NEW YORK CITY — BCN Development has entered into an agreement to acquire a property located at 9 E. 16th St. in New York City for approximately $17 million. The buyer plans to convert the property into one-, two- and three-bedroom condominiums. Plans for the building's existing commercial tenant, Steak Friets, were not disclosed. The transaction is expected to close by the end of the summer, with the renovation beginning soon after.
HARTFORD, CONN. — Beech Street Capital has arranged a $12.65 million Fannie Mae loan to refinance Capitol View Apartments, a 264-unit community located in Hartford. The community features a fitness center and a ground-floor deli and convenience store. It was built in 1955 and has received approximately $1 million in capital improvements since being acquired by the borrower in 2008. The loan carries a 10-year term and a 30-year amortization schedule. Nathan Burlingame of Beech Street originated the loan, and Ralph Herzka of Meridian Capital Group arranged it.
LAS VEGAS — The 341-unit Colonial Grand at Palm Vista, located at 6300 McCarran St. in Las Vegas, has been sold for $40.9 million. Amenities include clubhouse, fitness center, pool and spa. The buyer, Birmingham, Ala.-based Colonial Properties Trust, was represented by Jim Fisher of Lee & Associates-LA North/Ventura and Stephen Peters of Lee & Associates-Investment Services Group. The seller was Ovation-AGT.
DURHAM, N.H. — Finally Home Properties has acquired the Hickory Pond Inn, a hospitality property located at 1 Stagecoach Road in Durham. The buyer plans to convert the property into an assisted living facility, which will open during the summer. The seller was Bank of New England. Christian Stallkamp of The Kane Company represented the seller, and Nathaniel Leach of Better Homes & Gardens / The Masiello Group represented the buyer.
ST. LOUIS — E.M. Harris Construction Co. has started the renovation of the 27-story, 225-unit Council Tower Senior Apartments, located at the intersection of Highway 40 and Forest Park Avenue in St. Louis. The $40 million renovation will include an electrical system upgrade, new plumbing and HVAC systems, window replacements, masonry restoration, and new interior finishes. Council Tower Senior Apartments, LP, an affiliate of Bruce Development Company, purchased the building in December 2010. The financing includes a U.S. Department of Housing and Urban Development-insured mortgage through Gershman Mortgage. Klitzing Welsch Associates is the project architect.
JACKSON, MICH. — St. Louis-based Love Funding has closed a $15.8 million refinancing loan for the 220-unit senior living complex Countryside Retirement Community, located in Jackson. Bruce Gerhart of Love Funding's Cleveland office and Mickey Rist of the Detroit office funded the loan through the Federal Housing Administration's 223(f) loan insurance program. The loan has a low, fixed-interest rate and a 35-year self-amoritizing term.
PRESCOTT, ARIZ. — The 116-unit Granite Gate, located in Prescott, has sold for $25.6 million. The property offers independent, assisted and memory care units. The seller, Granite Gate Retirement Community, was represented by Ryan Maconachy and Chad Lavender of Atlanta-based ARA. The buyer, Five Star Quality Care, did not use representation.
VACAVILLE, CALIF. — Walker & Dunlop has closed a $6.4 million refinance loan for the 117-unit Walnut Grove Senior Apartments located in Vacaville. Amenities include a pool, spa, common laundry room, gated entrance and covered parking. The property is 100 percent leased. The borrower, Vandelay Development, owns and manages the property. Kenneth Fox of Cohen Financial's San Francisco office originated the loan. Will Baker led the Walker & Dunlop team.
LOUISVILLE, KY. — The 130-unit Arbor Pointe Apartments, located in the Hurstborne Acres area of Louisville, has sold for $6.5 million. The property, which operates under the Low Income Housing Tax Credit program, was purchased by Steadfast Income REIT. Amenities include a pool, playground and community room.
LAKE WORTH, FLA. — Two adjacent apartment communities totaling 88 units, located in Lake Worth, have sold for $4.95 million. The properties were the 60-unit Sunny Estates, located at 3421 Helena Dr., and the 28-unit Winchester Apartments, located at 3496 Lynwood Rd. William Berthiaume of Marcus & Millichap's Fort Lauderdale, Fla., office represented the buyer, a Delray Beach, Fla.-based private investor, and the seller, a Lake Worth, Fla.-based private owner.
