Multifamily

LOFTON ISLAND HOLDINGS ACQUIRES OASIS GRAND CONDOS IN BULK SALE IN FLORIDA

by admin February 2, 2011

FORT MYERS, FLA. — Lofton Island Holdings, a joint venture that includes Southwest Properties and Nova Scotia, Canada-based Geosam Capital, has closed on the purchase of one of the two completed towers at Oasis Grand in Fort Myers. Located along the Caloosahatchee River, the 17-acre Oasis Grand is partially development, with two of its planned five condo towers complete. Lofton has purchased the 224 unsold units in the 240-unit Tower II, which Miami-based The Related Group completed in 2008. T. Sean Lance and John Burpee of NAI Tampa Bay handled the transaction behalf of Lofton Island Holdings. The seller was The Related Group. Terms of the transaction were not disclosed.

February 2, 2011

$116 MILLION LOAN SECURED FOR 373-UNIT APARTMENT PROPERTY IN D.C.

by admin February 2, 2011

WASHINGTON, D.C. — Cassidy Turley has secured a $116 million loan for the next phase of Donatelli Development's Highland Park, which is located above the Columbia Heights metro station at 14th and Irving streets in Washington, D.C. Additionally, Cassidy Turley recapitalized the mezzanine and senior debt for the existing 229-unit Highland Park building. The new phase will adjoin the existing building for a total of 373 units. The equity for the new development and mezzanine debt for the existing building was provided by Invesco Real Estate, and the senior debt was restructured by Key Bank. David Webb and Jamie Butler of Cassidy Turley represented Donatelli in the transaction. Construction of the new phase is scheduled to begin this quarter.

February 2, 2011

Seniors Housing Western

$270 MILLION SENIOR LIVING PROJECT COMPLETE IN ARIZONA

by admin February 2, 2011

SCOTTSDALE, ARIZ. — Plaza Companies and Vi Living have completed the development of Vi at Silverstone — A Vi Living and Plaza Companies Community, which is located at 23005 N. 74th St. in Scottsdale. The $270 million, 735,650-square-foot four-story development includes 203 independent-living units, 67 single-family villas and 60 units licensed as assisted-living, memory-support and skilled-nursing beds. Additionally, the community features an 18-hole championship golf course.

February 2, 2011

Seniors Housing Western

CBRE BROKERS $27.15 MILLION SENIOR HOUSING SALE IN CALIF.

by admin February 1, 2011

TEMECULA, CALIF. — CB Richard Ellis (CBRE) has brokered the sale of a Temecula senior housing community for $27.15 million. The Sterling at Vintage Hills contains 152 units and was 95 percent occupied at the time of closing. It is located on 10 acres at 41780 Butterfield Stage Road and includes a 9-acre parcel for future expansion. David Rothschild, Matthew Whitlock and Mary Christian of CBRE”s National Senior Housing Group represented the seller, an affiliate of Irvine, Calif.-based MBK Senior Living. The team also procured the buyer, Washington, D.C.-based CSH.

February 1, 2011

Multifamily Southeast

AREA PROPERTY PARTNERS ACQUIRES TWO MULTIFAMILY PROPERTIES IN TAMPA BAY

by admin February 1, 2011

ST. PETERSBURG AND PALM HARBOR, FLA. — AREA Property Partners has acquired two multifamily properties with a total of 766 units in the Tampa Bay area for a total purchase price of $78 million. Located at 540 Carillon Parkway in St. Petersburg, Promenade at Carillon offers 334 one-, two- and three-bedroom units, a business center, a swimming pool, a fitness center and a spa and a playground. Located at 1350 Seagate Dr. in Palm Harbor, Sabal Palm at Boot Ranch offers 432 one-, two-, three- and four-bedroom apartments, a business center, a fitness center, a swimming pool with wireless Internet access, and a clubhouse.

February 1, 2011

Midwest Multifamily

74-UNIT APARTMENT BUILDING SELLS FOR $4.4 MILLION IN CHICAGO

by admin February 1, 2011

CHICAGO — Essex Realty Group has completed the sale of a vintage apartment building in the Rogers Park neighborhood of Chicago. Located at 7665 N. Sheridan Road, the 74-unit property sold for approximately $4.4 million. The building consists of 13 studio units, 48 one-bedroom units and 13 two-bedroom units. Doug Imber of Essex brokered the transaction. The seller and buyer were not released.

February 1, 2011

Multifamily Northeast

CBRE NEGOTIATES 261-UNIT APARTMENT SALE

by admin February 1, 2011

STAMFORD, CONN. — CB Richard Ellis (CBRE) has negotiated the sale of Newbury Common, a two-tower, 261-unit apartment community located in Stamford. Community amenities include a fitness center with an indoor pool, a business center, a movie theater, two tennis and basketball courts, and 24-hour concierge service. The buyer, TIAA-CREF Global Real Estate, plans to complete a capital improvements program in the near term. The CBRE team of Jeffrey Dunne and Christopher Leonard represented the seller, Seaboard Properties.

February 1, 2011

Multifamily Northeast

HELIOS CAPITAL ARRANGES $4.08 MILLION LOAN SALE IN NYC

by admin February 1, 2011

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.

February 1, 2011

Multifamily Western

MARCUS & MILLICHAP ARRANGES $2.97 MILLION MULTIFAMILY SALE IN CALIF.

by admin February 1, 2011

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.

February 1, 2011

Multifamily Western

WALKER & DUNLOP SECURES $9.58 MILLION TO REFINANCE CALIF. APARTMENTS

by admin February 1, 2011

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.

February 1, 2011

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