CHICAGO — Howard Kruse of Capstone Property Management has purchased 1555-1557 W. Diversity Parkway in Chicago. The 17,484-square-foot mixed-use property sold for $1.52 million. The building, which is 100 percent occupied, offers four commercial units and nine apartments. Brad Thompson of Millennium Properties R/E Inc. represented the seller, Joe Yoon of 1557 W. Diversity LLC, in the transaction.
Multifamily
HOUSTON, TEXAS — Alliance Residential Co. has acquired Gramercy Park Condominiums, a multifamily property located in the Texas Medical Center area of Houston. Alliance acquired the 224-unit project out of bankruptcy in a Section 363 auction sale. The community offers one-, two- and three-bedroom floorplans ranging in size from 781 to 1,529 square feet. The two-building, project, which was completed in 2006, will be renamed Broadstone Gramercy. Alliance also plans to complete construction on the unfinished northern building.
IRVING — Marcus & Millichap has completed the sale of Chivas West, a lender-owned apartment property located in Irving. The community is situated at 1701 N. Britain Road. It contains 72 units in a mix of one- through three-bedroom residences. It was renovated this year and was 94 percent occupied at the time of the sale. Miachel Ware and Will Jarnagin of Marcus & Millichap's Dallas office represented the seller.. Nick Fluellen, also off Marcus & Millichap's Dallas office, represented the buyer, a private investor from Flower Mound.
MESA, ARIZ. — Colliers International–Greater Phoenix has negotiated the $9.7 million acquisition of the 226-unit Sorrento Apartments, located at 901 South Dobson Road in Mesa. Built in 1983, the 163,308-square-foot Class B multifamily property underwent extensive interior and exterior improvements in 2007, including renovation of more than 90 percent of the units and the clubhouse. Colliers International’s Cindy Cooke, Brad Cooke, Carrie Burton and Nicholas Eggert represented the San Francisco-based buyer, Hamilton Zanze & Co., in the off-market transaction; the Newport Beach, Calif.-based seller, San Ai Dobson LLC, was self-represented. Having recently acquired seven Class B multifamily properties in Tucson, Ariz., Hamilton Zanze retained Fairfield Residential as the property management firm for the 93 percent-occupied Sorrento Apartments.
CRYSTAL LAKE, ILL. — Cambridge Realty Capital has closed a $6.03 million HUD Lean loan to refinance Crystal Pines, a 114-bed skilled nursing home in Crystal Lake. The fully-amortizated, 30-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans. The lender used the HUD Section 232 pursuant to HUD Section 232(a)(7) funding product, which is used to refinance properties with existing HUD loans. The borrower was the property's owner, a Missouri limited liability company.
SHERMAN, ILL. — Cambridge Realty Capital Corp. has closed on a $1.62 million FHA-insured HUD first mortgage loan for Villa Vianney Apartments. Located in Sherman, the age-restricted senior housing property offers 54 units. According to Cambridge, the fully-amortized, 30-year loan refinanced 18 buildings at the property. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites insured loans, used HUD's Section 207 pursuant to HUD Section 223(f) program. The borrower was the property owner, an Illinois-based not-for-profit corporation.
BUFORD, GA. — Trade Street Capital has purchased The Glens at Mill Creek, a multifamily property located at 2705 Mall of Georgia Blvd. in Buford. Developed in 2001, the 259-unit property features a clubhouse with a 4,000-square-foot commercial-quality fitness center, detached garages and a resort-style swimming pool. Residential units feature nine-foot ceilings, crown molding, patios/balconies, walk-in closets and options sunrooms. The acquisition was funded by a Trade Street Capital fund, while CW Capital helped arrange the agency financing. Terms of the transaction were not released.
ELIZABETHTOWN, KY. — Love Funding has closed on a $3.1 million refinance loan for Cardinal Creek Apartments in Elizabethtown. The property offers 52 two-bedroom/two-bath units, which feature hardwood floors, plantation blinds, an eat-in kitchen with a dishwasher and a microwave, washer/dryer hook-ups, and a private patio or balcony. Tammy Tate of Love Funding's Knoxville, Ky., office secured the financing through the FHA 223(f) loan program.
BROOKHAVEN, MISS. — Arbor Commercial Funding, a wholly-owned subsidiary of Arbor Commercial Mortgage, has funded a $1.33 million loan under the Fannie Mae DUS Small Loan product line. The loan is for Lakeview Arms Apartments, a 96-unit complex in Brookhaven. Edward Petti of Arbor's New York office originated the 10-year loan, which amortizes on a 30-year schedule.
WHITE BEAR LAKE, MINN. — Daniel Trebil and Patrick Minea of NorthMarq Capital's Minneapolis regional office has arranged a first mortgage loan for Thomasville Apartments. Located at 1692-1740 Fourth St. in White Bear Lake, the 84-unit multifamily property received a $2.8 million loan. Financing was arranged for the undisclosed borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.