a fixed interest rate of 5.5 percent with interest-only during the 24-month construction term. It was arranged at 89 percent of cost by HFF’s Wally Reid and Josh Simon on behalf of a joint venture between the Greystone Group and the Stevinson Family.
LAKEWOOD, COLO. – The 318-unit Belmar Villas in Lakewood has sold to Seagate Properties for an undisclosed sum. The community is located at 700 S. Reed Court. It was 97 percent occupied at the time of closing. Seagate plans to renovate the property. The unnamed seller was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
SANTA CLARA, CALIF. – The 1,000-unit Mansion Grove in Santa Clara has received $188 million in first-mortgage refinancing. The community is located at 502 Mansion Park Drive. It was 98 percent leased at the time of closing. Financing was based on a 10-year term and a 30-year amortization schedule.Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office arranged the financing on behalf of an affiliate of Prometheus Real Estate Group. It was arranged through the firm’s relationship with Teachers Insurance and Annuity Association of America (TIAA-CREF) and Allstate Life Insurance Company.
TEMPE, ARIZ. – HUB on Campus at Arizona State University (ASU) in Tempe has sold to Inland American Communities Group (IAC) for $103 million. The HUB is located across from Sun Devil Stadium near the Mill Avenue entertainment district. It includes 640 beds, 21,842 square feet of ground-floor retail space and adjacent land for future development. HUB is set to be fully occupied for the 2013-2014 school year. IAC is a wholly owned subsidiary of Inland American Real Estate Trust.
CHARLOTTE AND CARY, N.C. — Peak Capital Partners, a Utah-based multifamily investment company, has purchased two multifamily communities in North Carolina in two separate transactions. The firm purchased The Links at Citiside, a 274-unit complex located at 5005 Community Circle in Charlotte, and Oxford Square, a 184-unit property located at 1000 Village Greenway in Cary. Peak Capital Partners has also made capital improvements to each community, including new landscaping, refinished parking lots, exterior improvements and renovated clubhouses. The company owns and manages more than 6,000 multifamily units in eight states.
SANTA CLARA, CALIF. – The 1,000-unit Mansion Grove in Santa Clara has received $188 million in first-mortgage refinancing. The community is located at 502 Mansion Park Drive. It was 98 percent leased at the time of closing. Financing was based on a 10-year term and a 30-year amortization schedule. Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office arranged the financing on behalf of an affiliate of Prometheus Real Estate Group. It was arranged through the firm’s relationship with Teachers Insurance and Annuity Association of America (TIAA-CREF) and Allstate Life Insurance Company.