KENOSHA, WIS. — NorthMarq Capital has arranged a $14.5 million Freddie Mac loan for the refinancing of Shagbark Apartments, a 460-unit apartment community in Kenosha. Sue Blumberg of NorthMarq arranged the 10-year loan amortized over 30 years on behalf of the borrower, Shagbark Apartments LLC.
NEW YORK CITY — DelShah Capital has acquired the mortgage debt on 22 Renwick St., a 19-unit condominium with ground-floor commercial space in New York City. The price was not disclosed however, David Schectman and Alan Miller of Eastern Consolidated marketed the property for nearly $25 million. Originally developed by Orange Management, the building went into foreclosure during the economic downturn in 2008. DelShah will finance the remaining construction of the 24,000-square-foot property while investing in upgrades. OTL Enterprises will complete the property build-out.
DALLAS — Marcus & Millichap has arranged the sale of the 12-unit Crossroad Gardens Townhomes, located at 13333 Maham Road in Dallas. Each unit has two bedrooms and two-and-a-half bathrooms. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction.
ONTARIO, CALIF. – The 469-unit Landmark at Ontario Towne Center has sold to a subsidiary of Camden Property Trust for an undisclosed sum. It is located within the master-planned Piemonte at Ontario Center development. The community was 95 percent occupied at the time of sale. The seller, a fund advised by Prudential Real Estate Investors, was represented by CBRE’s Paul Runkle, Tyler Anderson and Laurie Lustig-Bower.
GLENDALE, ARIZ. – The 176-unit Sagewood Apartments in Glendale has received $6.1 million in first-mortgage financing. The community is located at 15082 North 59th Street. The funds represented a refinance of a bridge loan that was funded in 2010. The new loan includes a seven-year term with two years interest-only and a 30-year amortization schedule. It was arranged by Luke Donahue of NorthMarq Capital’s Phoenix office through the firm’s seller-servicer relationship with Freddie Mac.
LOS ANGELES — Monem Corporation has purchased two apartment buildings in Los Angeles for more than $5 million. The acquisitions include an 18-unit community at 1114 N. Clark Street in West Hollywood for $3.25 million and a 12-unit community at 2001 N. Beachwood Drive in Los Angeles for $1.78 million. Prosser Stevens represented both Monem and the seller, P&M Murrieta Silverado LLC, in the first transaction. Hanes Investment Realty represented both parties, including the private trust seller, in the latter transaction.
BURIEN, WASH. — The 46-unit Miller Junction apartment building in Burien has sold toa limited liability company for $2.6 million. It is located at 215 South 162nd Street. The buyer was secured and represented by George Miller of Marcus & Millichap’s Seattle office.
MIAMI — The 49-unit Vedado Apartments, located at 119 Southwest Sixth Ave. in Miami, has sold for $6.5 million. The multifamily property was constructed in 2010 with structured parking, a secure front entrance, a secure parking garage elevator entrance and a pool with city views. It was 100 percent occupied at the time of the transaction between two South Florida-based limited liability companies. Paul Nudelman and Felipe Echarte of Marcus & Millichap represented the seller and buyer, respectively.
SIOUX FALLS, S.D. — Minneapolis-based NorthMarq Capital has arranged a $5.1 million loan for the refinancing of Brentwood Apartments, a 126-unit multifamily property in Sioux Falls. The borrower is Brentwood Manor Apartments LLC. John Reed of NorthMarq Capital arranged the 10-year loan amortized over 30 years through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
NEW YORK CITY — DDG has acquired a 61,416-square-foot residential development site at 325 W. Broadway in Manhattan's SoHo neighborhood for $38.3 million. The development will be situated at 325-329 W. Broadway and 23-25 Wooster St. between Grand and Canal streets. The current development plan calls for a two-building, 24-unit condominium building with ground-floor retail. Andrew Scandalios, Jose Cruz, Jeff Julien and Kevin O'Hearn led the HFF team that represented the seller, a subsidiary of Lehman Brothers Holdings, in the transaction.
