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.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has completed a $15 million multifamily deal in East Orange. The first part of the transaction involved the $13.3 million note sale of five multifamily buildings totaling 320 units. The properties are located at 111, 150 and 253 S. Harrison St. as well as 195 and 242 Prospect St. In addition, the 42-unit property located at 150 South Harrison was subsequently re-sold for $1.7 million. David Oropeza of Gebroe-Hammer led the brokerage team that represented the sellers and buyers. Steven Tenenbaum, also of Gebroe-Hammer, procured the buyer in the second part of the deal.
PEARLAND, TEXAS — Holliday Fenoglio Fowler has secured a $24.5 million loan for the 392-unit Alexan Shadow Creek Ranch apartment complex in Pearland. The property is located at 11900 Shadow Creek Parkway in the city's 3,500-acre, master-planned Shadow Creek Ranch community. Alexan Shadow Creek is 95 percent occupied. Freddie Mac financed the 10-year, fixed-rate loan. Jody Thornton and associate director John Ahmed of HFF worked to arrange the loan.
GILBERT, ARIZ. — Kirkland, Wash.-based Sonoma Landing Apartments LLC has purchased Sonoma Landing, a multifamily property located at 4776 E. Guadalupe Road in Gilbert. Built in 2001, the property offers 84 one-bedroom, 112 two-bedroom and 24 three-bedroom units. Additionally, the gated community offers garages, two pools, a spa and a movie theater. Aspen, Colo.-based CTA Venture NO. 9 LLC sold the property for $20 million. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix brokered the transaction.
UNION CITY, CALIF. — Caravan Trading Co. has exercised its option to acquire 33333 Western Ave. in Union City. Situated on 6.2 acres, the approximately 70,000-square-foot manufacturing building was purchased for $6.2 million. The buyer, Caravan Trading, will now occupy the former waste management building. Todd Severson of Colliers International represented the buyer; Robert Ferraro and Michael Ferraro of CB Richard Ellis represented the undisclosed seller in the transaction.
FRESNO, CALIF. — Cohen Financial has arranged a $17.9 million loan for the acquisition of Torrey Ridge apartment complex, which is located at 222 S. Clovis Ave. in Fresno. The multifamily property features 418 units. Mark Strauss and Kevin Greenberg of Cohen Financial secured the 7-year, fixed-rate loan at 80 percent loan-to-value with a 30-year amortization schedule. Wells Fargo Multifamily Capital funded the loan through its Fannie Mae program for Real Estate Opportunity Capital Fund.
GREENBELT, MD., AND CHICAGO — Greenbelt-based The Bozzuto Group has formed a joint venture with Chicago-based Pritzker Realty Group to acquire and develop multifamily properties. The partnership has an initial capital commitment of $75 million. The Buzzuto/Pritzker Realty Group partnership will focus on multifamily development and acquisition opportunities in high-growth locations throughout the Mid-Atlantic and Northeast region, with specific interest on the greater Washington, D.C.-Baltimore metropolitan area.
TAMPA, FLA. — Crown NorthCorp has sold a distressed apartment community in Tampa to Catholic Charities-San Dollar Inc. for $990,000. Known as Sand Dollar Apartments, the property is located at 12708 N. 19th St. It contains 40 two-bedroom units. Occupancy was 32 percent at the time of closing. Jason Stanton and John Stone of Colliers International Tampa Bay Florida, along with Nick Pavonetti of Neighborhood Stimulus Group, arranged the deal. The acquisition was made possible with grant funds from the Federal Neighborhood Stabilization Program, a program launched as a result of the Housing and Economic Recovery Act of 2008 that aims to stabilize communities through the redevelopment of foreclosed and abandoned residential properties.