LYNDHURST, N.J. — HFF has arranged $51.5 million in financing for Vermalla Lyndhurst, a Class A multifamily community in Lyndhurst. Completed in early 2014, the property features 296 apartment units in one-, two- and three-bedroom floorplans ranging in size from 827 to 1,918 square feet. The units feature hardwood floors, quartz countertops, energy-efficient stainless steel appliances, in-residence washers and dryers and nine-foot ceilings. The community amenities include an 8,000-square-foot clubhouse, outdoor heated pool, fire pit, cyber café, fitness center, media lounge, billiards room and a 4,000-square-foot dog park. Thomas Didio and Michael Lachs of HFF secured the fixed-rate loan through a life insurance company for the borrower, Russo Development.
Multifamily
WARWICK, R.I. — Fantini & Gorga has arranged $27.5 million in permanent first mortgage financing for the Cowesett Hills Apartment community in Warwick. The borrower was Cowesett Hills Apartments LLC, an affiliate of Rhode Island-based The Picerne Real Estate Group. Situated on 68 acres of land at 3595 Post Road, the community features 456 apartment units. John Gorga and Jason Cunnane of Fantini & Gorga secured the financing through a national insurance company.
PHILADELPHIA — Meridian Capital Group has arranged a $21.7 million loan on behalf of Pantzer Properties for the acquisition of a multifamily property in Philadelphia. Located at 1601 Sansom St., the 13-story property features 80 units with 11,192 square feet of retail space. The units were previously leased and operated by Oakwood Corporate Housing as a short-term furnished corporate rental facility. The five-year loan, provided by a local balance sheet lender, features a competitive fixed-rate of 3.13 percent and interest-only payment for the first two years followed by a 30-year amortization schedule. Drew Anderman, Alan Blank and David Bollag of Meridian’s New York City headquarters negotiated the transaction.
PEARLAND, TEXAS — HFF has closed the sale of SouthWind, a 312-unit multi-housing complex in the Houston of Pearland. HFF marketed the property on behalf of the seller, a TIC ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc. An entity owned by JMG Realty bought the complex for an undisclosed amount. SouthWind is located at 9720 Broadway St., 15 miles south of downtown Houston. The property is 95.2 percent leased with one-, two- and three-bedroom units averaging 969 square feet. Amenities include a swimming pool, hot tub, fitness center, volleyball court, clubhouse, business center and playground. The HFF team included directors Chris Curry and Tre Banks along with senior managing directors Todd Marix and Todd Stewart.
PHOENIX – A limited partnership formed by the Sheiner Group has acquired the 384-unit Colter Park apartment complex in Phoenix for an undisclosed sum. The community is located at 909 West Colter Street, near the Melrose District/7th Avenue/Camelback Valley Metro light rail station. The community was built in 1972. It also enjoys easy access to the Uptown/Midtown office corridor, Downtown Phoenix and the Biltmore area of the Camelback Corridor. The seller, an institutional pension fund advisor, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.
FORT COLLINS, COLO. — Mountain View Capital has acquired the 240-unit Terra Vida apartment complex in Fort Collins for $39 million. The community is located at 3707 Precision Drive, just west of Interstate 25 near East Harmony Road. Terra Vida is situated near Colorado State University, in addition to major employers like Agilent Technologies, HP, Intel, Poudre Valley Health Systems and Wolf Robotics. The community was 96 percent occupied at the time of sale. It was built in 2012. The sellers, Milestone Development Group LLC and partner Les Kaplan, were represented by ARA Colorado’s Doug Andrews, Jeff Hawks, Terrance Hunt and Shane Ozment.
CHICAGO, MARION AND ITASCA, ILL. — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided $31.8 million in HUD 232/223(f) loans for a portfolio of skilled nursing facilities in Illinois. A loan of $8.8 million will be used to acquire a 125-bed property in Marion built in 1966 and renovated in 2011. Loans of $17.9 million and $5.1 million will be used to refinance a 228-bed facility constructed in 1996 in Chicago and a 144-bed facility built in 1975 with an addition in 1983 in Itasca. The fixed-rate loan for the Marion facility has a 30-year term. Those for the Chicago and Itasca facilities have terms of 35 years. Joshua Rosen, who leads the company’s agency healthcare efforts from the company’s Chicago office, originated the loan. The undisclosed borrower has closed several deals with Capital One Multifamily Finance during the past year and has extensive long-term care and real estate management experience.
FORT WAYNE, IND. — Atlanta-based ARA has brokered the $24.2 million sale of Oak Crossing Apartments, a 222-unit, Class A apartment community located in Fort Wayne. Steadfast Income REIT Inc., an Orange County, Calif.-based public non-listed REIT, purchased the property. Completed in 2013, Oak Crossing consists of one-, two- and three-bedroom apartments. The property is currently 94 percent occupied with average market rents of $996. The apartment community is located within a mile of the newly built Parkview Regional Medical Center. Todd Stofflet and Steve Kemmerling of ARA’s Chicago office represented the seller, Dupont & Tonkel Partners LLC, which developed and built the property.
NEW YORK CITY — Besen & Associates has brokered the sale of a four-property multifamily portfolio located in Manhattan’s Inwood section for $18.4 million or $145,000 per unit. Located at 150-152, 158-160 and 170 Vermilyea Ave., the 111,420-square-foot, 129-unit portfolio features five studio units, 35 one-bedroom, 69 two-bedroom and 20 three-bedroom apartments. Morris Arlos, Greg Corbin and Amit Doshi of Besen & Associates represented the seller and procured the buyer, a local private investor, in the transaction.
ORONO, MAINE — Orion Student Housing has acquired Orchard Trails in Orono. Located at Four Empire Dr., the 144-unit student housing complex is located near the University of Maine campus. Orchard Trails Housing LLC sold the property for an undisclosed price. Dan Greenstein of CBRE | The Boulus Company, in conjunction with Simon Butler and Biria St. John of CBRE’s Boston and Ryan Reid of CBRE Dallas, arranged the transaction.