WOODBURY, MINN. — CB Richard Ellis' Chicago Capital Markets Debt & Equity Finance group has secured $26.8 million in financing for the acquisition of Valley Creek Apartments. The 402-unit multifamily property is located at 1707 Century Circle in Woodbury. Chicago-based Trilogy Real Estate Group acquired the property from LaSalle Investment Management. The 7-year loan, which features 2 years interest-only followed by a 30-year amortization schedule, was arranged through Freddie Mac. CBRE's Pete Marino, Jesse Karasik, John Clifford and Doug Seylar represented the buyer in the transaction. Additional terms of the transaction were not disclosed.
HOUSTON — William Luedemann of NorthMarq Capital has arranged a $7.14 million loan for the Reserve at Bankside apartment complex. The 348-unit property is located at 10700 Fondren Road in Houston. Freddie Mac financed the 7-year loan, which carries a 30-year amortization schedule.
MELVILLE, N.Y. — Cambridge Realty Capital Cos. has secured a $30.2 million FHA-insured HUD Lean loan for the refinancing of Huntington Hills Center for Health & Rehabilitation, a 230-bed skilled nursing center located in Melville. The loan, which was financed under HUD's Section 232 program, carries a 30-year term and is fully amortizing. Hymie Barber of Cambridge helped secure the loan on behalf of the borrower, a New York-based limited liability company.
INDIANAPOLIS — Carmel, Ind.-based Platinum Group has acquired Aspen Village Apartments, a 220-unit multifamily property is located on the west side of Indianapolis. The REO property was listed for $1.9 million. Silver Property Management, which is owned by the principles of Platinum Group, is managing the property. The owner plans to renovate the community. Tikijian Associates represented the seller, Washington, D.C.-based CW Capital. The acquisition price was not disclosed.
NEW YORK CITY — Deerwood Real Estate Capital has arranged a $28.8 million loan for a residential building located at 488 7th Ave. in New York City. The property consists of 108 residential units and four commercial spaces. The loan carries a 10-year term with 2 years of interest-only payments. Abe Katz of Deerwood arranged the deal.
ARIZONA — A ruling by the Arizona Superior Court has enabled Trigild to sell seven Arizona apartment complexes to Standard Portfolio for $123 million. Currently in escrow, the 2,759-unit portfolio was put into receivership on March 9, 2009 after being abandoned by The Bethany Group. Upon the abandonment, the lender's counsel immediately moved to have San Diego-based Trigild appointed receiver of 13 Bethany properties, including the seven Arizona assets. The portfolio consists of the 460-unit Laguna Village, the 320-unit Alante at the Islands and the 374-unit Santana Crossing in Chandler; the 432-unit Whispering Meadows and the 582-unit Tuscany Palm in Mesa; the 395-unit Sienna Springs in Phoenix; and the 196-unit Verrado Park in Glendale.
SANTA MONICA, CALIF. — Colliers International has handled the almost $5.8 million sale of the 21-unit Villa Cordova located at 1133 10th St. in Santa Monica. Built in 1970, the two-story, rent-controlled apartment building situated north of Wilshire Boulevard includes subterranean parking, landscaped courtyards and walkways, and a laundry facility. Colliers’ Kitty Wallace represented both the private-investor buyer and seller, 10th Street Partners LLC and Villa Cordova Associates LLC, respectively. The buyer plans to renovate the property and raise rents to market level, starting with the building’s nine vacant units.
CHATTANOOGA, TENN. — Birmingham, Ala.-based Red Mountain Development Co. has purchased a 26-acre tract of land from DPTI in order to build a 282-unit luxury apartment complex. The property is located on Dayton Boulevard in Chattanooga and will be complete next spring. Planned amenities include a pool, a fitness center, a business center and a Wii room. Grandbrige Capital financed the purchase with a $22 million loan. Herman Walldorf & Co.'s Rudy Walldorf brokered the transaction.
BRANDON, FLA. — Covenant Capital Group of Nashville has purchased the 444-unit Providence Place Apartments from a New York-based party for an undisclosed amount. The property is located near the Crosstown Expressway in Brandon. Holliday Fenoglio Fowler's Jason Nettles and Megan Thompson represented the seller.
TUCSON, ARIZ. — Colliers International–Greater Phoenix has negotiated the $46.5 million sale of a seven-property, 1,566-unit multifamily portfolio in Tucson to San Francisco-based Hamilton Zanze & Co. Placed into receivership in October 2009, the Class B portfolio consists of Palomino Crossing (240 units), Lakeside Casitas (310 units), Hampton Park (160 units), Cordova Village (322 units), Solano Springs (152 units), San Mateo (254 units) and Highland Woods (128 units). Colliers International’s Cindy Cooke and Brad Cooke represented the unnamed seller; the first-time Tucson buyer was self-represented.