HOLLYWOOD, CALIF. — Grubb & Ellis has represented Sebren 3 Investments LLC in its $5.9 million sale of a three-property, 62-unit multifamily portfolio in Hollywood. Built in 1925, 1937 and 1927, respectively, La Fleur Apartments, Chateau Elaine and La Paz Apartments are all located on De Longpre Avenue in the Sunset and Vine area of Tinseltown. Grubb & Ellis’ Dana Brody-Thaw and Martin McDermott represented the seller in the transaction, which included a loan assumption, and Mojgan Sabetfard of Brentwood West represented the private-investor buyer.
ORLANDO, FLA. — Avalon Park Group is planning to develop an 80,000-square-foot assisted-living and memory care facility on Tanja King Parkway and Avalon West Boulevard near downtown Avalon Park in Orlando. The company has received approval for its pre-application for the $15 million project. Designed by Orlando-based Baker Barrios Architects, the 90-unit, 128-bed facility will feature six neighborhoods, each with 15 studios or one-bedroom units. Additionally, the property will feature outreach rooms, a wellness area, occupational and physical therapy services, a salon and a spa.
SHERMAN, ILL. — Cambridge Realty Capital Cos. has closed on a $10.02 million FHA-insured HUD LEAN mortgage for Villa Health Care, a 212-bed skilled nursing and assisted-living facility in Sherman. The property has 99 skilled-nursing beds and 113 assisted-living beds. The loan was financed using HUD's 232(a)7-LEAN program. Cambridge Realty Capital Ltd. of Illinois arranged the fully-amortized, 30-year loan loan for the borrower, an Illinois not-for–profit corporation.
MCKINNEY, TEXAS — The Cirrus Group and its joint development partner McFarlin Group have broken ground on Orchard Park of McKinney, a senior assisted living facility, which specializes in tenants living with Alzheimer's disease and dementia. The development will be located at 3392 Medical Center Drive in McKinney and is scheduled to open in early 2011. Upon completion, Orchard Park of McKinney will contain 67 apartment-style assisted living residences and 30 memory care residences. Good Neighbor Care Centers will be assisting with daily operations.
PORT JEFFERSON, N.Y. — NorthMarq Capital has secured a $4 million first mortgage for 18.5 acres of land located in Port Jefferson. The undisclosed borrower plans to develop 43 age-restricted townhomes on the site. The loan carries a 1-year term with a 1-year renewal option. Charles Cotsalas of NorthMarq's Long Island office arranged the deal through a regional financial institution.
JACKSON, MICH. — Royal Oak, Mich.-based Alpine Lake LLC has acquired Alpine Lake, a 268-unit multifamily community in Jackson. Located at 665 N. Alpine Lake Drive, the property sold for $4.6 million. Constructed in 1988, the 34-building complex surrounds a central lake. The seller was Wells Fargo Bank N.A. Successor by Merger to Wells Fargo Bank MN N.A. (FKA Norwest Bank MN, National Association) as Trustee for the Registered Holders of GMAC Commercial Mortgage Securities Inc., Mortgage Pass-Through Cert, series 1999-C1 of Dallas. Kevin Dillon and Cary Scott Belovicz of Hendricks & Partners' Michigan office represented the buyer.
DULUTH, MINN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $2.6 million loan for the 107-unit Summit Breckenridge Apartments in Duluth. The financing was arranged under the Fannie Mae DUS Small Loan product line. The 10-year loan has a 30-year amortization schedule and carries a note rate of 5.75 percent. Ted Nasca of Arbor's Chicago office originated the loan.
BOSTON AND EAST STROUDSBURG, PA. — Arbor Commercial Funding has arranged a total of $2.37 million in Fannie Mae DUS financing for two multifamily communities. In the first transaction, Arbor's John Kelly originated a $1.87 million loan for a 16-unit property located at 1322 Commonwealth Ave. in Boston. The non-recourse loan carries a 10-year term, a 30-year amortization schedule, a 5.98 percent interest rate and an 80 percent loan-to-value ratio. In the second transaction, Arbor's Ronen Abergel originated a $1.5 million loan for Lakeside Manor Apartments, a 44-unit community located in East Stroudsburg. The loan carries a 10-year term, a 30-year amortization schedule and a 5.68 percent interest rate.
LAS VEGAS — CB Richard Ellis has negotiated the $10.575 million sale of a three-property, 475-unit multifamily portfolio in Las Vegas. Paradise Square, Bella Estates and Regency Heights are located at 4801 Harrison Drive, 5101 E. Twain Ave. and 3650 E. Lake Mead Blvd., respectively. CBRE’s Spencer Ballif and Jeff Swinger represented Leeward Strategic Properties in its disposition of the portfolio to Strategic Realty Capital.
ORLANDO, FLA. — Fisher Auction Co. and Cushman & Wakefield have completed a bulk sale of condominium units at The Vue at Lake Eola, a 375-unit multifamily property in Orlando. An undisclosed buyer from Rio de Janeiro, Brazil, placed the highest bid on the portfolio, which includes 145 condominium units and approximately 8,000 square feet of retail space. The portfolio sold for $25.9 million. Fisher and Cushman & Wakefield conducted the bulk-buy auction.