TAMARAC, FLA. — Marcus & Millichap has arranged the $15 million sale of 222 apartment units in the 291-unit Jasmine Condominiums in Tamarac. Tal Frydman, Derek Gibbs and Daniel Cunningham of Marcus & Millichap represented both the seller, an Israel-based private investment company, and the buyer, a real estate investment management group. Jasmine Condominiums is located at 8650 N.W. 61st St. and was built in 1987.
NEW YORK CITY — Eastern Union Funding has arranged a $47.4 million loan for the acquisition of the Westbourne apartment complex in Manhattan. The five-building, 182-unit property occupies a full city block along West 137th Street. The purchase also included a new Duane Reade store with a 20-year lease. Shaya Ackerman of Eastern Union arranged the loan on behalf of Bonjour Capital, which acquired the property from Extell. Investors Bank provided the 10-year loan, which includes a 3.7 percent interest rate.
SAN ANTONIO — San Antonio Commercial Advisors, an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Portofino and Montage at North Point Apartments, a 480-unit, Class B apartment portfolio located in northwest San Antonio. The multifamily team of Brandon Lo Porto and Scott Weems of San Antonio Commercial Advisors represented the seller, a New York City-based financial institution, in the transaction. Lo Porto and Weems also procured the buyer, a California-based private investor.
ALAMEDA, CALIF. – The 615-unit Summer House Apartments in Alameda has received $19.4 million in financing. This was a supplemental Freddie Mac loan that was added to the community’s existing financing. The loan was arranged for Kennedy Wilson by Berkeley Point Capital.
TOLEDO, OHIO — Health Care REIT has completed the acquisition of Sunrise Senior Living Inc. property portfolio, the sale of the Sunrise Management Co. and the acceleration of all planned joint venture partner buyouts. The Toledo-based real estate investment trust, that invests in seniors housing and health care real estate,currently has invested $3.4 billion in Sunrise properties. Bank of America Merrill Lynch acted as the exclusive financial advisor to Health Care REIT in the deal. Arnold & Porter LLP, Goodmans LLP, Nabarro LLP, Shumaker, Loop & Kendrick LLP, and Sidley Austin LLP, acted as Health Care REIT's legal advisors.
LONG BEACH, CALIF. — The Landing at Long Beach has sold to Western National Realty Advisorsfor $46 million. The firm purchased the 206-unit apartment community, which it then dubbed The Landing at Long Beach, through its Western National Realty Fund II, L.P. The community is 98 percent occupied. Western National plans to modernize and reposition the property. The seller was represented by Greg Campbell of Archstone.
SEATTLE – The eight-unit Leschi Flats apartment building in Seattle has sold to a private investor for $2.1 million. It is located at 109-115 30th Ave. The investor was represented by Dan Swanson of Marcus & Millichap’s Seattle office.
MIAMI AND BOCA RATON, FLA. — David Woida of NorthMarq’s Milwaukee regional office has arranged approximately $62 million in combined first mortgage refinancing for three South Florida multifamily properties totaling 926 units. The 362-unit Waterford Landing Apartments was financed at $25.2 million and the 244-unit Waterford Point Apartments at $16.5 million in Miami. The 320-unit Reflections of Boca Apartments was also financed at $20.25 million. Financing for these properties was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
DURHAM, N.C. — The 248-unit Carver Pond, a garden-style apartment community in Durham, has traded for $12.3 million. First Market Properties sold the multifamily property to VTT Management. Andrew Klenk, Beau McIntosh and Brian Ford of Capstone Apartment Partners’ Charlotte, N.C. office represented the seller.
ALABASTER, ALA. — The 200-unit Woodbrook Trail Apartments has sold for $8 million in Alabaster. Birmingham, Ala.-based Ambler LLC sold the multifamily property to New York-based TEG Acquisitions LLC. Woodbrook Trail Apartments was built in two phases in 1977 and 1988 and totals 179,344 square feet with one-, two- and three-bedroom units. David Oakley of Hendricks & Partners Alabama office represented the seller.