MARION, IOWA — Alliant Capital has completed the refinancing of the Regal Townhomes in Marion. The borrower, Rosslare Capital Investments, received a $7.376 million 10-year term loan, which carries a 5.83 percent interest rate. Completed in 2003, the multifamily property consists of 42 two-story garden- and townhome-style buildings offering 168 two- and three-bedroom apartment units. Aaron Abelson of Alliant Capital closed the transaction. The refinancing was completed to remove the existing CMBS loan, which was originally financed in 2003.
KAY AND HOUSTON — Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of Holliday Fenoglio Fowler's Houston office have closed two multifamily transactions in Texas. The team represented Allied Realty Services and GE Capital Real Estate in their sale of The Retreat at Cinco Ranch to JRK Property Holdings for an undisclosed amount. The 268-unit property is located at 3306 S. Fry Road in Katy. The team also represented Trammell Crow Residential in the sale of the 230-unit Alexan Upper Kirby to Invesco Real Estate for an undisclosed amount. The property, which is 99 percent leased, is located at 2300 Richmond Ave. in Houston.
PHOENIX — Cassidy Turley BRE Commercial has completed the $15.8 million sale of the 230-unit San Riva at The Foothills, a multifamily community located at 2155 E. Liberty Lane in Phoenix. Cassidy Turley’s David Fogler, Steve Nicoluzakis and Dan Dobric represented the seller, San Riva Madison Ownership Co. LLC, in the transaction; the buyers, a joint venture by Scottsdale, Ariz.-based Everest Holdings and Dallas-based Thackeray Partners, represented themselves.
ATLANTA — Cortland Partners has purchased the 519-unit Northchase Apartments from a special servicer. The purchase price and a planned renovation, which will last 6 months, totals $15.2 million. Located at 6750 Peachtree Industrial Blvd. in Atlanta, the property is 70 percent occupied. Amenities include a community center, a clubhouse and two pools.
NEW YORK CITY — Beech Street Capital has secured $28.4 million in Fannie Mae DUS funds for the refinancing of two high-rise residential buildings located on Manhattan's Upper West Side. The two properties contain a total of 186 residences and three commercial units. The loans carry a fixed interest rate and a 7-year term with 6.5 years of yield maintenance on an actual/360 basis. Mindy Bergman of Meridian Capital Group originated the loan as part of its correspondent relationship with Beech Street.
NEW YORK CITY — The first move-ins have begun at 500 Fourth Avenue, a residential condominium tower located in Brooklyn's Park Slope neighborhood. The building contains 156 units in a mix of studio through three-bedroom residences. Units range in size from 539 to 1,456 square feet, prices range from $342,000 to $1.22 million. Amenities include a resident lounge, a landscaped terrace, a fitness center, a solarium, a children's playroom, doorman and concierge service, and an on-site parking garage. Matri Holdings owns the project, and the Kafati-Batarse Group of Prudential Douglas Elliman is its sales and marketing agent.
HOUSTON — Cronheim Mortgage's Andrew Stewart and Lisa McMahon completed a loan modification for Woodlake Townhomes that includes a paydown of $3 million. The 315-unit property is located at 2600 Westerland Drive in Houston. The modification also includes a reduction in the interest rate and a 68-month extension on the loan's interest-only period.
TEMPE, ARIZ. — CB Richard Ellis has negotiated the $15.4 million sale of the 306-unit Mission Springs Apartments located at 1311 W. Baseline Road in Tempe. Built in 1987 and 95 percent occupied at the time of sale, Mission Springs includes a business center, three swimming pools, two spas, and cookout/picnic areas. CBRE’s Tyler Anderson and Sean Cunningham represented the Columbus, Ohio-based seller, Nationwide Mutual Insurance Co., which acquired the property through foreclosure in November 2009. Duluth, Minn.-based Mercury Investment was the buyer. Rocco Mandala of CBRE Capital Markets Debt & Equity Finance arranged the life-company financing for the purchase.
RICHMOND, VA. — Stella360 has purchased a commercial building from Rhino Enterprises for $1.5 million and plans to convert the structure into apartments. The property, which is located at 310 Stockton St. in Richmond, will include 33 units and space for a 19,000-square-foot tenant. Thalhimer's John Myers and Gregg Beck brokered the sale.
PORTAGE AND GRAND HAVEN, MICH. — Love Funding has secured $6.72 million in financing for a multifamily property and a senior-housing community in Michigan. Mickey Rist and Bruce Gerhart of Love Funding closed a $4.02 refinance loan for Briarwood Apartments, a 168-unit multifamily community located in Portage. The complex features an outdoor swimming pool, covered parking, and private balconies and patios. Love Funding secured the loan, which carries 33-year amortization schedule and a 4.68 percent interest rate, through the FHA 223(f) program. Gerhart also secured a $2.7 million refinance loan for Pinewood Place, a 125-unit senior-housing facility located in Grand Haven. The five-floor community features one- and two-bedroom apartments. Amenities include a state-of-the-art fitness center, a game room, a library with free wireless Internet and walking trails. The loan, which was arranged through the FHA 207/223(f) loan program, carries a 4.72 percent interest rate with a 35-year amortization schedule. The borrowers were not disclosed.