BATON ROUGE, LA. — Walker & Dunlop has provided a $14.5 million refinance loan for the 200-unit Spring Brook Apartments in Baton Rouge. The 7-year loan has a 30-year amortization schedule and was arranged through Freddie Mac's Early Rate Lock Process under their CME.
CHICAGO — Chicago-based Essex Realty Group has brokered the $6.7 million sale of a 101-unit mid-rise apartment building, located at 7301 N. Sheridan Rd. in Chicago. Matt Welke and Doug Imber of Essex represented both parties in the transaction. PNC Bank was the seller.
AUSTIN — Marcus & Millichap Real Estate Investment Services has brokered the sale of Mi Casa, a 64-unit multifamily property at 7200 Duval St. in Austin. J. Patrick Burke and Kent Myers represented the seller, a private investor. The units in Mi Casa range from 415 square feet to 1,183 square feet.
TUKWILA, WASH. – Marcus & Millichap has sold the 39-unit Riverton Ridge Apartments for $3.2 million. The complex was built in 1987 and is composed of four three-story buildings. Marc Cunningham, an investment specialist in the firm’s Seattle office, marketed the property exclusively on behalf of the seller, a limited liability company.
NORTH HOLLYWOOD, CALIF. – Klump Gardens, a 32-unit apartment complex that resides in the North Hollywood (NoHo) arts district, has sold to 5051 Klump Ave LLC for $5.3 million. The 24,735-square-foot building was built in 1985. Both the buyer and the seller, FMS Holdings IV, were represented by Rod Delson of NAI Capital’s Westlake Village, Calif., office.
ORLANDO, FLA. — ARA has brokered the $20.75 million sale of the 356-unit Preserve at Econ River, located at 9201 Nelson Park Cir. in Orlando. Kevin Judd, Patrick Dufuor and Matt Wilcox of ARA's Orlando office represented the seller, Atlanta-based JLC Southeast, in the transaction. The buyer was a joint venture between Atlanta-based Pollack Partners and The Carlyle Group.
CINCINNATI — CB Richard Ellis has brokered the $1.2 million sale of the 56-unit Losantiville Terrace Apartments, located at 2896 Losantiville Ave. in Cincinnati. CBRE's Indianapolis-Cincinnati Multihousing Group represented the seller, the original developer, in the transaction. The buyer was Central Rentals II.
JACKSON TOWNSHIP, N.J. — Phoenix Realty Group (PRG) has teamed with Gaia Real Estate Holdings and Harel Insurance Investments and Financial Services of Israel to purchase the Regency Club Apartments, a 372-unit apartment complex spanning 31 buildings at 330 S. New Prospect Rd. in Jackson Township. Regency Club features a swimming pool, tot lot and tennis courts, and the complex is expected to receive interior and exterior renovations through a planned $2 million improvement program. PRG assumed a $32.2 million Fannie Mae loan with a 5.9 percent interest rate. The seller is an affiliate of Morgan Management. PRG handled the transaction in house.
NEW YORK CITY — Two adjacent buildings at 506 and 510 W. 150th St. in New York City have sold for $6.35 million. The walkup buildings have a combined 100 feet of frontage and contain a total of 61 units, 37 of which have been recently renovated. Massey Knakal's Robert Shapiro handled the transaction exclusively.
UNION CITY, N.J. — Fidelity & Guaranty Life Insurance Co. (FGL), through a $3.6 million commercial mortgage loan provided by Procida Funding, will acquire and finish construction on a partially built 28-unit condominium development in Union City. The loan allows FGL to convert the distressed property from a for-sale development to a rental property.