VICTORIA — Jeff Patterson, Jon Boone and Kelly Witherspoon of ARA's Secondary Markets team in Austin have facilitated the sale of Silvermine Apartments, located at 6803 N. Navarro St. in Victoria. The 216-unit multifamily property was sold by a New York-based regional investment group to a California-based private investor. It features one- and two-bedroom floor plans averaging 746 square feet. ARA represented the seller.
OTTAWA, ILL. — Cambridge Realty Capital Cos. has closed on a $15.3 million loan for Ottawa Pavilion in Ottawa. The new construction and permanent financing will benefit the 129-bed skilled-care nursing home. The 40-year loan was arranged for the owner, an Illinois-based limited liability company, by Cambridge Realty Capital Ltd. The fully amortized loan processed using HUD's Section 232 funding program.
CHATTANOOGA, TENN. — Trade Street Capital has purchased Lakeshore on The Hill Apartments in Chattanooga. The 123-unit property offers a clubhouse with a fitness center and a resort-style swimming pool. The acquisition was funded by a Trade Street Capital fund, with financing arranged by CW Capital. The acquisition price was not released.
JACKSONVILLE, FLA. — Louisville, Colo.-based Condo Capital Solutions has purchased Old San Jose on the River, a residential riverfront community near Jacksonville's historic San Marco district. The property currently has three completed buildings, including a five-story, 18-unit condominium building on the St. Johns River, a four-unit condominium residence and three townhome residences. Condo Capital has retained Jacksonville-based McGarvey Residential Communities, the property's original developer, to serve as the development manager for the community. The acquisition price was not disclosed.
FAIRFAX, VA. — NorthMarq Capital has arranged $25 million in first mortgage financing for an unsubordinated ground lease located at 8301 Anderson Dr. in Fairfax. The 34.63-acre site is occupied by the 752-unit Amberleigh Apartments. Financing was based on a 25-year term with a 5-year interest-only amortization, then based on a 30-year amortization schedule. Jeffrey Robertson of NorthMarq's Miami office arranged the financing for the borrower through NorthMarq's relationship with New York Life Insurance Co.
WHITE PLAINS, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of a 502-unit luxury apartment community in White Plains. Bank Street Commons is located downtown, adjacent to the White Plains Metro-North train station. It consists of connected 21- and 22-story towers along with a 500-space parking garage and ground-floor retail space. The units consist of one- and two-bedroom residences averaging 907 square feet in size. Jeffrey Dunne and Christopher Leonard of CBRE's New York Institutional Group represented the seller, an institutional entity. The buyer was an institutional investor.
NEW YORK CITY — Beech Street Capital has arranged a $175 million Fannie Mae DUS loan for the refinancing o a 490-unit, high-rise multifamily property located in New York City. The loan carries a fixed interest rate, a 10-year term with 2 years of interest-only payments and a 30-year amortization schedule. Beech Street arranged the loan on behalf of the undisclosed borrower, and Meridian Capital Group originated it.
DALLAS, SAN ANTONIO AND WYLIE — The Praedium Group, a New York-based national real estate investment firm, has acquired three multifamily properties in Texas totaling more than 700 units. The properties were purchased through The Praedium Fund VII, L.P., a $900 million real estate private equity fund. The properties include Elan at Bluffview, a 181-unit multifamily complex with 54,857-square-foot of retail space in Dallas; the 248-unit Dove Valley Apartments in San Antonio; and Broadstone Woodbridge, a 303-unit complex in Wylie.
COSTA MESA, CALIF. — Marcus & Millichap has brokered the approximately $4.13 million acquisition of a 24-unit apartment property, located at 332 Victoria Street in Costa Mesa. The low-density property offers a mix of one-bedroom/one-bathroom and two-bedroom/one-bathroom units. Marcus & Millichap’s Richard Ringer represented a limited-liability company in its purchase of the 20,421-square-foot asset.
SAN PEDRO, CALIF. — Hendricks & Partners has presided over the approximately $3.23 million sale of the 68-unit San Pedro Apartments, located at 123 West 12th Street, 1217 South Beacon Street and 1222 South Palos Verdes Street in San Pedro. Built in the 1950s, San Pedro Apartments consist of six buildings offering 44 one-bedroom/one-bathroom units and 24 efficiency units. Hendricks & Partners’ Brent Sprenkle represented both the buyer, Beacon Harbor View LLC, and the Los Angeles-based seller, CSS Realty Corp., in the semi-distressed transaction. The property was only 25 percent occupied at the time of the sale. Beacon Harbor View LLC plans on renovating it to maximize cash flow.
