NEW YORK CITY — NorthMarq Capital has arranged $9.8 million in Freddie Mac financing for a residential building located in the Long Island City neighborhood of Queens. The property, located at 12-01 Jackson Ave., consists of 37 residential units and one ground-floor retail space. The loan carries a 10-year term with a 30-year amortization schedule. Robert Ranieri of NorthMarq secured the loan on behalf of 1201 Jackson Avenue LLC.
ATLANTA — Greg Duvall of NorthMarq Capital's Kansas City office has secured a $7.23 million loan for Highland Ridge Apartments in Atlanta. The 219-unit property is located on Northside Circle. The 10-year loan carries a 30-year amortization and a 2-year, interest-free term. NorthMarq financed the loan through Freddie Mac's CME program.
CHESTERFIELD, MO. — TA Associates – CA has sold the 300-unit Schoettler Village apartment complex to Maxus Properties for an undisclosed amount. The property is located at 15480 Elk Ridge Lane in Chesterfield. Sean Fogarty, Matthew Lawton and Marty O’Connell brokered the sale.
SANTA PAULA, CALIF. — Marcus & Millichap has brokered the $6.8 million acquisition of The Santa Paula Townhouses, a 50-unit property located at 101-111 E. Ventura Street in Santa Paula. Built in 1970, the property was 92 percent occupied at the time of sale. Marcus & Millichap’s Greg Kaiser represented the buyer, a private investor.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a 5,687-square-foot residential building located in the Manhattan's Chelsea neighborhood for $2.6 million. The building, which is located at 333 W. 18th St., contains four residential units, consisting of an owner duplex, two free-market units and one rent-controlled unit. Brock Emmetsberger arranged the deal between the two undisclosed parties.
SAN ANTONIO — Financial Federal has secured a $19.5 million loan for the private owner of a San Antonio apartment complex. The 400-unit property was built in 2008. The 10-year loan carries a 2-year window of interest-only payments and a 30-year amortization schedule.
ORANGE PARK, FLA. — Trigild Inc., acting as a receiver, has traded the 232-unit Blanding Place Apartments to a Canada-based purchaser for $51,724 per unit. Located on Burwick Road in Orange Park, the 24-year-old property is spread across 19 acres. The buyer assumed the restructured CMBS loan provided by the special servicer, Midland Loan Services. Steve Lear and Bart Walchle of Walchle Lear Multifamily Advisors brokered the sale of the property, which is 81 percent occupied.
SACRAMENTO, CALIF. — NBS Real Estate Capital LLC has partnered with St. Louis-based Sheehy Investment Group LLC in the acquisition of the 72-unit Bradford Pointe Apartments in Sacramento in an all-cash short sale. NBS completed a $2.48 million preferred-equity investment in connection with the purchase. Total costs after renovations to the multifamily property are estimated at $2.93 million.
TRENTON, N.J., AND ALLENTOWN, PA. — Sheldon Good & Co. has completed the sale by auction of a five-property multifamily portfolio. The buyers of the properties paid a combined total of approximately $26.6 million. Carteret Arms, a 270-unit building located in Trenton, sold for $13.91 million. Washington Crossing, which is located in Allentown, sold for $5.3 million. Grand Court Villa, a 63-unit building located in Trenton, sold for $4.8 million. The Livingston, a 36-unit building located in Allentown, sold for $1.7 million. Finally, Julian Court, which is located in Allentown, sold for $936,000. Sheldon Good completed the sale on behalf of Connolly Properties, which is currently under bankruptcy protection.
TACOMA, WASH. — GVA Kidder Mathews has negotiated the $4 million sale of an almost 71,000-square-foot multifamily building located at 14417 S C Street in Tacoma. With assistance from Dobler Management’s Kathy Dobler, GVAKM’s Linn Larsen and Jim Jensen represented both the buyer, Richard Wilbur, and the sellers, Howe Investment LP and Alvah B Howe Trust.