DES MOINES, WASH. – The 88-unit Bay Club Apartments in Des Moines has sold to Randolph Street Realty Capital for $7.2 million. The property was built in 1987 and upgraded in 2005. The transaction was brokered by Karlin Conklin of Sperry Van Ness | Bluestone & Hockley and Josh Jansen of Coast| Sperry Van Ness. The property was marketed on behalf of a Tenant-In-Common ownership group.
LOS ANGELES – An 18-unit apartment community located at 2469 S. Robertson Blvd. in Los Angeles has sold to 6656 Fountain LLC for $2.29 million. The property was fully occupied at the time of closing. Michel Hibbert of Charles Dunn Company represented both the buyer and the seller, 2469 S. Robertson Associates, LP, in this transaction.
NEW PORT RICHEY, FLA. — NorthMarq Capital has arranged $6.3 million in first mortgage refinancing for the 221-unit Hunters Ridge Apartments, a seniors housing community located at 5223 Hunters Ridge Dr. in New Port Richey. Lee Weaver of NorthMarq's Tampa, Fla., office arranged the 10-year loan with a 25-year amortization schedule through AmeriSphere Multifamily Finance.
NEW YORK CITY — Beech Street Capital has arranged $25.9 million in Fannie Mae loans for the refinancing of a seven-property portfolio in Brooklyn, Queens and the Bronx. The multifamily portfolio includes 530 units. Josh Rhine of Meridian Capital Group originated the transaction. The 7-year, fixed-rate loans carry 6.5 years of yield maintenance.
WATERTOWN, N.Y. — Sam Berns of NorthMarq's Rochester, N.Y. office has arranged a $7 million loan for the refinancing of Pleasant Creek Apartments, a 156-unit military housing community in Watertown. Freddie Mac provided the 10-year loan, which carries a 30-year amortization schedule. Pleasant Creek offers off-site housing for the Army's 10th Mountain Division. The division has had deployments in both Afghanistan and Iraq.
HALTOM CITY — Marcus & Millichap has arranged the sale of the 88-unit Waldemar, a multifamily property located at 4812 Waldemar St. in Haltom City. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Texas-based partnership, in the transaction, and secured the buyer, a private investor. The new owner plans to make upgrades to the property, which is approximately 90 percent occupied.
HOUSTON — New York City-based Hudson Realty Capital has provided a $6.9 million bridge loan for an undisclosed 272-unit apartment complex, located in the greater Houston area. The borrower, an undisclosed multifamily owner/operator, is using the loan to acquire the property and fund renovations. The complex is 84 percent occupied.
HOUSTON — New York City-based Hudson Realty Capital has provided a $6.9 million bridge loan for an undisclosed 272-unit apartment complex, located in the greater Houston area. The borrower, an undisclosed multifamily owner/operator, is using the loan to acquire the property and fund renovations. The complex is 84 percent occupied.
GULFPORT, MISS. — Beech Street Capital has secured a $7.75 million refinance loan for the 204-unit Creekwood North Apartments, located at 15235 Oneal Rd. in Gulfport. Chad Hagwood of Beech Street's Birmingham, Ala., office arranged the 10-year loan with a 9.5-year yield maintenance, payable on a 30-year amortization schedule, through Freddie Mac's CME loan program.
AUGUSTA, GA. — The 160-unit Center West Villas, located at 1075 Bertram Rd. in Augusta, has received a $3.91 million refinance loan. William Jones, Jr., of Love Funding's New York office arranged the financing through HUD's 223(a)(7) loan program. The loan allows the property's owner to reduce the interest rate and extend the loan back to its original 35-year term.