WESTBOROUGH, MASS. — NAI Hunneman has brokered the sale of a 35-unit apartment building in Westborough for $2.6 million. The property is located at 15 Willow St. It contains one studio, 23 one-bedrooms and 12 two bedrooms. It was constructed in 1969 and renovated in the last 4 years. NAI's Carl Christie and Dan McGee represented the seller, 15 Willow Street LLC, and procured the buyer, 15 Willow Westboro LLC.
Multifamily
FROSTPROOF, FLA. — Dimara Corp. has sold the 34-acre Frostproof Retreat to Lomas Del Sol for $1.05 million in a transaction that took nearly 2 years to complete. The Frostproof property features a 6,000-square-foot building, a mobile home and six outbuildings, and it will be used as an H2A Farm Labor Housing facility. Greg Smith, Clay Taylor, David Hitchcock and Darby Craddock of Coldwell Banker Commercial Saunders Real Estate brokered the sale.
NORTHFIELD, MINN. — Dominium Development and Acquisition has acquired Jefferson Square Townhomes in Northfield. The 50-unit affordable housing complex sold for an undisclosed price. Dominium has a $3.2 million renovation planned for the project, including new roofing, siding, apartment upgrades, parking lot improvements, site landscaping and the construction of a new community building. Jefferson Square is the 94th property acquired in Minnesota by Dominium since its founding in 1972. Additional terms of transaction were not released.
DANBURY AND BETHEN, CONN. — Arbor Commercial Funding has secured Fannie Mae DUS funds to refinance a portfolio four Connecticut multifamily communities. A $15.11 million loan was arranged for Spring Ridge Apartments, a 138-unit property located in Danbury. A $5.4 million loan was arranged for Park Ridge South Apartments, a 47-unit property also located in Danbury. A $3.13 million loan was arranged for Mountain View Apartments, a 36-unit property located in Beth. Finally, a $3.18 million loan was arranged for Grassy Plain Estates, a 36-unit property also located in Bethel. Each loan carries a 10-year term, a 30-year amortization schedule and a 5.73 percent interest rate. Edward Petti of Arbor's New York City office originated the transactions. The borrower's name was not disclosed.
NEW YORK CITY — Realty Capital Partners has invested approximately $2.1 million to recapitalize a multifamily rental building located in Manhattan's Tribeca neighborhood. The property contains 11 residential units, two of which are rent stabilized, and two retail spaces. It underwent extensive renovations in 2005. Occupancy was 100 percent at the time of closing. The project's owner, Code RED, plans to convert the apartments to for-sale condominiums.
LAKE WORTH, FLA. — HH Somerset has purchased the 24-unit Somerset Apartments from a private seller for $1.82 million. The 20,748-square-foot property is located at 102 N. Lakeside Drive in Lake Worth. Brandon Rex of Marcus and Millichap brokered the sale.
GREENWOOD, IND. — Tikijian Associates has completed the sale of Friendly Village, a more than 500 lot mobile home community in Greenwood. Illinois-based Indy Mobile acquired the property for an undisclosed price. The buyer has numerous capital improvement projects planned for the property, which is its first acquisition in the Indianapolis market. Tikijian represented the court-appointed receiver, McKinley, and special servicer, LNR Partners, in the transaction.
JERSEY CITY, N.J. — Hoboken Brownstone Co. has commenced development for Van Leer Place, a transit-oriented residential project located in Jersey City. The project will consist of the brownfield redevelopment of the former Van Leer Chocolate Factory at 110 Hoboken Ave. Construction will consist of two six-story buildings with more than 400 homes over 7,500 square feet of retail space. Van Leer Place will include several sustainable features such as a thermally efficient concrete wall system, energy recovery ventilation, a geothermal test well and a solar thermal system. The project will also include a pedestrian walkway to the nearby New Jersey Transit station as well as a new park to be developed adjacent to the project. The construction timetable was not released.
SCOTTSDALE, ARIZ. — CB Richard Ellis (CBRE) has negotiated the sale of the 202-unit Desert Parks Vista Apartments, a luxury multifamily community located at 9393 E. Palo Brea Drive in Scottsdale. The purchase price was not disclosed. Built in 2005, Desert Parks Vista was 95 percent occupied at the time of sale. Situated within the exclusive DC Ranch master-planned community, the property includes a resort-style swimming pool with spa, a conference room, a state-of-the-art fitness center and a clubhouse with plasma TV and fireplace. CBRE’s Tyler Anderson and Sean Cunningham represented the Scottsdale-based seller, The PB Bell Cos., in the transaction; the buyer, a company formed by Irvine, Calif.-based PASSCO Cos. LLC, was represented by PASSCO’s Gary Goodman.
WINCHESTER AND WOBURN, MASS. — Fantini & Gorga has arranged $18.44 million in FHA financing for two Massachusetts skilled nursing facilities. The first property is the 121-bed Winchester Nursing & Rehabilitation Center in Winchester, and the second is the 140-bed Woburn Rehabilitation & Nursing Center in Woburn. The loan was placed with Eastern Mortgage Capital, one of Fantini & Gorga's correspondent lenders.