MONTCLAIR AND UNION CITY, N.J. — Gebroe-Hammer Associates has arranged the sales of two multifamily properties totaling 57 units in Montclair and Union City for a combined $5.67 million. The 29-unit, four-story 28 Gates Ave. multifamily property sold for $3.45 million. Ken Uranowitz and David Jarvis of Gebroe-Hammer had the exclusive listing for the transaction. The 28-unit Union City property sold for $2.22 million.
SAN ANTONIO — Los Angeles-based City National Bank has sold Gardina Court, a 52-unit apartment community located at 1318 Gardina St. in San Antonio. Gardina Court was built in 1966 and renovated in 2000 and 2002. It features a mix of one- and two-bedroom units. Hendricks & Partners’ Mike Miller, Will Caruth and Chris Ross negotiated the transaction on City National Bank’s behalf.
ATLANTA — The NorSouth Cos. has broken ground on the 121-unit Hearthside Brookleigh, a $15.7 million senior housing community in Atlanta. The facility is considered Phase III of the six-phase, mixed-use development Brookleigh, located near the intersection of Ashford Dunwoody and Johnson Ferry roads in Atlanta. Upon completion, the development will feature Hearthside Brookleigh, a retail village, luxury mid-rise apartments, single-family homes and condominiums. Completion for Phase III is slated for early 2012.
INDIANAPOLIS, GREENSBURG AND WESTFIELD, IND. — Red Mortgage Capital has provided refinancings totaling $13.71 million for three senior housing properties located in Indiana on behalf of American Eagle LifeCare Corp. In Indianapolis, the 60-unit Home Place received a $2.25 million loan; in Greensburg, the 96-unit Morning Breeze received a $7.65 million loan; and in Westfield, the 111-unit Sanders Glen received a $3.81 million loan. Terms of the financing were undisclosed.
CENTRAILIA, ILL. — Cambridge Realty Capital Companies has secured a $8.6 million HUD Lean Loan to refinance the 120-unit Centralia Manor, a skilled care nursing home located at Centrailia. The 35-year, fully amortized loan was arranged for the owner, an Illinois-based limited liability company, through HUD's Section 223(a)(7) funding program.
BENNINGTON, VT. — Wilton, Conn.-based Westport Capital Partners has closed on the sale of The Inn at Fillmore Pond in Bennington — the last facility to be sold that was part of the four-facility senior housing portfolio known as the New England Healthcare Portfolio. Westport Capital purchased the portfolio in partnership with Capital Health Group and Kaplan Development Group in April 2007 for $83 million, which equates to approximately $210,000 per unit. The ownership added 14 cottages oriented for independent living and completed a 28-unit dementia wing addition to the Bennington facility. The other facilities in the portfolio include: The Inn at Forge Hill in Franklin, Mass., which sold in 2010. The Inn at Robbins Brook in Acton, Mass., which sold in 2010. The Inn at Spruce Wood in Durham, N.H., which sold to an owner/operator of senior housing properties.
MARINA DEL REY, FLA. — Archstone has acquired the 224-unit Villa Venetia in Marina del Rey for $44.8 million. The buyer plans to complete a $25 million renovation, which will include the addition of European-style kitchen cabinets, stainless steel appliances and slab granite or Caesar stone countertops. Upon completion, the complex will be renamed Archstone Breakwater at Marina del Rey.
JACKSONVILLE, FLA. — NorthMarq Capital has arranged $3.25 million in first mortgage financing for the 200-unit Sable Palms, located on Emerson Street in Jacksonville. Financing was based on a 10-year term with a 30-year amortization schedule and was secured through AmeriSphere Multifamily Finance.
TUCSON, ARIZ. — BH Properties has purchased the 410-unit Casa Bella apartment complex in Tucson for $9.1 million. This is the firm’s sixth multifamily acquisition in less than a year. BH Properties was represented in-house. Hendricks & Partners’ Art Wadlund represented the seller.
ABERDEEN, N.C. — Park at Clearwater LLC, a joint venture between First LandMark-Guardian Management and New York City-based Dome Equities, has purchased the 280-unit Park at Clearwater Apartments in Aberdeen for $25 million. Steve Heffner of CB Richard Ellis' Charlotte, N.C., office arranged $20 million in acquisition financing with a 7-year term through Freddie Mac for the joint venture. Dean Smith of ARA's Charlotte office represented the undisclosed seller in the transaction and Timothy Hose of First LandMark-Guardian Management represented the buyer.
