PHILADELPHIA — Red Capital Group LLC, a multifamily finance firm, has closed a $20 million bridge loan on the recently redeveloped Commonwealth, a 15-story apartment building in Philadelphia. The 98-unit building also has ground floor retail space. The project is owned by a partnership of three Philadelphia-based entities: SSH Real Estate, Silverang Hallowell Development Co. and 806 Capital. The loan has a 12-month term and an option for two extensions.
NEWPORT BEACH, CALIF. — Beech Street Capital has secured $12.54 million to refinance two apartment complexes in Southern California. This includes the 88-unit Normandy Park apartment complex and the 65-unit Casa La Habra Apartments. Both complexes were built in the early ‘60s, and both are more than 95 percent occupied. The Fannie Mae conventional loans have 10-year terms, fixed rates and a 30-year amortization schedule. Financing was secured by Greg Reed and Kristen Croxton, who recently opened Beech Street’s Newport Beach office.
HOUSTON AND OKLAHOMA CITY — Chicago-based Harrison Street Real Estate Capital has acquired an eight-property senior housing portfolio, with properties in Texas and Oklahoma, from E-Quest Management for $125 million in an off-market transaction. Harrison Street's partners, Houston-based Bridgewood Property Co., will manage the portfolio, which includes Village on the Park – Houston; Village on the Park – Friendswood; Village on the Park – Oklahoma City; Carriage Inn – Conroe; Carriage Inn – Bryan; Carriage Inn – Lake Jackson; Carriage Inn – Huntsville and Carriage Inn – Katy.
DEL RIO — McShane Construction has commenced construction on the 48-unit Las Brisas Manor Senior, an independent living facility, on behalf of the developer, The Paces Foundation. The 60,229-square-foot property will feature a brick exterior and individual porches and balconies. Martin Riley Associates – Architects is designing the facility to achieve Green Built Texas designation. Funding for the project came from the Texas Department of Housing and Community Affairs through its HOME Investment Partnerships Program. The facility is slated for a June 2012 completion.
LAUREL, MD. — Federal Capital Partners has purchased the 386-unit Montpelier Crossing, located at 9689 Muirkirk Rd. in Laurel, for $33.6 million. The buyer plans to complete a more than $5 million renovation to improve common areas and address deferred maintenance items. CBRE represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — Bethesda, Md.-based The Firoozabadi Group of Marcus & Millichap has arranaged the $17.12 million sale of the 95-unit La Reine Apartments, located at 5425 Connecticut Ave. N.W. in Washington, D.C. Ari Firoozabadi, John Mullen and Kyle Tangney of The Firoozabadi Group represented Kline Family LLC, the seller, in the transaction. The buyer was Rockville, Md.-based Kossow Management.
PORT ST. LUCIE, FLA. — Torchlight Investors has sold the 230-unit Hillmoor Village Apartments, located at 1924 Southeast Hillmoor Dr. in Port St. Lucie, to California-based Finbay Pacific for $10.5 million. Robert Given and Neal Victor of CBRE's Miami office, along with Richard Tarquinio of the firm's Boca Raton, Fla., office, represented the seller in the transaction.
BOSTON — Boston Realty Advisors has completed the $4.7 million sale of Longwood Portfolio, an 11-unit portfolio in Boston's Mission Hill neighborhood. Christopher Sower and Jason Weissman of Boston Realty Advisors, along with Better Place Realty, represented the seller, Palatine Mission Hill. The portfolio consists of three buildings: 163 Calumet St., 170 Hillside St. and 2 Wigglesworth St. The buyer, Fosher Management, was self-represented.
COLORADO SPRINGS, COLO. – The 112-unit South Circle Apartments in Colorado Springs has sold to Sequoia Property Partners for $5.4 million. The community has undergone extensive renovations over the past five years. ARA Colorado’s Kevin McKenna and Ken Greene represented the seller, Xebec Realty Partners, in this transaction.
MARGATE, FLA. — Behringer Harvard has acquired a 280-unit multifamily community, located at 5750 Lakeside Dr. in Margate, for $24.4 million. The property will be rebranded as Lakes of Margate and will receive $2.3 million in capital improvements, including upgrades to apartment units. Behringer Harvard has a 92.5 percent ownership interest in Lakes at Margate. Denver-based Grand Peaks Properties acquired a 7.5 percent ownership interest and will assume management of the property.
