ONTARIO, CALIF. – The 469-unit Landmark at Ontario Towne Center has sold to a subsidiary of Camden Property Trust for an undisclosed sum. It is located within the master-planned Piemonte at Ontario Center development. The community was 95 percent occupied at the time of sale. The seller, a fund advised by Prudential Real Estate Investors, was represented by CBRE’s Paul Runkle, Tyler Anderson and Laurie Lustig-Bower.
GLENDALE, ARIZ. – The 176-unit Sagewood Apartments in Glendale has received $6.1 million in first-mortgage financing. The community is located at 15082 North 59th Street. The funds represented a refinance of a bridge loan that was funded in 2010. The new loan includes a seven-year term with two years interest-only and a 30-year amortization schedule. It was arranged by Luke Donahue of NorthMarq Capital’s Phoenix office through the firm’s seller-servicer relationship with Freddie Mac.
HYATTSVILLE, MD. — Bethesda, Md.-based Beech Street Capital LLC has provided a $29.1 million Fannie Mae conventional loan with a 10-year term to refinance the 354-unit LaSalle Park, a garden-style multifamily property in Hyattsville. Barry Lefkowitz and Shimshie Tepper originated the transaction for New York-based Meridian Capital Group LLC, which has owned the property since 1986. LaSalle Park was built in 1963 and renovations were made in 2008. The property is 98 percent occupied.
HOOVER, ALA. — Cypress Gardens Apartments, a 150-unit apartment community built in 1972 and renovated in 2011, has traded for $5 million in Hoover. David Oakley in the Alabama office of Hendricks & Partners represented Birmingham, Ala.-based Georgetown Investments LLC, which sold the multifamily property to Florida-based Cypress United LLC.
KENOSHA, WIS. — NorthMarq Capital has arranged a $14.5 million Freddie Mac loan for the refinancing of Shagbark Apartments, a 460-unit apartment community in Kenosha. Sue Blumberg of NorthMarq arranged the 10-year loan amortized over 30 years on behalf of the borrower, Shagbark Apartments LLC.
NEW YORK CITY — DelShah Capital has acquired the mortgage debt on 22 Renwick St., a 19-unit condominium with ground-floor commercial space in New York City. The price was not disclosed however, David Schectman and Alan Miller of Eastern Consolidated marketed the property for nearly $25 million. Originally developed by Orange Management, the building went into foreclosure during the economic downturn in 2008. DelShah will finance the remaining construction of the 24,000-square-foot property while investing in upgrades. OTL Enterprises will complete the property build-out.
DALLAS — Marcus & Millichap has arranged the sale of the 12-unit Crossroad Gardens Townhomes, located at 13333 Maham Road in Dallas. Each unit has two bedrooms and two-and-a-half bathrooms. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction.
ONTARIO, CALIF. – The 469-unit Landmark at Ontario Towne Center has sold to a subsidiary of Camden Property Trust for an undisclosed sum. It is located within the master-planned Piemonte at Ontario Center development. The community was 95 percent occupied at the time of sale. The seller, a fund advised by Prudential Real Estate Investors, was represented by CBRE’s Paul Runkle, Tyler Anderson and Laurie Lustig-Bower.
GLENDALE, ARIZ. – The 176-unit Sagewood Apartments in Glendale has received $6.1 million in first-mortgage financing. The community is located at 15082 North 59th Street. The funds represented a refinance of a bridge loan that was funded in 2010. The new loan includes a seven-year term with two years interest-only and a 30-year amortization schedule. It was arranged by Luke Donahue of NorthMarq Capital’s Phoenix office through the firm’s seller-servicer relationship with Freddie Mac.
LOS ANGELES — Monem Corporation has purchased two apartment buildings in Los Angeles for more than $5 million. The acquisitions include an 18-unit community at 1114 N. Clark Street in West Hollywood for $3.25 million and a 12-unit community at 2001 N. Beachwood Drive in Los Angeles for $1.78 million. Prosser Stevens represented both Monem and the seller, P&M Murrieta Silverado LLC, in the first transaction. Hanes Investment Realty represented both parties, including the private trust seller, in the latter transaction.