CHICAGO — UC Funding has closed $16.8 million in financing for a portfolio of properties in Chicago and Tennessee. The loan allowed the borrower to refinance and acquire 10 properties; nine of which are multifamily assets, located in urban and suburban Chicago. The assets total 647 units. The 10th asset is a 245-room hotel in Memphis. The transaction was underwritten and closed in less than 30 days.
NEW YORK CITY — In a joint venture, HFZ and Vornado Capital Partners have purchased 11 E. 68th St., a 100,000-square-foot apartment building, for $170 million. The 12-story property also includes 5,000 square feet of retail that will be owned and managed by Vornado. New York-based HFZ will own and renovate the rental housing. Eastdil Secured represented the seller in the transaction.
SAN ANTONIO — Boston-based UC Funding has structured and funded a $6.8 million bridge loan on the 211-unit Park at Colonnade and the 92-unit Calypso Apartment Homes, both garden-style apartment complexes located in San Antonio. Proceeds from the loan were used to acquire the property and provide the borrower with capital for improvements.
POWAY, CALIF. – A 26-unit apartment complex in Poway has sold to Wells-Kemper, LLC for $2,860,000. The complex is situated on 1.01 acres at 12529 Oak Knoll Road. Wells-Kemper was represented by Keith Courtney of Apartment Consultants, Inc. Aaron Bove of Marcus & Millichap represented the seller, Presh, LLC.
MANASSAS, VA. — New York City-based TGM Associates has purchased the 432-unit Tanglewood Apartments, located at 10819 Gambril Dr. in Manassas, from Chicago-based Equity Residential for $68.72 million. The property has been re-named TGM Sudley Crossing. Dean Sigmon and Robin Williams of Transwestern's Bethesda, Md., office represented the seller in the transaction.
PLANTATION, FLA. — Marcus & Millichap has brokered the $26.5 million sale of the 216-unit Mar Lago Village, an apartment complex located at 200 Commodore Dr. in Plantation. Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, Mar Lago Village Associates, in the transaction and procured the buyer, Henderson Global Investors. The property is 99 percent leased.
IRVING — BMC Capital has provided $2.97 million in refinancing a maturing CMBS loan for the 113-unit Irving Oaks Apartments, located at 1928 Rock Island Rd. in Irving. Barrett Linburg of BMC Capital's Dallas office arranged the 10-year loan with a 30-year amortization schedule.
SILVER SPRING, MD. — Home Properties has broken ground on the 379-unit Eleven55 Ripley, an apartment complex located in downtown Silver Spring. The project is estimated to cost between $111 million and $200 million. Shalom Baranes Associates designed the property, which will include a roof-top outdoor pool, a deck and dining area, a theatre, a two-story fitness center with a yoga room, a 3,000-square-foot clubroom with a demonstration kitchen, business center and conference room, and a private, landscaped courtyard. Home Properties anticipates that Eleven55 will attain LEED Silver certification upon completion, which is slated for the third quarter of 2013.
LOUISVILLE, KY. — Denver-based Continental Realty Advisors has purchased a 1,200 unit multifamily portfolio, located in the St. Matthews and Oxmoor submarkets of Louisville, from Camden for $97 million. The properties include Brookside Apartment Homes, Meadows Apartment Homes, Prospect Park Apartment Homes and Oxmoor Apartment homes. HFF's Chicago office represented the seller in the transaction.
WINTER HAVEN AND TAMPA, FLA. — Marcus & Millichap has arranged the $8.82 million sale of a four-property multifamily portfolio in Winter Haven and Tampa. The properties include the 81-unit Brandywyne, the 60-unit Landings, the 160-unit Hickory Pointe and the 18-unit Country Place. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office represented the seller, a Florida-based private investor, in the transaction and procured the buyer, a Tampa-based private investor.