PEORIA, ARIZ. — The 100-unit Sonoma Place in Peoria has sold to Investment Property Exchange Services for $6.5 million. The community is located at 11600 N. 75th Ave. in Greater Phoenix. It was built in 1985. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented both the buyer and the seller, Mentor Properties, in this transaction.
NEW YORK CITY — Newcastle Investment Corp. has agreed to acquire a 52-property portfolio of seniors housing properties from affiliates of Holiday Retirement for approximately $1 billion. The 5,885-unit portfolio includes communities located across 24 states and was 91 percent occupied as of the end of the third quarter. The deal is expected to close in December. New York City-based Newcastle plans to invest approximately $300 million of equity to acquire the Holiday Retirement Portfolio and to fund the remainder of the purchase with non-recourse mortgage debt. Holiday will continue to manage the communities to be acquired by Newcastle, which have been split into two identical triple-net master leases. Lake Oswego, Ore.-based Holiday Retirement operates 333 independent living properties around the country.
LAKEWOOD, WASH. – The 254-unit Echelon Apartments in Lakewood has received a $28.5-million refinance. The townhouse-style community is located at 101 88th Street Court SW just southwest of Tacoma. It was built in 2009. The loan was provided by Ed Belz of Berkeley Point. Financing was structured under the FHA 223(a)(7) program, which allows existing, qualifying FHA loans to be refinanced. The property is owned by Lakewood Project, LLC.
NORTH MIAMI BEACH, FLA. — Marina Palms Yacht Club & Residences, located in North Miami Beach, has closed a $98 million loan to fund the construction of its first residential condominium tower. The 25-story, 234-unit South Tower will sit on the north side of the waterfront property. The residences will sell starting at $550 per square foot. HSBC Bank USA NA provided the construction loan on behalf of the development team, affiliates of The Plaza Group and The DevStar Group. The Marina Palms, located at 172nd Street and Biscayne Boulevard, features a full-service yacht club, a 112-slip marina, butler service, an infinity-edge swimming pool, hot tub, gym, spa, steam room, news café, teen lounge, secure gated access, children’s playroom and a club room with a bar, billiards and a 100-inch TV. Coastal Construction is the general contractor for the tower.
SAINT CROIX FALLS, WIS. — Marcus & Millichap has arranged the $1.8 million sale of Pine Ridge Apartments, a 32-unit apartment property in Saint Croix Falls, a city in northwest Wisconsin. Evan Miller, Dan Linnell, Josh Talberg and Jon Ruzicka, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. Mox Gunderson, also in Marcus & Millichap’s Minneapolis office, represented the buyer, a private investor. The sales price closed at 103 percent of the original listing price, according to Marcus & Millichap. Pine Ridge Apartments is located at 317-323 Simonson Road and features two-bedroom units and six buildings, two of which are garages.
NEW YORK CITY — The Charles, a new 27-unit condominium development in Manhattan, is underway. Designed by Ismael Leyva Architects and developed by Bluerock Real Estate LLC, the 31-story, 104,000-square-foot project is located at 1355 First Ave. on the Upper East Side. The building will include 27 full-floor residences with up to four bedrooms and feature ceiling heights ranging from nine to 12.5 feet. Victor Homes expected to complete construction on the building by late 2014. The asking price for the condos range from $5.8 million to $10 million. David Collins Studio designed the building’s interior finishes and amenities. Town Residential New Development is the marketing and sales firm for the project.
AUSTIN, TEXAS — Atlantic | Pacific Cos. has completed the renovation of The Atlantic | Grand Oaks, a multifamily property it owns in Greater Austin. The 240-unit complex, previously known as The Crossing, underwent improvements to the clubhouse, fitness center and unit interiors. The renovation also included the addition of a private, fenced dog park. Located at 9323 Manchaca Road, The Atlantic | Grand Oaks offers units ranging from one to four bedrooms.
LAKEWOOD, WASH. – The 254-unit Echelon Apartments in Lakewood has received a $28.5-million refinance. The townhouse-style community is located at 101 88th Street Court SW just southwest of Tacoma. It was built in 2009. The loan was provided by Ed Belz of Berkeley Point. Financing was structured under the FHA 223(a)(7) program, which allows existing, qualifying FHA loans to be refinanced. The property is owned by Lakewood Project, LLC.
VANCOUVER, WASH. — Kennedy Wilson and its partners have acquired The Pointe, a 388-unit apartment community in Vancouver, for $39.5 million. The community is located at 3708 NE 109th Ave. in the Portland submarket. The seller was not named.
GLENDALE, ILL. — Berkeley Point has closed $20.7 million in acquisition financing for the acquisition of Stonegate Apartments, a 420-unit apartment community in Glendale Heights, a western suburb of Chicago. The seven-year loan includes a fixed interest rate and a 30-year amortization schedule. The borrower will provide an additional $1.2 million to fund property upgrades. The borrower is Stonegate Holdings GH LLC, an entity formed by Chicago-based Rockwell Partners. Adam Randall, managing director, led the Berkeley Point capital team that arranged the Freddie Mac loan and introduced Riverbanc as the preferred equity partner in the deal.