DENVER AND AURORA, COLO. — The joint venture of PCCP LLC and San Francisco-based Jackson Square Properties has acquired two lender-owned, Class B apartment properties totaling 1,114 units in the Denver area. The portfolio consists of the 688-unit Hickory Ridge Apartments, located at 2134 S. Richfield Way in Aurora, and the 426-unit Lakes at Monaco Pointe Apartments, located at 6165 E. Iliff Ave. in Denver. Built in 1975, Lakes at Monaco Pointe features five three- and five-story buildings with one- and two-bedroom configurations. Built in 1985, Hickory Ridge comprises 34 two-story buildings in one-, two- and three-bedroom configurations.
KNOXVILLE, TENN. — Love Funding has secured $3.74 million in FHA 223(a)(7) funds for the refinancing of Londontown Apartments in Knoxville. The loan carries a 3.88 percent fixed interest rate and a 35-year amortization schedule. Tammy Tate of Love's Knoxville office arranged the loan on behalf of the borrower, OSM Investment Co. This is the third time Tate has helped the borrower refinance the property, and she was also responsible for helping the borrower arrange its original acquisition financing. Londontown Apartments contains 210 residences in a mix of one-, two- and three-bedroom units. Amenities include a fitness center, a swimming pool, lighted tennis courts, a picnic area, a car wash area and a clubhouse.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a five-story townhome located in Manhattan's Chelsea neighborhood for $2.1 million. The property, which was constructed in 1854, contains nine units, including one vacant owner's duplex, four vacant apartments and four rent-stabilized apartments. Most of the vacant units will require renovations. Massey Knakal's Brock Emmetsberger arranged the deal on behalf of the undisclosed parties.
LINDEN AND HILLSIDE, N.J. — The Kislak Company has brokered the sales of two New Jersey properties for a total of $1.46 million. The first transaction involved the $1 million sale of a garden-style apartment community located in Linden. The second transaction involved the $460,000 sale of a foreclosed mixed-use property located in downtown Hillside. The latter property contains six retail spaces and four apartments, and was 50 percent occupied at the time of closing. Jeffrey Squires of Kislak represented the buyers and sellers in both deals.
MONTVILLE, CONN., AND PHILADELPHIA — Arbor Commercial Funding has arranged two Fannie Mae DUS loans for apartment communities in Connecticut and Pennsylvania. The first loan totals $1.35 million and is secured by Lakeside Manor Apartments, a 24-unit property located in Montville. The second loan totals $1.08 million and is secured by the 48-unit Vernon House Cooperative in Philadelphia. Both loans carry 10-year terms and 30-year amortization schedules. John Edwards of Arbor's Boston office originated the former loan, and Edward Petti of Arbor's New York City office originated the latter.
BOYNTON BEACH, FLA. — A joint venture between Miami-based Integra Solutions and Boca Raton, Fla.-based The Altman Companies has acquired Peninsula on the Intracoastal, a distressed, non-fractured residential community located in Boynton Beach, for $8.3 million. Situated at 2649 N. Federal Highway, the unfinished property currently contains a five-story, 40-unit structure with waterfront views, 10 unfinished townhomes, a heated pool and spa, a private clubhouse and marina access to the Intracoastal Waterway. The infrastructure is in place to build 20 additional townhomes. Hampton Beebe, Avery Klann and Marc deBaptiste of the Boca Raton office of Apartment Realty Advisors arranged the deal. The buyer plans to operate the property as a luxury rental community in the near term.
LOS ANGELES COUNTY — Berkadia Commercial Mortgage LLC has originated more than $23 million for the acquisition of a three-property multifamily portfolio in eastern L.A. County in Southern California. The Claremont Portfolio consists of three garden-style apartment complexes: the 80-unit Southridge Apartments located at 750 W. San Jose St. in Claremont, Calif.; the 64-unit Spring Hill Town Homes located at 150 W. Drake Street in Pomona, Calif.; and The Village at Claremont, an 84-unit complex located at 10 S. Indian Hill Blvd., also in Claremont. Berkadia’s Mitchell Thurston arranged the acquisition financing through Fannie Mae.
NEW YORK CITY — HFZ Capital Group has acquired a distressed development site located at 14-20 W. 40th St. in New York City for $52 million. The buyer acquired the deed in lieu of foreclosure from Petra Capital, which foreclosed on the site after the previously owner defaulted on its $44 million loan. Raymond Cecora of Platinum Properties was the sole broker in the deal. HFZ plans to develop a hotel/condominium project on the site, which is currently used as a parking lot.
CONCORD, N.H. — Construction is complete for Parmenter Place, a workforce housing project located in Concord. The community consists of six buildings containing a total of 25 two- and three-bedroom units. The project has been certified by the Energy Star program. The project's owner is the Concord Housing & Redevelopment Authority. The general contractor was locally based North Branch Construction, and the project architect was Manchester, N.H.-based Burnell-Johnson.
ALDAN, PA. — Walker & Dunlop has arranged a $13.9 million loan for the acquisition of a multifamily portfolio in Aldan. Landsdowne and Gladstone Towers are three Class B communities containing a total of 350 units. The loan carries a 10-year term and a 30-year amortization schedule. John Street of Allied Mortgage & Realty Corp. originated the loan,. Charlie Mentzer led the Walker & Dunlop team that arranged the financing on behalf of the undisclosed borrower.