NORTH FORT MYERS, FLA. — Naples, Fla.-based Gulf Coast Special Assets has purchased 82 condominium units in a bulk sale transaction for $4.3 million. The condos are located at Palms at Waters Edge, which is located at 3322 N. Key Dr. in North Fort Myers. Built in 1974, the property was renovated in 2007 for the purpose of conversion to condominiums. John Stone and Jason Stanton of Colliers International Tampa Bay represented the owner, Redus Florida Condos, in the transaction.
NEW YORK CITY — Arbor Commercial Funding has arranged $14 million in Fannie Mae DUS financing for the Stagg Bronx Portfolio in New York City. The portfolio consists of 13 clusters of townhomes located primarily in the northeast Bronx. The portfolio contains a total of 157 units. The loan carries a 10-year term and a 30-year amortization schedule. Edward Petti of Arbor's New York City office originated the loan.
LAFAYETTE AND TULLY, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.37 million loan for the refinancing of New York multifamily portfolio. The portfolio contains three properties, two located in Lafayette and one located in Tully. The non-recourse financing carries a 5.05 interest rate, a 10-year term over a 30-year amortization schedule and a 75 percent loan-to-value ratio. Brian Ursino with MMCC's Manhattan office arranged the deal.
SHERMAN OAKS, CALIF. — Marcus & Millichap has brokered the more than $2.5 million sale of a bank-owned condominium site located at 13712 Valleyheart Drive in Sherman Oaks. Estimated to be 75 to 80 percent complete, construction was halted by the original developer approximately 10 months ago, leaving an estimated $500,000 of work remaining for the new buyer. Marcus & Millichap’s Ronald Harris and Paul Darrow represented the seller, a financial institution, in the transaction.
INDIANAPOLIS — CB Richard Ellis has brokered the sales of two multifamily properties in Indianapolis. In the first transaction, Chicago-based Oak Residential Partners has acquired Grande Reserve at Geist, which is located at 11345 Arborview Dr. in Indianapolis. The property was listed at $13.35 million but sold for an undisclosed price. In the second transaction, St. Louis-based Thiemann Real Estate purchased Scandia, which is located at 9250 Kungsholm Dr. along with the White River in Indianapolis. The 444-unit multifamily property sold at an undisclosed price. The Indianapolis-Cincinnati Multi-Housing Group of CB Richard Ellis negotiated both transactions.
NEW YORK CITY — New York City-based Blackpoint Partners has acquired a $160 million portfolio of distressed assets from a regional lending institution. The portfolio contains 23 assets with a total of approximately 1,100 residential units. The assets include non-performing acquisition, development and construction loans for residential and commercial properties as well as REO of single- and multifamily residential communities at various stages of completion. A Blackpoint affiliate will be responsible for the oversight, management and workout of the portfolio.
MORRISTOWN, N.J. — Hartz Mountain Industries (HMI) has acquired a New Jersey apartment community for $32 million. Morris Crossing is located at 12-18 Max Drive in Morristown. It contains 123 townhome-style units in six buildings. Last year, it underwent a $4.4 million renovation. The CB Richard Ellis (CBRE) team of Jeffrey Dunne, Christopher Leonard and Brian Schultz represented HMI in the transaction. James Gunning and Donna Falzarano of CBRE Debt & Equity Finance assisted HMI in arranging $22 million in acquisition financing. Terms of the loan were not disclosed.
DALLAS — Grandbridge Real Estate Capital has recently closed a total of $16.7 million in multifamily loans in Texas. Stuart Wernick of Grandbridge's Dallas office originated and closed a $7.5 million first mortgage loan secured by Futura Lofts, a 126-unit multifamily property in Dallas. Funding was provided by Fannie Mae under its Delegated Servicing and Underwriting (DUS) loan program. Meanwhile, a $4.7 million first mortgage loan for Park Kensington Club/Stratford Village Apartments in Houston was originated by Greg Young of Grandbridge's Houston office. And a $4.5 million first mortgage loan for Londonberry Oaks Apartments in Denton was originated by Hunter McGrath of Grandbridge's Dallas office.
SEATTLE — Marcus & Millichap has brokered the more than $1.9 million sale of the 27-unit Towne Apartments, located at 1717 12th Ave. in Seattle. The multifamily property consists of studio and one-bedroom units. Marcus & Millichap’s Robert Francis, Timothy McKay and Marc Cunningham represented the buyer, a limited liability company, in the transaction, and McKay represented the private-investor seller.
FARMINGTON HILLS, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged an $11.3 million HUD 223f loan for Hillside Forest Apartments. Located in Farmington Hills, the property offers 252 apartment units. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan, which was financed by Greystone Servicing Corp.