NEW YORK CITY — Helios Capital has arranged the sale of a non-performing loan portfolio with a balance of $4.08 million. The loans are secured by three multifamily properties totaling 68 units that are located in Harlem and Upper Manhattan. Occupancy was 72 percent at the time of closing. The investor, a local private investor, acquired the portfolio at a discount off the principal amount. The lender was a regional bank.
BUENA PARK, CALIF. — Marcus & Millichap has arranged the sale of Palm Court Apartments, a 24-unit multifamily property located at 5699 Fullerton Ave. in Buena Park, for $2.97 million. Jonathan Mitchell and David Yeh of Marcus & Millichap's Newport Beach, Calif., office represented the seller, a limited liabillity company. Mitchell and Yeh partnered with Christopher Stensby, also of the firm's Newport Beach office, to represented the buyer, a private investor.
SANTA ROSA, CALIF. — Walker & Dunlop has secured a $9.58 million loan for the refinancing of Spring Lake Apartments, a 104-unit, garden-style community located in Santa Rosa. Property amenities include a swimming pool, a fitness center, laundry rooms and covered parking. Occupancy was 96 percent at the time of closing. The loan carries a 10-year term with 5 years of interest-only payments and a 30-year amortization schedule. It was underwritten at a 60 percent loan-to-value ratio and a 1.43x debt-service coverage ratio. Walker & Dunlop's Verne Murray and Jeffrey Burns led the team that arranged the loan.
MADISON, ALA. — Walker & Dunlop has arranged a $21.2 million acquisition loan for Arch Street Apartments, an apartment complex located in Madison. Built in 2009, the 267-unit property features an outdoor pool, a barbeque area, a fitness center, a children's playroom, a pet walk area, a lounge/business center, detached/attached garages and storage units. The property was 93 percent leased at closing. The 10-year loan has 2 years interest only utilizing Fannie Mae's DUS product line. Additionally, the loan was underwritten with a 79.3 percent loan-to-value with a 1.25x debt-service coverage ratio. Barry Judelson of Uniquities originated the loan.
BLOOMFIELD AND EAST ORANGE, N.J. — Prism Capital Partners has received Phase I site plan approval for The Parkway Lofts, a loft apartment conversion project located along the Garden State Parkway between Bloomfield and East Orange. The project will convert a former General Electric warehouse, which was constructed in 1897, into 355 loft-style apartment units. Prism will also construct a new three-story parking garage. The loft conversion is Phase I of a transformation of the 14.5-acre site. Phase II will include the construction of 150 for-sale townhomes, a clubhouse and other lifestyle amenities.
NEW BRUNSWICK, N.J. — The Highlands at Plaza Square, a 415-unit, Class A apartment community located in downtown New Brunswick, has traded for $112.5 million. The buyer is an entity controlled by John Hancock Life Insurance Co. through its parent company, Manulife Financial Corp. The seller was a joint venture between Prudential Real Estate Investors, Roseland Property Co., Applied Development Co. and Matrix Development Group. The CB Richard Ellis team of Jeffrey Dunne, Kevin Walsh and Christopher Leonard represented the seller.
LOS ANGELES — Marcus & Millichap has presided over the $9.9 million sale of the 148-unit Palm Terrace Apartments, located at 3800 West 27th Street in the prestigious and historic West Adams District of Los Angeles. Constructed in 1957, the multifamily property offers easy access to downtown L.A., Beverly Hills and Century City. Marcus & Millichap’s Matthew Friedman represented both the private-investor buyer and the limited-liability company seller in the transaction; the brokerage firm’s Josh Cohen and Walter De La Torre assisted on the buying side.
HOLBROOK, N.Y., AND MARLBOROUGH, MASS. — Walker & Dunlop has arranged a total of $34.3 million in Fannie Mae financing for two multifamily communities in New York and Massachusetts. The first loan totaled $23 million and will be used to refinance Saddle Rock, a 310-unit community located in Holbrook. Occupancy was 93 percent at the time of closing. The loan carries a 5-year term with interest-only payments. It had a 46 percent loan-to-value ratio and a 1.77x debt-service coverage ratio. The second loan totaled $11.3 million and will refinance Design Pak Lofts, a 95-unit community located in Marlborough. The community was 99 percent leased at the time of closing. The loan carries a 10-year term, a 30-year amortization schedule, a 71.5 percent loan-to-value ratio and a 1.25x debt-service coverage ratio. Drew Anderman led the Walker & Dunlop team for each deal. Alan Perlmutter of GCP Capital Group originated the first loan, and David Fisher of Meridian Capital Group originated the second loan.
NEW YORK CITY — Beech Street Capital has provided $10.56 million in Fannie Mae DUS funds for the refinancing of 523 Prospect Place Apartments in Brooklyn's Prospect Park neighborhood. Constructed in 1922 as part of a five-building hospital complex, the building was converted into 83 apartments in 2005. Meridian Capital Group originated the loan. This marks the second building Beech Street has recently refinanced within this complex; the other one is located at 713 Classon Ave.
REDLANDS, CALIF. — Colliers International has presided over the $11.625 million sale of the 82-unit Cypress Villas, located at 301 E. Cypress Ave. in Redlands. Built in 2004 and 100 percent occupied at the time of sale, the 89,248-square-foot garden-style multifamily property features a mix of one-, two- and three-bedroom apartments. Colliers’ Kitty Wallace represented both the Walnut Creek, Calif.-based buyer, Sequoia Equities, and the seller, MJW Receivers, in the transaction.