NEW YORK CITY — GFI Realty Services has completed the sale of a walk-up apartment building in Brooklyn for $1.25 million. The four-story property contains 16 units and is located at 2574 Bedford Ave. GFI's Shulem Paneth represented both undisclosed parties in the deal. The new owner plans to upgrade the units and install security systems throughout the building.
NORTH LAS VEGAS, NEV. — Marcus & Millichap has negotiated the $9.5 million sale of 157 units at Palmilla, a townhome property located at 5850 Palmilla Street in North Las Vegas. Developed in 2006-2007, the 244,000-square-foot multifamily property sits adjacent to the master-planned community of Aliante. Marcus & Millichap's Michael LaBar and Evan Griffith represented the seller, a receiver for a large financial institution, of the 90 percent-leased property. The sale represents 157 out of Palmilla’s 300 total units.
OREGON, OHIO — Cambridge Realty Capital Cos. has closed on an $11.6 million, FHA-insured loan for the refinancing of Orchard Villa I, a 164-bed skilled-care nursing facility in Oregon. Cambridge Realty Capital Ltd. of Illinois arranged the fully amortized, 34-year term loan for the undisclosed property owners. The loan was funded using the HUD Section 232 pursuant to Section 223(a)(7) Lean program, which is used to refinance existing HUD loans.
TEXAS — Healthcare REIT has borrowed an $81.9 million loan from Deutsche Bank Berkshire Mortgage for the financing of eight skilled nursing facilities in Texas. The HUD loan is part of the LEAN program and carries a 35-year term. The properties are located in Austin, Baytown, Houston, Pasadena, San Antonio and Webster, Texas.
ARLINGTON, VA. — Insight Property Group has purchased a 48-unit apartment complex in Arlington from a private seller for $6.2 million. The property is located at 1200 Rolfe St. North. Mark Anstine and Dan Lockard of Fraser Forbes Real Estate Services represented the seller in the transaction.
CARY, N.C. — Arbor Commercial Funding has secured a $22 million loan for the 302-unit Brook Arbor Apartments in Cary. The Fannie Mae DUS loan carries a 10-year term and a 30-year amortization. The interest rate is 5.68 percent. Joseph Donovan of Arbor arranged the loan.
DALLAS — Mona Carlton of Holliday Fenoglio Fowler has secured a $23.13 million loan for AMLI Residential Properties' 420-unit AMLI at Bryan Place. The Class A multifamily complex, which was built in 1999, is located at 910 Texas St. in Dallas and features a pool, a clubhouse, a fitness center, a game room and a movie theater. Freddie Mac financed the 7-year loan.
RICHWOOD, TEXAS — Apartment Realty Advisors has brokered the sale of the 248-unit Creekside Estates Apartments in Richwood between two private parties for an undisclosed price. The property, located at 200 Timbercreek Drive, is part of the Jackson metro area. The property is 71 percent occupied. Jeff Patterson, Jon Boone and Kelly Witherspoon of ARA represented the seller.
FRESNO, CALIF. — Colliers International has negotiated the $22.325 million sale of the 418-unit Torrey Ridge apartment community located at 222 South Clovis Ave. in Fresno. Constructed between 1971 and 1979, the Class B+, low-density property underwent major renovations from 2005 to 2007 at a cost of $6.6 million. Torrey Ridge’s amenities include four swimming pools, a fitness center, four tennis courts, three playgrounds and a 14-acre wooded greenbelt. Colliers’ Cindy Cooke, Brad Cooke and Ernest Rice represented the undisclosed seller in the transaction.
CHICAGO — Meridian Capital Group has secured $3.5 million in financing to refinance three properties in Chicago. The properties include a nine-unit multifamily building located on North Clark Street in Chicago’s Lakeview neighborhood and two properties featuring a total of 11 apartments and two retail spaces on Division Street in the Wicker Park neighborhood. Provided by Northern Trust, the three 5-year loans feature rates of 5.75 percent and amortize on a 25-year schedule. Gershon Friedman of Meridian Capital originated the loans.
