NEW YORK CITY — Beech Street has arranged a $14.2 million Fannie Mae loan to refinance a four-property apartment portfolio, totaling 226 units, in Brooklyn. The properties were constructed in the 1930s and consist of mid-rise, brick veneer buildings. Rent stabilized units account for more than 94 percent of the portfolio. Chaim Tessler of Meridian Capital Group originated the 10-year loan.
WACO — Wells Asset Management has brokered the sale of the 224-unit Lakeshore North Apartments, located at 1600 Lakeshore Drive in Waco. The property is currently 94 percent occupied and features a clubhouse, resort-style pool and tennis courts. Mike Wells and Bobby Lankford of Wells Asset Management represented the seller in the transaction.
GLENDALE, ARIZ. – The 69-unit Village Diamante in Glendale has sold to JHL Real Estate, LLC for $6.7 million. The apartment community is located at 8050 North 61st Ave. It was built in 2009 by Lucchesi Construction. JHL Real Estate was represented by Barbara Lloyd, Lane Neville, Brad Ranly, and Gabe Ortega of NAI Horizon in Phoenix. The seller, First International Bank & Trust, was represented by Cliff David, Steve Gebing and Brian Tranetzki of Marcus & Millichap’s Phoenix office.
PITTSBURG, CALIF. – A 30-unit apartment building located at 4116-4196 Loveridge Road in Pittsburg has sold to a limited liability company for $1.81 million. The property was built in 1973. The buyer was represented by Brandon Geraldo of Marcus & Millichap’s San Francisco office. The seller, a bank/financial institution, was represented by Jon Holmquist and Aaron Bove of the firm’s San Diego office.
COON RAPIDS, MINN. — Walker & Dunlop has arranged a $12 million loan for the refinancing of Select Senior Living at Coon Rapids, a 68-unit assisted living facility in Coon Rapids. Amenities at the property include separate dining rooms for memory-care and assisted-living residents, an activity center and theater room. Carolyn McMullen of Walker & Dunlop secured the loan through the U.S. Department of Housing and Urban Development's Section 232/223(f). The loan contains a 35-year amortization schedule.
TEXAS — Aviv REIT has purchased 15 skilled nursing facilities in Texas leased to Daybreak Ventures for $72.7 million. The triple-net lease has a 12-year term. The transaction was financed with cash on hand, Aviv's lines of credit and assumed debt.
GREENVILLE, S.C. — Marcus & Millichap has arranged the $3.2 million sale of the 156-unit Carolina Crossing, an apartment complex located at 702 Edwards Road in Greenville. Amenities include a swimming pool with sun deck, newly renovated laundry facilities, car wash area and a courtyard. Mark Boyce and Deme Mekras of Marcus & Millichap represented the seller in the transaction and Boyce represented the buyer.
LANCASTER, PA. — Crossing at Mill Creek, a 327,604-square-foot apartment complex in Lancaster, has sold for $22.6 million, or $69 per square foot. The property is located at 2000 Swarr Run Road and features two swimming pools, two playgrounds and laundry facilities. Each of the 388 units includes a full kitchen with dishwasher and separate dining area. Donald MacLaren, Clarke Talone and Andrew Townsend of Marcus & Millichap represented the seller, a large institution, in the transaction. They also secured the buyer, a local limited partnership.
PROVIDENCE, R.I. — Chestnut Hill Realty has unveiled $14 million in upgrades to the Regency Plaza, a 444-unit apartment community in Providence. The five-year project includes a newly designed residents' lounge, fitness center, movie theater, catering kitchen, conference rooms, an Internet cafe, hot tub, tennis court, putting green and barbecue. In addition to amenities, Chestnut also unveiled the newest style apartment home, the Bentley, which features hardwood floors, marble bathrooms and kitchens with stainless steel appliances.
NEW YORK CITY — Ariel Property Advisors has arranged the $8.75 million sale of a 21-unit apartment building at 6 West 107th St., between Central Park West and Manhattan Avenue on the Upper West Side. The seven-story building is approximately 30,000 square feet. Eleven of the 21 units are free market rentals and 10 are rent regulated. Shimon Shkury, Michael Tortorici and Victor Sozio represented the building owner, Stonehenge Partners, in the transaction. Joe Berko of Berko & Associates represented the buyer, a national multifamily owner and operator.
