BELLEVILLE, ILL. — In a joint venture, Cerulean Partners LLC and an entity associated with The Inland Real Estate Group of Companies, has purchased the Atrium of Belleville, a 76-unit senior living community in Belleville, Ill. for $2 million. The Atrium, formerly known as Grand Court, was previously owned by Brookdale Senior Living Inc. Cerulean, based in Chicago, plans to invest $1.5 million in property improvements.
NEW YORK — Marcus & Millichap has arranged the sale of 32-34 Beekman Place, a 17-unit apartment property in New York for approximately $8 million. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a partnership. They also represented the buyer, a private investor. 32 Beekman Place is a five-story building containing nine studios, and 34 Beekman Place is a six-story building consisting of seven studios and a rooftop penthouse.
RIVERVIEW, FLA. — Marcus & Millichap has brokered the $10.2 million sale of the 432-unit Allegro Palm, a condominium community located at 5501 Legacy Crescent Pl. in Riverview. Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a South American investment group, in the transaction and procured the buyer, Legacy Crescent.
CHICAGO — Beech Street Capital LLC has provided $12.9 million in Fannie Mae loans to refinance four properties located within the Rogers Park and Lakeview neighborhoods of Chicago. The transaction was originated by Gershon Friedman of Meridian Capital Group LLC, and was financed by Beech Street Capital. The 10-year-loan has a 30-year amortization schedule. Totaling 230 multifamily units and one commercial space, the portfolio consists of low-rise, brick buildings constructed in the mid-1920s.
QUEENS, N.Y. — Marcus & Millichap Real Estate Investment Services has arranged the $1.7 million sale of a six-unit apartment building, located at 3080 37th St. in Queens, N.Y. Matthew Fotis and Lazarus Apostolidis of Marcus & Millichap's Manhattan office, represented the seller, a private investor. They also represented the buyer, who was undisclosed.
CHICAGO — In a joint venture, Chicago-based Fifield Cos. and national developer Wood Partners have broken ground on K2, a 34-story apartment tower, located at 365 N. Halsted St. in Chicago. The apartment tower will include 496 units and 348 parking spaces. McHugh Construction is the general contractor and Pappageorge/Haymes is the architect for the project, which is scheduled for completion in 2013. Residences at K2 will include studio, one-, two- and three-bedroom apartments.
DOVER, DEL. — NorthMarq Capital has arranged $18.9 million in first mortgage financing for Eagle Meadows, a 294-unit multifamily complex, located at 4666 Carolina St. in Dover, Del. Financing was based on a 10-year term with a 30-year amortization schedule. Sam Berns of NorthMarq arranged the financing through the company's affiliate, Amerisphere Multifamily Finance LLC, a Fannie Mae DUS lender.
MANHATTAN — New York-based Massey Knakal Realty Services has completed the sale of a 40-unit apartment building, located at 712 W. 176th St. in Northern Manhattan's Washington Heights neighborhood, for $5.3 million. Robert Shapiro of Massey Knakal represented the seller, Oak Point Management, in the transaction. The buyer was undisclosed.
COLUMBIA, MO. — St. Louis-based Paric is beginning construction on a $50 million addition and renovation at Lenoir Woods continuing care retirement community in Columbia, Mo. The five-year project is planned in phases, and construction includes a new two-story assisted living building, a four-story independent living building with underground parking and a new memory care facility. The senior living community is operated by St. Louis-based Lutheran Senior Services.
NAPLES, FLA. — ARA's Senior Housing Group has arranged the $85 million sale of the 350-unit The Carlisle Naples, an independent and assisted living community located at 6945 Carlisle Ct. in Naples. Ryan Maconachy and Chad Lavender of ARA's Dallas office represented Naples Club, the seller, in the transaction.