PHILADELPHIA — Tryko Partners, a private equity real estate group, has acquired Kearsley retirement community in west Philadelphia for $8 million. The property, made up of Kearsley Apartments, Kearsley Square and Kearsley Long Term Care, is recognized as the first retirement community in the United States. The Kearsley campus is located on 13 acres at 2100 North 49th St.
BROOKLYN, N.Y. — GFI Realty Services has closed on the sale of a Brooklyn multifamily building for $5.15 million. The property consists of 39 apartments totaling 34,000 square feet. The building is a four-story walk-up located at 2985 Ocean Pkwy., and this transaction marks the building’s first sale in more than 30 years. Shlomo Antebi represented both the buyer and seller in the transaction.
MONTGOMERY COUNTY, MD.— Vanguard Realty has negotiated the sale of the 11-unit Roanoke Apartments and 37-unit Lee Avenue Apartments in Montgomery County, Md., for a combined total of$2.74 million. Both garden-style apartments are located in Takoma Park. Rick Struse and Cullen O'Grady of Vanguard's investment sales division represented the lender, JP Morgan Chase, and secured the buyers, which were two separate local investors. Eagle Bank provided the financing.
HINSDALE, ILL. — Wheaton, Ill.-based Next Generation Development (NGD) has restarted construction on the 122-unit The Hamptons of Hinsdale located in Hinsdale. A fund controlled by Oak Brook, Ill.-based Inland Group of companies purchased the property from Citizen's Financial Bank. NGD is in charge of construction, sales and marketing for the development, and Britain-based Grosvenor Residential Partners I is financing the project. Upon completion the property will feature 26 townhomes, 93 condominiums and three custom single-family lots.
CHAMPAIGN, ILL. — Grubb & Ellis Co. has secured $38 million in refinancing for the 16-story, 725-unit Illini Tower, a student housing property located at 409 E. Chalmers St., near the University of Illinois. Jim Adams of the firm's Houston office arranged the 10-year loan on behalf of the owner, Campus Living Villages, through a CMBS lender.
SAN FRANCISCO – Johnson Capital has arranged $50 million in financing secured by the 414-unit South Beach Marina Apartments in Downtown San Francisco. The non-recourse debt, which boasts a fixed interest rate and a 10-year term, was used to refinance tax-exempt bonds. Principal Life Insurance provided the loan for the complex, which is owned by a pension fund. Financing was arranged by Brent Lister and Eric Salveson, senior vice presidents out of Johnson Capital's Los Angeles office.
WAYNESBURG, PA. –– Love Funding has closed a $5.44 million loan for Rolling Meadows, a 63-room nursing facility in Waynesburg. Bruce Gerhart of Love Funding’s Cleveland office secured the 30-year loan through the Federal Housing Administration’s 232/223(f) loan insurance program.
SILVER SPRING, MD. — KBR Building Group’s Vienna, Va., office has been contracted by a joint venture sponsored by Priderock Capital Partners to construct the 210-unit The Heritage at Georgia Avenue in Silver Spring, a more than $30 million project. The property will be a nine-story structure connected to two existing buildings on the 1.88-acre property, one of which will be completely renovated under this same contract. The Preston Partnership is the architect of record. Construction is slated to begin immediately.
CHARLOTTE & RALEIGH, N.C. — Kevin Jenkins of NorthMarq Capital’s Charlotte office arranged combined refinancing totaling $11.58 million for three multifamily properties in North Carolina. The 132-unit Chase on Commonwealth, refinanced at $4.73 million, and the 125-unit The Landings on Farmhurst, refinanced for $3.7 million, are both located in Charlotte. The 88-unit The Oaks, located in Raleigh, was refinanced at $3.15 million. Financing was secured through Arbor Commercial Funding DUS and was based on a 10-year term and a 30-year amortization schedule.
ST. PETERSBURG, FLA. — Marcus & Millichap has brokered the $1.17 million sale of the 59-unit Courtyard Apartments, located at 2400 15th Ave. South in St. Petersburg. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa, Fla., office represented the seller, a limited liability company in St. Petersburg. Regan, Carriera and Nicholas Meoli of CBRE’s Tampa, Fla., office represented the buyer, a limited liability company.
