DUBLIN, OHIO; DEKALB, ILL.; AND MISSION, KAN. — Charlotte, N.C.-based Grandbridge Real Estate Capital has closed three loans totaling $30.2 million for multifamily properties in Ohio, Illinois and Kansas. Grandbridge's Ted Schmidt originated an $18.3 million loan, which was provided by Freddie Mac, for Orchard Apartments in Dublin. The 292-unit multifamily property features a swimming pool, a Jacuzzi, detached garages, laundry facilities, storage units, lakes, a putting green, a fitness center and a clubhouse. In the second transaction, Matt Rocco of Grandbridge's Atlanta office originated a $9.4 million first mortgage loan, which was secured by the 254-unit Lincolnshire West Apartments in DeKalb. The 10-year, fixed-rate loan, which carries a 30-year amortization schedule, was provided by Fannie Mae under its DUS loan program. Finally, Grandbridge's Tom Vrabac in the company's Kansas City office originated a $2.5 million loan, which was secured by Lamar Place Apartments in Mission. The property offers 108 affordable housing units. Funding was provided by Fannie Mae under its DUS loan program. The 10-year term loan carries an interest rate in the mid-5 percent range and a 30-year amortization schedule.
Multifamily
WESTMINSTER, COLO. — ARA has brokered the $21.75 million sale of the 256-unit Broadstone at the Ranch, an apartment community located in Westminster. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of Atlanta-based ARA represented Alliance Residential in its sale of the 1980s vintage property to the joint venture of Greystar Real Estate Partners and The Praedium Group.
FORT WAYNE, IND. — Grandbridge Real Estate Capital has closed a $21 million loan, which was secured by two multifamily properties in Fort Wayne. The garden-style communities offer a total of 696 units. David Aaronson and Seth Barrett of Grandbridge's Houston office originated and arranged the financing, which was provided by CIBC Investment Bank.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 21-unit apartment building located in Jersey City. The property traded for $1.16 million. The Marcus & Millichap team of Steven Matovski, Maz Radwan, Nat Gambuzza and Lauren Federgreen represented the seller, a local private investor, and procured the all-cash buyer.
NEW YORK CITY — Beech Street Capital has arranged $37.5 million in Fannie Mae DUS funds for the refinancing of Castle Braid Apartments, a 144-unit multifamily property located in Brooklyn. The loan carries a fixed interest rate, a 10-year term with 9.5 years of yield maintenance, a 30-year amortization schedule and 2 years of interest-only payments. Meridian Capital Group originated the loan.
WILLIAMSPORT, PA. — Berkadia Commercial Mortgage originated $3.05 million in Freddie Mac financing for Woodland Park Apartments, a 100-unit community located in Williamsport. The community was constructed in 1971. It consists of 16 two-story buildings on approximately 11 acres. The loan carries a 10-year term, a 30-year amortization schedule and a fixed interest rate. The proceeds will be used by the borrower, Towncrest Associates LP, the retire existing debt and complete renovations. Warren Higgins of Berkadia's Philadelphia office arranged the loan.
OKLAHOMA CITY, OKLA. — Omaha, Neb.-based Haley Communities has purchased Stoneleigh on May Apartments, a 244-unit Class A complex, for $19.7 million. Located at 14300 N. May Ave., the property is situated in the Quail Springs area of Oklahoma City and features a fitness center, a clubhouse, a swimming pool and meeting areas. Andy Burnett and David Burnett of Sperry Van Ness/William T. Strange & Associates facilitated the sale. The transaction marks Oklahoma's largest multifamily transaction this year.
DENVER — Pinnacle Real Estate Advisors has brokered the $2 million sale of a 20-unit apartment building, located at 1721 Humboldt Street in Denver. Built in 1961 and completely renovated in 2010, the uptown multifamily property consists of eight studio units and 12 one-bedroom/one-bathroom units. Pinnacle Real Estate Advisors’s Jeff Johnson and Matt Ritter represented the seller in the transaction, and Doug Haughey of Coldwell Banker assisted the buyer.
HOMEWOOD AND BIRMINGHAM, ALA. — Birmingham-based Abbey Residential has acquired a 1,782-unit multifamily portfolio in the Birmingham area for $32.1 million. The portfolio includes three apartments communities — Highland Peak, a 585-unit property at 114 Aspen Circle in Homewood; the 644-unit Highland View located at 700 Aspen Dr. in Birmingham; and the 553-unit Highland Bluff located at 200 Robert Jemison Dr. in Birmingham. Cole Whitaker, Hal Warren, John Clayton, Aaron Hargrove and Tim McKay of Hendricks & Partners, along with David Oakley of The Oakley Group, represented the seller, REDUS Alabama Commercial (Wells Fargo Bank, N.A.) of Atlanta, Charlotte, N.C., and Los Angeles, in the transaction.
CHESAPEAKE, VA. — Greensboro, N.C.-based Bell Partners has joined with a group of high net-worth ownership entities to acquire Alta Great Bridge Apartments in Chesapeake. The property will be renamed Bell Great Bridge Apartments and managed by Bell. Built in 2009, the eight-building, 192-unit property offers 199,398 square feet of rentable space, including one-, two- and three-bedroom units. At the time of closing, the property was 92 percent occupied. This is the eighth acquisition by Bell Fund III. The seller and acquisition price were not disclosed.