ROCKFORD, ILL. — A Chicago-based lender has sold a three-property multifamily portfolio at 3432 Harrison Ave. in Rockford for $800,000. The properties include a total of 52 units. James Clough of Marcus & Millichap represented the seller, a Chicago-based lender. The buyer, a private investor, was secured and represented by Edward Liss and Eric Bell of Marcus & Millichap.
FORT LEE, N.J. — Centerline Capital Group has provided a $6 million Fannie Mae DUS mortgage loan to refinance 2339 Hudson Terrace, a cooperative multifamily property located in Fort Lee, about 22 miles north of Union City. The loan proceeds will be used to pay off an existing Fannie Mae first mortgage loan and to fund an ongoing capital improvement program, which includes roof replacements and additions to common area amenities. The 10-year loan includes a 30-year amortization schedule. The borrower is 2339 Hudson Terrace Corp. Built in 1951, the multifamily property includes 223 apartment units housed in three, six-story buildings. Foremost Management Corp. manages the property. Fannie Mae’s multifamily mortgage business provides financing options for properties in which the residents collectively own the building(s) and property through their shares in the cooperative corporation.
SAN DIEGO — The Meadows Apartment Homes, an 86-unit multifamily community in the Vista submarket of San Diego, has sold to the Apartment Company for $11.3 million. The community is located at 1110-1155 Meadowlake Drive. The Apartment Company represented itself in this transaction, while the seller, a private partnership controlled by MG Properties Group, was represented by Kevin Mulhern, Dixie Hall and Rachel Parsons of CBRE San Diego.
GILBERT, ARIZ. – The 120-unit Legacy Village in Gilbert has received $10 million in first-mortgage acquisition financing. The community is located at351 S. Civic Center Drive. Financing was based on a 10-year term with two years of interest-only followed by a 30-year amortization schedule. Financing was arranged by Gardiner Champlin and Marty Meagher of NorthMarq Capital’s San Diego office through the firm’s seller-servicer relationship with Freddie Mac. The borrower was The Reserve at Gilbert Towne Centre, LLC.
DENVER — The DESCi Apartments, a 93-unit multifamily community in Denver, has sold to Brian Botnick for $8.3 million. The complex was built in 1963 by Denver Educational Senior Citizens Inc. (DESCi), a local non-profit organization. It provides affordable housing to Denver Public School employees, retirees, their relatives and those in related professions who are age 55 and older. Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
SAN MATEO, CALIF. – A 111-unit, $43.7-million apartment complex recently broke ground in San Mateo. The 2.4-acre site is located at 2090 S. Delaware Street at the north end of Silicon Valley. The project is scheduled to be complete and ready for leasing in spring 2014. It is being developed by Wood Partners.
PITTSBURG, CALIF. – The 208-unit Presidents Park Apartments in Pittsburg has sold to
WASHINGTON, D.C. — Jones Lang LaSalle's capital markets team has closed on the sale of four multifamily properties in the Washington, D.C., area totaling $608 million. In the largest deal, Dweck Properties purchased Archstone Crystal Towers, two 912-unit apartment towers in Arlington, Va., from Equity Residential for $322.2 million. The deal broke the record for the largest sale of a multifamily property in the region. Archstone Crystal Towers was completed in 1968 and underwent a comprehensive renovation in 2002. Al Cissel and Scott Melnick of Jones Lang LaSalle represented the seller in the transaction. WAFRA Investment Advisory Group and Stella Advisors bought the Avalon at Decoverly, a 564-unit apartment community in Rockville, Md., from Avalonbay Communities Inc. for $135 million. Amenities at the Class A property include two outdoor swimming pools, tennis courts and a dog park. Cissel, Melnick and Christine Epenshade of Jones Lang LaSalle represented the seller. JBG Cos. acquired Falkland Chase, a 450-unit garden apartment community in Silver Spring, Md., from Home Properties for $98 million. The community features 57 two- and three-story brick buildings. Cissel and Melnick represented the seller. In the final deal, a joint venture between Laramar and Lubert-Adler purchased Woodvale Apartments, a 24-building …
HUDSON COUNTY, N.J. — NorthMarq’s North New Jersey regional office has arranged $33.8 million in first mortgage refinancing for three affordable housing properties in Hudson County. Eastview Apartments, a 79-unit apartment community located at 58-72 Washington St. in Hoboken, received $15.6 million. New Floral Gardens 1A, a 91-unit property located at 2515-2517 Cottage Ave. in North Bergen, received $8.9 million. Park View East Apartments, a 71-unit apartment community located at 4300 Park Ave. in Weehawken, received $8.8 million. Financing for the transactions was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing through a local bank.
BETHESDA, MD. — Beech Street Capital LLC has closed seven Fannie Mae DUS loans totaling $42.8 million for seven manufactured home communities in Texas, Arizona and Michigan. The portfolio includes five communities in Michigan, one in Texas and one in Arizona totaling 2,232 home sites. Damon Reed of Beech Street's Birmingham, Ala., office originated the 10-year loans with a 30-year amortization schedule on six loans and a 25-year schedule on the other loan.
