EVANSTON, ILL. — Cambridge Realty Capital Cos. has closed on a $7.4 million FHA-insured HUD LEAN loan for Ebenezer Primm Towers in Evanston. The senior-living community offers 107 independent-living apartment units. The fully amortized, 40-year term loan was arranged for the property's owner, an Illinois corporation.
RALEIGH AND CHAPEL HILL, N.C. — Federal Capital Partners and Grubb Properties have made a joint venture investment in two multifamily properties in North Carolina. The venture, which is valued at $42 million, includes Riverwoods apartments in Raleigh and Glen Lennox in Chapel Hill. The joint venture acquired Riverwoods, a 174-unit property located on Six Forks Road, from Duham, N.C.-based Dilweg Companies. Andrea Howard of Grubb Properties represented the joint venture in the acquisition, while Steve Heffner of CB Richard Ellis Capital Markets helped the joint venture secure financing through Freddie Mac. The partnership plans to reposition the property as Sterling Forest Apartments. Jason Nettles of Holliday Fenoglio Fowler represented the seller. The 440-unit Glen Lennox is located on Hamilton Road. Dean Smith and Blake Oakland of Apartment Realty Advisors represented Grubb Properties in the acquisition.
RALEIGH, N.C. — Drucker Falk has added four apartment communities totaling 776 units to its fee management portfolio in North and South Carolina. The properties include the 168-unit the Tides at Town Center in Calabash, N.C.; the 124-unit Summerlyn Apartments in Raleigh; the 212-unit Windjammer Apartments in Charleston, S.C.; and the 272-unit Heron Reserve in Charleston.
MACON, GA. — Newmark Realty Capital has arranged $1.26 million in financing for acquisition of Walnut Hills Apartment Complex in Macon. The 100-unit community was 96-percent occupied at the time of closing. Adam Parker of Newmark's Phoenix office arranged the financing for the undisclosed borrower. The 25-year term loan has a fixed-interest rate period for 5 years.
NEW YORK CITY — Marcus & Millichap has brokered the sale of the Staten Island Package, a 180-unit multifamily portfolio located in Staten Island, for $7.5 million. The buildings were constructed in the late 90's and are located at 331 Harbor Road, 25 Slaight St. and 70 Kimberly Lane. The sale price equates to a 10.24 percent capitalization rate. Marco Lala of Marcus & Millichap's Manhattan office represented the seller, a private investor, as well as the buyer, an institutional client.
TRUCKEE, CALIF. — Grubb & Ellis has facilitated the $6.1 million sale of the 96-unit Sawmill Heights Apartments, located at 7646 Highlands View Road in the Northstar-at-Tahoe Resort in Truckee. Primarily occupied by employees of the resort, the property was sold by Northstar Community Housing Corp. to KG Investors LLC. Constructed in 2006, Sawmill Heights features units ranging in size from studios to four bedrooms. Grubb & Ellis’ Jim Donovan represented both parties in the transaction.
PORTLAND, ORE. — Hendricks & Partners has negotiated the $9.5 million sale of the 72-unit Uptown Tower, an apartment building located at 712 SW Saint Clair Street in downtown Portland. Designed and built in 1983 as affordable housing for the elderly, the property consists of eight levels of one-bedroom, one-bath apartments, along with ground-floor retail space. Hendricks & Partners’ Robert DiPietrae represented the Lahaina, Hawaii-based seller, Uptown Associates Ltd., in the transaction; the hometown buyer was Uptown Tower Apts. Limited Partnership.
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.
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.
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.