OAKLAND, CALIF. – The 264-unit Domain Apartments in Oakland has received a $55-million recapitalization. The bridge loan was arranged for Berkshire Property Advisors by Centerline Capital Group. The loan was completed with Centerline’s origination partner, C-III Commercial Mortgage LLC.
LAKELAND, FLA. — The 236-unit Cleveland Heights multifamily community has sold for $8.65 million in Lakeland. It was built in 1975 and underwent capital improvements this year. The property is located at 3520 Cleveland Heights Blvd. and consists of 31 one- and two-story buildings. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa, Fla., office represented the seller, a private investor, and the buyer, a limited liability company.
PORTAGE, IND. — Marcus & Millichap has arranged the $25.1 million sale of Willow Creek Estates, a 342-unit apartment complex in Portage, approximately 30 miles southeast of Chicago. The 335,448-square-foot property, located at 5990 Woodland Drive, is 97 percent occupied. Scott Harris and Kyle Shoemaker of Marcus & Millichap represented the seller, an Indiana-based apartment company. They also represented the buyer, an apartment company based in Illinois.
NEW YORK CITY — Eastern Union Funding recently secured approximately $30 million in financing for two multifamily properties and one retail asset in Queens. The firm arranged a $14 million loan for the refinancing of a 50-unit multifamily property in Ridgewood. Investors Bank financed the seven-year loan. Eastern Union also arranged an $11 million, 25-year loan for the acquisition of a multifamily property in Long Island City. Arbor Commercial Mortgage was the lender. In the third transaction, the firm arranged a $4.6 million refinancing loan for Rite Aid property in Belle Harbor. Amalgamated Bank provided the five-year loan, which amortizes over 30 years.
AUSTIN — Bell Partners, an apartment investment and management firm, has acquired the 344-unit Rattan Creek Apartments in northwest Austin and the 272-unit Ranch House Apartments in southwest Austin on behalf of its investors. Rattan Creek has a 24-hour fitness center, central courtyard, two-tiered pool with a waterfall, outdoor fireplace, executive business center and a cafe lounge. Ranch House features a fenced pet park, music studio, 24-hour fitness center, volleyball court, lounge, coffee bar and interactive game room. Bell Partners will manage both Rattan Creek and Ranch House, which will be rebranded as Bell Tech Corridor and Bell Austin Southwest, respectively.
OAKLAND, CALIF. – The 264-unit Domain Apartments in Oakland has received a $55-million recapitalization. The bridge loan was arranged for Berkshire Property Advisors by Centerline Capital Group. The loan was completed with Centerline’s origination partner, C-III Commercial Mortgage LLC.
SAN JOSE, CALIF. – The 508-unit Willow Lake Apartment Homes in San Jose has sold to Essex Property Trust for $148 million. The seller, the Sobrato Organization, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap.
WAYNESVILLE, MO. — Love Funding has arranged an $18.2 million refinancing loan for Four J Apartments, a market rate community in Waynesville. Harry Cheatham of Love Funding's St. Louis office secured the financing through the U.S. Department of Housing and Urban Development's 223(f) loan program. The program allowed the borrower to consolidate 12 loans into a fixed-rate, non-recourse loan with a 35-year term. Four J Land and Cattle Co. developed the 232-unit property in 2010.
NEW YORK CITY — A group of Brooklyn multifamily investors has purchased four apartment buildings from Brookdale University Hospital and Medical Center for $22 million. The investment group was led by apartment owners David Spira and Robert Wolf. The properties include a 20-story, 172-unit building at 7 Hegeman Ave.; a 12-story, 113-unit building at 660 E. 98th St.; a six-story, 54-unit property at 505 Rockaway Parkway; and a four-story, 42-unit building at 525 Rockaway Parkway. Matthew Bordwin, Harold Bordwin, Christopher Mahoney and Heather Milazzo of GA Keen Realty Advisors were part of the team that represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $14 million sale of a two-property, 44-unit multifamily portfolio on Manhattan's Upper West Side. The properties include a 17,710-square-foot apartment building at 215 West 108th St. and a 15,944-square-foot apartment property at 210 West 109th St. Both buildings are located near Central Park and Columbia University. Joe Koicim, Peter Von Der Ahe and Shlomo Gelernter of Marcus & Millichap represented the seller, a private investor, in the transaction. Scott Edelstein, Seth Glasser, Koicim, Von Der Ahe and Gelernter represented the buyer, also a private investor.