COLUMBUS, OHIO — KeyBank Real Estate Capital closed on a $44 million loan to refinance three multifamily communities in the Columbus market. The properties include Kenyon Square, located at 9220 Worthington Rd.; Alexander Square, located at 747 Worthington Woods Blvd.; and Mercer Square, located at 7331 Skyline Dr. KeyBank originated the loan through Freddie Mac. The borrower was developer Preferred Living.
KANSAS CITY, M.O. —Pembrook Capital Management has closed on a $32 million tax-exempt bond for Antheus Capital's redevelopment of a 600-unit apartment portfolio in Kansas City. The portfolio includes 11 historic pre-war buildings located along Armour Boulevard in Kansas City. Antheus purchased the property, which is currently largely unoccupied, for $60.5 million. The developer is renovating the entire portfolio, which will return to the market as apartment rentals. The bond was partially financed by an undisclosed large financial institution.
LAWRENCEVILLE, N.J. —Beech Street Capital has provided a $27.7 million Freddie Mac loan to refinance Steward's Crossing Apartments, a 240-unit apartment complex in Lawrenceville. The property is owned by Merion Realty Partners. The seven-year loan has an initial three-year interest-only period, followed by a 30-year amortization schedule. Jim Bologno of the New York office of Meridian Capital Group originated the loan.
BLOOMFIELD, N.J. — Marcus & Millichap has arranged the $2.7 million sale of a 37-unit apartment property in Bloomfield. The property is located at 355 Belleville Ave. and includes seven ground-floor retail stores. Christopher Rizzolo of Marcus & Millichap's New Jersey office represented the seller, a local management group. He also represented the purchaser, a 1031 exchange buyer from Los Angeles.
OAKLAND, CALIF. – A 37-unit apartment building located at 266 Adams Street in Oakland has sold for $4.8 million. The four-building complex was built in 1968. Kevin Turner of Marcus & Millichap’s Oakland office listed the property exclusively on behalf of the seller, a partnership.
TAMPA, FLA. — Marcus & Millichap has arranged the $5.55 million sale of the 193-unit Treesdale Condominiums, a condominium community located at 1818 9th Ave. E. in Tampa. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a Quebec, Canada-based private investor, in the transaction and procured the buyer, a private investor.
JACKSONVILLE, FLA. — ABC Properties and Michaelson Real Estate Partners have purchased the 693-unit Londontowne Apartments, located at 1591 Lane Ave. S. in Jacksonville from a special servicer. The property has been renamed Canterbury Gardens and the buyer has planned a multi-million dollar renovation for the property. Amenities include pools, a fitness center, playgrounds, a laundry facility and a nature trail. Jim Sewell of Coastal Apartment Advisors’ Hilton Head, S.C., office represented the seller in the transaction.
NORTH OLMSTED, OHIO — Love Funding has closed on a $4.7 million loan to refinance Olmsted Manor Care Center, a 74-unit skilled nursing facility in North Olmsted. Bruce Gerhart and Robert Smallwood of Love Funding's Cleveland office secured the loan through a U.S. Department of Housing and Urban Development program. The loan has a 30-year term.
ATLANTIC CITY, N.J. — Brick-based Tryko Partners has acquired the Barclay Arms, a 75-unit affordable housing development at 814 N. Virginaia Ave., for a reported $5 million. Tryko purchased the apartment property from Max Gurwicz Enterprises in an off-market sale. The property is more than 90 percent occupied. Tryko intends to upgrade the property.
NORTH RICHLAND HILLS — Marcus & Millichap Capital Corp. has arranged $5.45 million in acquisition financing for the purchase of a 138-unit multifamily property located in North Richland Hills. Brian Adams of Marcus & Millichap's Dallas office arranged the 10-year loan with a 30-year amortization schedule.
