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.
PORTSMOUTH, VA. — Atlantic Multi Family V has acquired Cedarfield at Churchland, a 118-unit apartment complex in Portsmouth. The property includes a mix of one-, two- and three-bedroom units. Located at 4201 Cedar Land, the property provides immediate access to the contiguous Coast Guard headquarters and is near Western Freeway 164. Dan Johnson and Hank Hankins of CBRE |Hampton Roads represented the seller, Artcraft Massie Cedarfield LLC, in the transaction.
ANN ABOR, MICH. – HFF has arranged a $5.3 million loan for Signature Club Apartments, a 324-unit multifamily community in Ann Arbor, Mich. HFF worked on behalf of Marquette Cos. to secure the five-year, 3.9 percent financing through Freddie Mac. Signature Club Apartments is located at 3000 Signature Blvd. near Interstate 94, south of downtown Ann Arbor. The property features one- and two-bedroom units and is 97.5 percent leased. Community amenities include a 24-hour fitness center, dry sauna, indoor hot tub, outdoor swimming pool, tennis court, sand volleyball court, barbecue and picnic area, business center, library and clubhouse. Managing director Matthew Schoenfeldt and senior real estate analyst Jason Bond of HFF represented the borrower in the transaction.
NEW YORK CITY — The Orbach Group has acquired a three-building New York City apartment portfolio, totaling 178 high-end rental units, for $70 million from Dermot Co. The three Upper West Side apartment buildings—210, 220, and 230 W. 107th Street— are located between Amsterdam Avenue and Broadway and include a mix of one-, two- and three-bedroom units. Rents range between $2,400 and $5,000 per month. The Orbach Group now owns and manages more than 1,000 apartment units in New York City and more than 5,000 units throughout its East Coast portfolio. Andrew Scandalios of HFF represented the seller in the transaction.
