OYSTER BAY, N.Y. — Red Mortgage Capital has closed a $19.5 million FHA 232/223 loan to refinance the Oyster Bay Manor House, an assisted living and dementia care facility located in Oyster Bay. The low interest rate achieved through the FHA insurance program reduces the owner’s debt-service obligations and provides 30-year fully amortizing, nonrecourse debt. Oyster Bay Manor House will use $1.2 million of the $19.5 million for renovations to common areas throughout the building.
SAN FRANCISCO – The final 12 apartment buildings in San Francisco that were part of CIM Group’s 22-property portfolio have sold to multiple buyers. The other 10 properties were sold this past September and October. The purchase prices were not disclosed. The portfolio contained a total of 418 units that were acquired by CIM Group in June 2009 through a deed in lieu of foreclosure. The purchase was sourced through CIM’s off-market proprietary network.
HERNDON, VA. — Federal Capital Partners has acquired Berkdale Apartments, a 184-unit apartment community in the Dulles Park area of Herndon for $24.2 million. The eight-building property is located near Elden Street and Sterling Road, within walking distance of several schools. Amenities include a playground and an adjacent park with playing field and a bike trail. All of the units have recently been upgraded. Andy Boyer and Jonathan Greenberg of CBRE Group represented the seller in the transaction.
BIRMINGHAM, ALA. — Beech Street Capital has closed Fannie Mae loans totaling $32.5 million that will be used to acquire a four-property portfolio totaling 770 units in Birmingham. The four properties — Ascot Place, Forest Ridge, Woodbrook and Meadow Wood — are each Class B, garden-style apartments. The buildings were originally developed by the seller in the 1980s. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group arranged the 10-year, fixed-rate loans.
EVANSTON, ILL. — Fifield Cos. and Carroll Properties will develop a $148 million luxury apartment project in downtown Evanston, a Chicago suburb. The 368-unit apartment project will include two building at 1881 Oak Ave. and 1890 Maple Ave. The property at 1881 Oak will be 16 stories and 1890 Maple will be 14 stories. A four-story structure, which will connect the two buildings, will include three floors of parking and a fourth-floor amenity deck. Rental units will range from 500-to-1,500 square feet and offer studio, one-, two- and three-bedroom layouts. Construction is set to begin in the third quarter of this year.
URBANA, ILL. — Town & Country Apartments, a 662-unit apartment complex with a 52-unit self-storage facility, has hit the market in central Illinois. The price is open bid and the call for offers is scheduled for Feb. 12. Located at 1032 E. Kerr. Ave. in Urbana, the apartment complex was constructed in five phases beginning in 1968 and ending in 2008. The multifamily property includes 412 one-bedroom units and 250 two-bedroom units. Marcus & Millichap is the listing agent for Town & Country Apartments.
HOUSTON — CBRE has brokered the sale of the 224-unit Broadstone Gramercy, a 252,404-square-foot multifamily community located at 2601 Gramercy St. in Houston's Texas Medical Center neighborhood. Ryan Epstein of CBRE's Houston Multi-Housing Group represented the seller, Alliance Residential Fund I, in the transaction. The mid-rise, podium-built community is 95 percent occupied.
SAN FRANCISCO – The final 12 apartment buildings in San Francisco that were part of CIM Group’s 22-property portfolio have sold to multiple buyers. The other 10 properties were sold this past September and October. The purchase prices were not disclosed. The portfolio contained a total of 418 units that were acquired by CIM Group in June 2009 through a deed in lieu of foreclosure. The purchase was sourced through CIM’s off-market proprietary network.
ONTARIO, CALIF. – The 736-unit Archstone Terracina in Ontario has sold to MG Properties for $95 million. The community was built in 1988 at 3303 South Archibald Ave. The seller, Archstone, was represented by Cushman & Wakefield’s Multifamily Advisory Group, which was led by Ed Rosen and John Chu.
COSTA MESA, CALIF. – The eight-property Westbay Portfolio in Costa Mesa has sold to multiple buyers for a total of $59.3 million. The portfolio contained a total of 295 units. It was sold by the Praedium Group and its local operating partner, Ocean West Capital Partners. The partners had acquired the portfolio in 2010. The final five assets were sold in December 2012.