DES MOINES — Dougherty Mortgage LLC has arranged a $4.4 million refinancing loan for 3801 Grand Place, a 60-unit assisted living and dementia care facility located in Des Moines. The non-recourse HUD loan has an amortization of 373 months (approximately 31 years) and was arranged for 3801 Grand Associates LP by Dougherty’s Minneapolis office. The seniors housing facility is an existing HUD facility built in 1994 and managed by Newbury Management Co.
LOS ANGELES – The 79-unit Hillside Terrace Apartments in Hollywood has received a $10.5-million refinance. The community is located at 7245 Hillside Ave. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Robert Hervey of NorthMarq’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.
BURIEN, WASH. – The 18-unit Cedar Court apartments in Burien has sold to a Pierce County apartment investor for $1.4 million. The community is located at 15621 4th Ave. South. The refinance and acquisition financing was provided by Marcus & Millichap Capital Corporation. The buyer was represented by Scott Morasch of Marcus & Millichap’s Seattle office.
INDIANAPOLIS — Greystone has originated a $34.6 million loan for Lake Castleton Apartments, a 1,261-unit multifamily apartment complex in Indianapolis. Greystone received a commitment from HUD insuring the Section 223(a)(7) FHA loan for Lake Castleton just 44 days from submission. The self-amortizing loan has a 35-year term. The property is located at 7601 Carlton Arms Drive. Josh Sasouness of Greystone’s New York City office originated the deal.
HOUSTON — Marcus & Millichap has arranged the sale of Villa Monterrey, a 268-unit apartment complex located at 9445 Concourse Drive in Houston. The hotel's list price was $4 million. Jeffrey Fript of Marcus & Millichap's Houston office, along with Evan Kristol and Still Hunter III of the firm's Fort Lauderdale, Fla. office, represented the seller, a partnership, in the transaction. Fript also secured and represented the buyer, a private investor. The buyer plans to renovate the interior and exterior of the apartment complex.
SAN ANTONIO — NorthMarq Capital has arranged $7.55 million in acquisition financing for Spice Creek, a 192-unit, Class B apartment complex located in San Antonio. Luke Donahue of NorthMarq's Phoenix office arranged the 10-year loan with 24 months interest-only payments and a 25-year amortization schedule through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
LOS ANGELES – The 79-unit Hillside Terrace Apartments in Hollywood has received a $10.5-million refinance. The community is located at 7245 Hillside Ave. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Robert Hervey of NorthMarq’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.
BURIEN, WASH. – The 18-unit Cedar Court apartments in Burien has sold to a Pierce County apartment investor for $1.4 million. The community is located at 15621 4th Ave. South. The refinance and acquisition financing was provided by Marcus & Millichap Capital Corporation. The buyer was represented by Scott Morasch of Marcus & Millichap’s Seattle office.
BOULDER, COLO. –Villa Del Prado and Chateau Apartments in Boulder have sold to a local private real estate investor for a combined $16.7 million. The 50-unit Villa Del Prado sold for $10.5 million, while the 32-unit Chateau Apartments sold for $6.2 million. The properties are located directly across the street from one another. The buyer plans to consolidate the two communities into one. The sellers, both private local investors, were represented by ARA Colorado’s Terrance Hunt, Shane Ozment, and Andy Hellman in these transactions.
SAN JOSE, CALIF. — Emerald Glen Condominium Homes in San Jose has sold to Sares Regis Group of Northern California (SRGNC) for $11.3 million. The property contains 46 completed condominiumunits and 77subterranean parking spaces. SRGNC will soon complete the property’s interior construction and rebrand it as Aviara. The company also plans to lease the units, which are currently vacant. It will also refinance a longer-term loan once the asset stabilizes.Debt financing was provided by Berkadia Commercial Mortgage.