SMYRNA AND NEWNAN, GA. — The RADCO Cos. has purchased two multifamily communities in metro Atlanta totaling 553 units from Fannie Mae. RADCO purchased the 439-unit Keeneland Farms in Smyrna and the 114-unit Brown Ridge in Newnan for a combined $33.2 million. Both properties include one- to three-bedroom apartments, as well as townhomes. RADCO financed the acquisition through a mixture of privately funded equity and bridge debt from Fannie Mae and Hamilton State Bank. RADCO plans to invest $5.8 million in capital improvements to the two properties, including adding a pool to Brown Ridge. The Atlanta-based multifamily investor also plans to rebrand Keeneland Farms and Brown Ridge as Ashford Woods and Ashford at Brown Ridge, respectively. Including these two properties, RADCO has purchased nine apartment communities spanning 2,264 units so far this year.
Multifamily
NEW YORK CITY — Thorofare Capital has funded a $28 million short-term loan to finance a partnership buyout of a seven-building, 254-unit multifamily portfolio in Brooklyn and the Bronx. The borrower sought financing to buy out its institutional investment partners that originally acquired a majority equity stake in a larger portfolio, including the seven multifamily properties, seven years ago. The portfolio includes three properties in Brooklyn’s Flatbush neighborhood: a four-story, 24-unit residential building on East 21st Street; a seven-story, 39-unit apartment building located on Ocean Avenue; and four-story residential building on Beverly Road. The portfolio also includes four properties in the Bronx: a six-story, 54-unit mixed-use property on East 168th Street a six-story; 56-unit residential building on Franklin Avenue; a five-story, 36-unit apartment building located on Franklin Avenue; and a five-story residential building on Hull Avenue. Thorofare placed the loan through its third discretionary investment vehicle, Thorofare Asset Based Lending Fund III.
JERSEY CITY, N.J. — Progress Capital has arranged a $27.5 million construction loan for the development of a five-story apartment building in Jersey City. Located near the Mana Contemporary Fine Art Complex, the property will feature 265 apartment units and 5,700 square feet of retail space. The loan features a 30-day LIBOR plus 275 bps rate, floating for 24 months, with two 12-month extension options and 25 percent limited recourse. Senate Place Urban Renewal LLC is developing the project, which is currently under construction and expected to be ready for occupancy in third quarter 2015.
NEW YORK CITY — Ariel Property Advisors has brokered two sales totaling $2.3 million in Brooklyn’s Bushwick neighborhood. In the first transaction, a local investor acquired 17-17 Himrod Street, a 5,175-square-foot apartment building, for $1.2 million from a local investor. The three-story walk-up building features six residential units. In the second deal, an active local developer purchased a 40-foot wide development site at 189 Cooper St. from a private investor. The site, which offers approximately 8,000 buildable square feet, sold for $1.4 million or $130 per buildable square foot. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors represented the sellers and procured the buyers in both transactions.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Villa Paree Apartments, a 209-unit complex in Indianapolis. EMK Property Investors purchased the property for an undisclosed price. The complex is located at the northeast corner of Kessler Boulevard and Allisonville Road. Tikijian Associates represented the seller, an Indianapolis-based private real estate investment firm, which owned Villa Paree for more than 20 years. The transaction completed a reverse 1031 tax-deferred exchange for the seller and a forward 1031 exchange for the buyer. With offices in Cincinnati and Indianapolis, EMK invests in value-add multifamily communities in Indiana, Kentucky, Ohio, Texas and other U.S markets. Barrett & Stokely Inc., a regional apartment management firm with headquarters in Indianapolis, will manage the property for the new owner.
PONTIAC, MICH. — Bernard Financial Group has secured a $1.8 million loan to refinance Walton Ridge, a 155-pad mobile home park in Pontiac. The property is situated on nearly 36 acres next to a lake and Galloway Creek. Dave Dismondy of Bernard Financial originated the loan for the borrower, Walton Development Co. LLC. Assurity Life Insurance Co. was the lender in the transaction.
ST. PAUL, MINN. —Marcus & Millichap has brokered the $1.5 million sale of 40,511 square feet of land located in St. Paul. Snelling Avenue Land is located at 678 Snelling Avenue South. The Water Senior Housing Group plans to redevelop the land into seniors housing. An 80-unit, four-story assisted living complex is expected to break ground next spring. Michael Ahles of Marcus & Millichap’s Minneapolis office represented the seller, Bradshaw Funeral Home Inc. The buyer, a developer, was secured by an outside brokerage. Bradshaw Funeral Home Inc. will be relocating across the street from the site.
OCEANSIDE, CALIF. – Presidio Cornerstone Master LLC has acquired a 28-acre parcel of land in Oceanside for $25 million. The property is located on the northwest corner of College Avenue and Old Grove Road within the master-planned community of Rancho Del Oro. The land has been approved for the development of Terraza, a 338-unit luxury apartment community. The units will range from one-bedroom, one-bath, to three-bedrooms, two-baths. Gunder Creager, David Santistevan and Ciara Layne-Trujillo of Colliers International represented both the buyer and the seller, RDO Village Investment LLC, in this transaction.
AUSTIN — Berkadia Commercial Mortgage LLC has arranged a $56.5 million loan through Fannie Mae for the acquisition of the Retreat at Barton Creek in Austin. Jackson Cloak worked with the principals of the borrowing entity to originate the 10-year, fixed-rate financing. Additional loan terms include three years of interest-only payments and a 30-year amortization schedule. The complex is 97 percent occupied. A partnership of investors with Paydar Cos. and Lankford & Associates purchased The Retreat at Barton Creek. The property is located at 3816 S. Lamar Blvd. and sits on 30 acres along the Barton Springs Greenbelt. The 600 apartments comprise a total rentable space of 426,000 square feet. Amenities include a pool and spa, sundeck, clubhouse and gym.
LARGO, FLA. — Marcus & Millichap has arranged the $18 million sale of Bay Pointe Apartments, a 417-unit multifamily community in Largo, part of the Tampa Bay area. The property is located at 2770 Roosevelt Blvd., within two miles of the St. Petersburg-Clearwater International Airport. The property features a tennis court, business center and two swimming pools. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both the buyer and the seller in the transaction.