LOS ANGELES — The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in the Los Angeles submarket of Sherman Oaks, has sold to Raintree Partners for $77 million. The community is located at 4500 Woodlman Ave. Raintree plans to renovate the units. Marc Renard of Cushman & Wakefield represented both the buyer and the seller. Acquisition financing was secured by CBRE’s Troy Tegeler and provided by Freddie Mac.
RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.
CHINO, CALIF. – The 40-unit Vista Park Chino has sold to Preservation Vista Park Chino, LP for $6 million. The community is located at 5819 Riverside Drive. The seller was Vista Park Chino, LP. The transaction was executed by Alex Mogharebi of Hendricks & Partners’ Ontario office.
SAN FRANCISCO – A 14-unit apartment building located at 1550-1566 Hyde Street in San Francisco has sold to a limited liability company for $2.6 million. The community also contains two retail units. Dimitris Drolapas, James Devincenti and Brad Lagomarsino of Marcus & Millichap’s San Francisco office represented both the buyer andthe seller, a private investor, in this transaction.
HARSTVILLE, S.C. — Choate Construction Co. has started construction on a 48-bed student housing facility at Coker College in Hartsville. McMillan Pazdan Smith Architecture designed the six-building complex. Each building includes 12 suites with four single bedrooms, two full bathrooms, a kitchen and a living and dining area. The first building is scheduled for completion by this fall.
MIAMI — SL Capital has provided financing for the acquisition of a four-property, Class A student housing portfolio in Kentucky, Louisiana, South Carolina and Missouri. Campus Evolutions purchased the portfolio for $46.5 million. A $33.5 million CMBS loan for the properties was arranged. Miami-based SL Capital is an exclusive affiliate of Cantor Fitzgerald Commercial Real Estate and makes nonrecourse loans up to $200 million.
OAK FOREST, ILL. — Marcus & Millichap has arranged the sale of an 11-unit apartment property in Oak Forest, Ill. for $785,000. Located at 16733-16735 Forest Avenue, the property consists of two, one-bedroom units and nine, two-bedroom units. Ryan Engle, Voltaire Zapanta and Adam Fortino, of Marcus & Millichap’s Chicago office represented the seller, a private investor, as well as the buyer, an individual trust.
URBANA, ILL. — Rosemont, Ill.-based McShane Construction Co. will build Hamilton on the Park, a 36-unit apartment complex in Urbana, 90 miles east of Springfield, the state capital. The company is building the affordable housing development on behalf of The Benoit Group, an Atlanta-based developer. The multifamily property, which will be located on two acres of land at 1201 Brookstone Ct., will include single- and two-story units. Each apartment will also be equipped with energy-efficient windows and Energy Star appliances. Construction is scheduled for completion this fall.
NEW CANAAN, CONN. — M2 Partners LLC has purchased Merritt Apartments, a four-building, 24-unit apartment complex located in downtown New Canaan, for $8.4 million. The multifamily property totals 39,531 square feet and is comprised of four buildings, just two blocks from the Metro North train station and two miles from Route 15. Cushman & Wakefield represented the seller, New Canaan Merritt Apartments LLC, and Arnold Karp and Karp Associates Inc. represented M2 Partners in the deal.
NEW YORK — Centerline Capital Group has provided a $4 million loan to refinance 55 Hudson Street, a cooperative multifamily property located in the Tribeca section of New York City. This deal was the first transaction funded through Freddie Mac’s new Cooperative Early Rate Lock Program. The program enables borrowers to lock in interest rates within 72 hours of a package submission to Freddie Mac. The loan is secured by 55 Hudson Street, a 10-story, 34-unit luxury cooperative building that was incorporated in 1980 and is 100 percent sold. The property was originally constructed as a commercial warehouse in 1890 and was converted for residential usage in the early 1980s. The borrower is New York-based Tribeca Owners Corp., whose primary purpose is to manage the operations of the property.