LITTLETON, COLO. – The 24-unit Bow Mar Apartments in Littleton has sold to the Rocky Mountain Center for the Blind for $2,415,000. It was built in 1997, and will be occupied by students attending the Colorado Center for the Blind. The Center for the Blind was represented by RC Myles and Craig Myles of Cassidy Turley Fuller Real Estate. Bryan Sperry and Kevin Kohn of Sperry Properties represented the seller, Friendly Property LLC, in this transaction.
KELLER — Cadence McShane Construction Co. has been selected to construct the 78-unit Legacy at Bear Creek, a 51,000-square-foot assisted living and memory care facility located on 6.8 acres at Keller Smithfield Road in the Keller Town Center, a 340-acre mixed-use planned development in Keller. McShane's co-developers are PinPoint Commercial and The 410 Group and Wakefield Beasley & Associates is the project's architectural firm. The property will have a retention pond, outdoor seating areas and walking trails within two courtyards. The facility is slated for a December 2012 completion.
ROCKVILLE, MD. — Meridian Capital Group has secured a $14 million Fannie Mae conventional loan for the 162-unit Woods Edge Apartments, located at 14002 Cove Ln. #201 in Rockville. Jacob Katz of Meridian's Bethesda, Md., office arranged the 10-year, fixed-rate loan with full-term interest only through Beech Street Capital on behalf of the borrower, a Rockville asset development company.
BETHESDA, MD. — Bethesda-based Walker & Dunlop has secured $163.8 million in Freddie Mac financing for four multifamily properties in Connecticut on behalf of Principal Management Partners. The 349-unit Hoyt Bedford Apartments and 238-unit Morgan Manor Apartments are located in Stamford; Seramonte Apartments, 450 units, are located in Hamden; and Montoya Apartments, 133 units, are located in Branford. The loans each carry a 7-year term with 2 years interest-only and a 30-year amortization schedule.
CARROLLTON — LMI Capital has secured $9.36 million in acquisition financing for the 256-unit Parkside Village Apartments, located at 3022 N. Josey Ln. in Carrollton. Chris Pollard of LMI Capital's Dallas office arranged the loan with a 30-year amortization schedule through an undisclosed life insurance company.
LAKEWOOD, COLO. – The 18-unit Byron Apartments has sold to a local buyer for $1,250,000. The complex was built in 1959. Josh Newell of Pinnacle Real Estate Advisors in Denver represented both the buyer and the seller, Paul C. Goebel, in this transaction.
SAN DIEGO – The nine-unit Alabama Manor in San Diego has sold to Steve Lizanich for $1,131,000. It is located at 4543 Alabama Street in San Diego. Chad Bramwell of Hendricks & Partners' San Diego office represented Lizanich. The firm’s Steve Huffmanrepresented the sellers, Richard and Beverly Grim, in this transaction.
DUNWOODY, GA. —Walker & Dunlop has arranged a $15.2 million refinance loan, structured as a capped ARM, for the 519-unit Dunwoody Glen, located at 6750 Peachtree Industrial Blvd. in Atlanta. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac's CME program on behalf of Cortland Partners.
ASHLAND, MASS. — Beech Street has provided a $17.8 million Fannie Mae loan for the acquisition of Chestnut Place Apartments, a six-building, 207-unit complex in Ashland. Chestnut Place was built in 1970. In the last year, property improvements have included new roofs, landscaping upgrades and a resurfaced parking area. The 10-year loan has an initial 2.5-year interest-only period followed by a 30-year amortization schedule. Mike Edelman of Beech Street originated the transaction.
COLLINGSWOOD, N.J. — Pewter Realty LLC has sold Pewter Village, an 84-unit, active-adult apartment complex in Collingswood, for $7.25 million. Located at 1058 Eldridge Ave., Pewter Village's six two-story buildings include 64 one-bedroom and 20 two-bedroom units. Tenants are age 55 and older. Joel Schwartz and Joseph Brecher of Gebroe-Hammer Associates represented the Pewter Realty in the deal. They also procured the buyer, a long-time Gebroe-Hammer client.