LADY LAKE, FLA. — The Orlando office of ARA has recently brokered the sale of the 356-unit Courtney Villages in Lady Lake for $30.2 million. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA’s North Florida-based sales team represented the seller, Orlando, Fla.-based Contravest, in the transaction. Jacksonville, Fla.-based GMC Property Management purchased the asset, which was 96 percent occupied at the time of sale.
MINNEAPOLIS —NorthMarq has arranged $16.6 million in first mortgage refinancing for Soltva Apartments, a 100-unit, multifamily property located at 701 N. 2ndSt. in Minneapolis. The 15-year loan includes a 30-year amortization schedule. Daniel Trebil, senior vice president and senior director of NorthMarq’s Minneapolis regional office, arranged the financing for the borrower through a life insurance company.
WHITE PLAINS, N.Y. — HFF has closed the sale of 25 Martine Avenue, a 12-story, 124-unit multifamily community in White Plains. HFF marketed the property on behalf of the seller, a joint venture between Korman Communities and an institutional partner. The DSF Group purchased the community for $34 million free of existing debt. Renovated in 2004, the property features studio, one- and two-bedroom units averaging 727 square feet each. Community amenities include a fitness center, residents lounge, internet café and a 159-space parking garage. Jose Cruz and Andrew Scandalios, senior managing directors, Kevin O’Hearn and Jeffrey Julien, managing directors, and Stephen Simonelli, associate director, of HFF represented the sellers.
FLUSHING, N.Y. — DelShah Capital has sold Sunrise Terrace, a mixed-use building with 28 luxury condominiums, community facilities and onsite parking in Flushing, in two transactions. The total sellout of the condo portion was more than $19.2 million. The ground-floor commercial space in the five-story building was sold for $3.5 million to Queens Library for use as a new branch. Located at 31-32 Union St., the building features one-, two- and three-bedroom residences with high ceilings, oversized windows, balconies and terraces. Amenities include walnut wood flooring, custom lighting, a washer and dryer in each unit, walk-in closets, Jacuzzi air jet bathtubs and marble baths and sinks. Delshah Management will continue to manage the building for the condominium association.
NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of 477 3rd Street, a five-story multifamily building located in the Park Slope section of Brooklyn, for $7.7 million, or $387,500 per unit. Built in 1931, the apartment building includes 20 units totaling approximately 14,672 square feet. Roni Abudi of GFI Realty Services represented the seller, a local investor, in the transaction. Erik Yankelovich of GFI Realty Services represented the buyer, a foreign investor.
LONGVIEW, TEXAS AND NASHVILLE — Greystone has originated $30 million of FHA insured loans for two multifamily properties located in Texas and Tennessee. Donny Rosenberg of Greystone closed the loans on behalf of the borrower, Amesbury Cos. Hickory Point at Brentwood, located in Nashville, received $22.5 million of loan proceeds pursuant to Section 223(a)(7) of the National Housing Act. The property consists of 298 units. Hunters Crossing, located in Longview, received $7.9 million of loan proceeds through HUD’s Section 223(f) program. The complex contains 192 units.
GILBERT, ARIZ. – The 196-unit Painted Trails Apartment Homes in Gilbert has sold to RK Properties for $25.7 million. The Class A community is located at 4255 E. Pecos Road within the master-planned community of Power Ranch. RK Properties was represented in-house by Robert Alexander. The seller, Wasatch Premier Communities, was represented by Alon Shnitzer and Eddie Chang of Orion Multifamily Group, which is part of Orion Investment Real Estate.
BOSTON — Fantini & Gorga has arranged $4 million in financing for Rutland Housing, a 44-unit midrise multifamily property in Boston’s South End neighborhood. Constructed in 1972, Rutland Housing includes two adjacent buildings, each four stories plus a basement. The buildings feature a mix of one-, two-, three- and four-bedroom units, as well as 18 off-street parking spaces and four retail/office units. The current ownership purchased the property in 1988 and has extensively renovated the apartments.
LEWISVILLE, TEXAS — Beech Street Capital LLC has closed a Fannie Mae conventional loan for the acquisition of The Place at Park Timbers, a 230-unit multifamily property in Lewisville, a suburb of Dallas. Chuck Christensen of Beech Street originated the transaction. The borrower is a partnership organized by Allmark Properties. The Place at Park Timbers offers 11 floor plans, a clubhouse, two pools, a spa and fitness center. Units feature all-electric kitchens, central air, private balconies and patios and walk-in closets.
PLANO, TEXAS — ARA has arranged the sale of Heritage at Lakeside, a 181-unit multifamily property in Plano, to Los Angeles-based JRK Property Holdings for an undisclosed price. Brian O'Boyle Jr., Brian O'Boyle Sr. and Brian Murphy of ARA represented the seller in the transaction. The average unit is sized at 1,582 square feet.