COUNCIL BLUFFS, IOWA — NorthMarq’s Omaha regional office has arranged a $11.5 million first-mortgage loan for the refinancing of Valley View Apartments in Council Bluffs, located about 10 miles east of Omaha. The 258-unit, market-rate multifamily community is located at 720 Valley View Drive. Jason Kinnison, vice president at NorthMarq, arranged the 20-year, self-amortizing loan. A life insurance company provided the loan.
NEW YORK CITY — Ariel Property Advisors has arranged the $8.3 million sale of six properties, including five multifamily buildings and one vacant lot, in Central Harlem, the Bronx and Brooklyn. The New Sierra Portfolio includes four walk-up buildings at 423 and 439 Lenox Ave., 134 W. 133rd St. and 140-42 W. 133rd St. in Central Harlem that sold for $5.2 million. The properties feature 47 residential units and three retail units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, an affordable housing developer and operator, and procured the buyer, ABJ Properties. The fifth multifamily building, located at 868 Faile St. in the Hunts Point section of the Bronx, sold for $2 million. The four-story, 17,860-square-foot building includes 21 apartments. Scot Hirschfield, Shkury, Jason Gold, and Sozio of Ariel Property Advisors marketed the property on behalf of the seller, a private investor, and procured the buyer, a local investor. The vacant lot, located at 1164 Greene Ave. in the Bushwick section of Brooklyn, sold for $1.1 million. The property features 50 feet of frontage and approximately 11,000 buildable square feet. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors marketed …
MANSFIELD, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Dolce Living at Mansfield, a 334-unit multifamily community south of Fort Worth. The property, located at 370 North State Highway 360 and adjacent to Mansfield National Golf Club, was built in 2012. IPA executive director Will Balthrope and IPA associate director Drew Kile advised seller DLC Residential. The buyer was real estate investment company Advenir.
SAN FRANCISCO — SoMa Studios, a 23-micro-unit apartment building in San Francisco’s South of Market (SoMa) district has sold to a buyer that was in a 1031 exchange for $7.5 million. The community is located at 38 Harriet Street. It is leased to California College of the Arts, which uses the 295-square-foot micro-apartments as a dormitory. CBRE’s Michael Thomas and Toby Costello represented both the buyer and the seller, a partnership led by Patrick Kennedy of Panoramic Interests, in this all-cash transaction.
JACKSONVILLE, FLA. — Hendricks-Berkadia Real Estate Advisors has arranged the $19.2 million sale of Addison Landing Apartments, a 289-unit multifamily community located at 9455 103rd St. in Jacksonville. The community's amenities include a controlled-access gate, swimming pool, fitness center, business center and 24-hour maintenance services. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks-Berkadia represented the seller, Jacksonville Zone LLC, in the transaction. St. Petersburg, Fla.-based WRH Income Properties acquired the property from Jacksonville Zone.
RICHMOND AND CHESTER, VA. — Arbor Commercial Mortgage LLC has arranged two FHA-insured multifamily loans totaling more than $29 million. Hal Reinauer of Arbor's Boston office arranged a 40-year, $22 million construction loan for Shafer Grace, a planned apartment community in Richmond that will include 152 units. The loan features a 40-year amortization schedule. Planned amenities include a fitness center, roof deck, clubhouse, washer/dryer units, garage parking, storage and Internet, phone and cable included in the rent payments. Reinauer also arranged a 37-year, $7.3 million refinance loan for Chesterfield Gardens Apartments, a 105-unit community in Chester, located 17 miles south of Richmond. The loan features a 37-year amortization schedule. Amenities include a clubhouse, 24-hour fitness center, swimming pool, tennis court and playground.
OLATHE, KAN. — Johnson Capital has arranged a $17.2 million loan for a 227-unit multifamily property in Olathe, about 25 miles south of Kansas City. The borrowers developed Somerset Oaks Apartments, which is located at 813 S. Mur-Len Road, in 1999. Amenities at the complex include a 24-hour fitness center, business center with wireless Internet, clubhouse and a swimming pool with waterfall and wading pool. A life insurance company provided the 25-year, fully amortizing loan. Proceeds of the loan were used to refinance existing debt. Thomas Cohen, principal, and John Schorgl, vice president at the Johnson Capital’s Kansas City office, arranged the loan.
EAST LANSING, MICH. — Arbor Commercial Mortgage LLC has funded an $8.1 million FHA 223(f) loan for the refinancing of Capitol Villa Apartments, a 172-unit apartment complex in East Lansing. The 35-year loan is self-amortizing. The complex is within walking distance to Michigan State University. Amenities at the complex include an outdoor pool, a fitness center, a computer lab, indoor bike storage, a common laundry facility, a private study room and designated picnic areas with gas grills. Michael Jehle, midwest regional director in Arbor’s Bloomfield Hills, Mich., office, originated the loan.
DALLAS — Berkeley Point Capital has provided Baron Properties with $12.5 million in acquisition financing for the purchase of the Maple Gardens apartment community in Dallas. The acquisition of the 120-unit Class A property is part of Baron’s expansion into the multifamily market of Texas, where the firm has an existing industrial portfolio. The loan, structured under the Fannie Mae DUS program, has a 10-year term with two years of interest-only payments at a fixed rate of 4.33 percent and a 30-year amortization schedule. Jeff Riggs and Scott Fisher of Baron partnered with the American National Insurance Co. on the deal.
SAN FRANCISCO — SoMa Studios, a 23-micro-unit apartment building in San Francisco’s South of Market (SoMa) district has sold to a buyer that was in a 1031 exchange for $7.5 million. The community is located at 38 Harriet Street. It is leased to California College of the Arts, which uses the 295-square-foot micro-apartments as a dormitory. CBRE’s Michael Thomas and Toby Costello represented both the buyer and the seller, a partnership led by Patrick Kennedy of Panoramic Interests, in this all-cash transaction.
