NASHVILLE, TENN. – PCCP provided a nearly $22 million loan to Atlanta-based multifamily developer and operator Pollack Partners to finance the acquisition of Velocity in the Gulch, a 220-unit Class A luxury rental community that is part of a 263-unit fractured condo project. Pollack Partners purchased the bank-owned property for $25.3 million, plus reserves and closing costs. The 43 sold residential units were not included in the acquisition, nor was the 20,900 square feet of retail space, which is owned by Nashville, Tenn.-based retail group MarketStreet. Amenities include outdoor lounge with cabanas, fitness center and controlled access parking garage. Holliday Fenoglio Fowler, L.P. Atlanta office handled the asset sale and brokered the financing.
TAMPA, FLA. — Green Oaks Apartments, a 100-unit lender-owner complex located at 6815 Interbay Blvd. in Tampa, sold for $2.35 million or $23,500 a unit in an REO sale. The NAI Tampa Bay Troubled Asset Optimization team, lead by John Burpee, represented the buyer, a local investor. Lutz-based Doyle & MacGrath Real Estate represented the seller, Kansas City, Mo.-based Dickinson Financial Corp.
LOS ANGELES — Hendricks & Partners has brokered the almost $3.53 million sale of National Townhomes, located at 9101 and 9115 National Blvd. in Los Angeles. Consisting of two-bedroom/two-and-a-half-bath units, the 5-unit property at the former address sold for nearly $1.43 million, and the 7-unit property at the latter address, which includes two three-bedroom, two-and-a-half-bath units, traded for $2.1 million. The properties were built in 2003 and 2004, respectively. Hendricks & Partners’ David Harrington represented the Torrance, Calif.-based seller, Equity Holdings LLC, in the all-cash transaction, and Grub & Ellis' Dana Brody-Thaw represented the Beverly Hills-based buyer, National Ten Management LLC.
RED LION, PA. — Beech Street Capital has arranged an $11.4 million Fannie Mae DUS loan for the acquisition of Windsor Pointe Apartments, a 145-unit community located in Red Lion. Constructed in 2007, Windsor Pointe comprises 33 two-story, townhouse-style units. A park constructed concurrent with the community contains sporting fields as well as picnic and playground areas. The loan carries a fixed interest rate, a 10 year term, 9.5 years of yield maintenance, 2 years of interest-only payments and a 30-year amortization schedule. Beech Street arranged the loan and Meridian Capital Group originated it on behalf of the undisclosed borrower.
OAKLAND, CALIF. — Marcus & Millichap has brokered the nearly $3.08 million sale of the 22-unit Fontana Lee East Apartments, located at 290 Lee St. in Oakland’s Adams Point neighborhood. Built in 1968 by Santos Construction, the multifamily property consists of 15 one-bedroom/one-bath units, six two-bedroom/two-bath units and one large two-bedroom/two-bath penthouse with a wood-burning fireplace. Marcus & Millichap’s Kevin Turner represented 290 Lee Street LLC in its disposition of the 21,052-square-foot property to Leeward Ventures LLC.
ST. PETERSBURG, FLA. — Crosswinds Apartment Homes, a 208-unit property in St. Petersburg, sold for $13.1 million. The property, which totals 153,984 square feet, contains 13 two-story garden-style buildings on 18.5 acres and includes amenities such as two laundry facilities, a fenced pet-play area, resort-style swimming pool, racquetball and tennis courts and more. Cole Whitaker, Orlando-based Hendricks & Partners, negotiated the transaction for the buyer, Nashville, Tenn.-based Covenant Capital Group LLC. Hal Warren, also of Hendricks & Partners, represented the seller, Chicago-based Equity Residential.
FLOWERY BRANCH, GA. – A $16 million, 3-year bridge loan was closed by Coral Gables, Fla.-based American Real Estate Capital for the refinance of Walden at Oakwood Apartments in Flowery Branch. The Class A multifamily community was completed in 2009 and contains 300 units. Amenities include a fitness center, resort-style pool, car care center, children's play area and more.
ST. PETERSBURG, FLA. — PCCP provided a $9.4 million senior loan to a joint venture between True North, Stoneleigh Capital and RiverOak Investment Corp. to finance the purchase of 53 units within Back Bay at Carillon, a bank-owned townhome community in St. Petersburg. Cushman & Wakefield conducted the auction on behalf of the seller, Bank of America. Back Bay at Carillon has 17-two and three-story buildings and offers amenities such as a swimming pool, clubhouse and fitness center.
HOUSTON — Jeffrey Fript of Marcus & Millichap's Houston office, along with Paul Davis, Andrew Daitch and Seth Barnett of the firm's Detroit office, has facilitated the sale of the 478-unit Crestmont Apartment Portfolio in Houston on behalf of the seller, a limited liability company. The buyer, a Miami-based private investor, was secured by Marcus & Millichap's Gary Witten. Located at 5638 Selinsky Rd., the property will undergo renovations and upgrades to the existing units.
NEW YORK CITY — Sioni & Partners has brokered the sale of 1135 Boynton Avenue, a six-story, elevator-served apartment building located in the Bronx. The building contains 82 residences comprising 11 studios, 58 one-bedrooms, seven two-bedrooms and six three-bedrooms. Moses Sioni of Sioni & Partners represented the undisclosed seller. The buyer was also undisclosed. The property traded at an 8.9 percent cap rate.