CITY OF GREEN, OHIO — Bob Raskow and David Kaplan of NAI Cummins represented the undisclosed sellers in the disposition of 15 acres of land on Arlington Road in City of Green. Redwood Management purchased the property and is developing a 102-unit apartment complex on the site. The property will be a single-story, gated senior-living community. The construction timeline was not released.
Multifamily
OVERLAND PARK, KAN. — NorthMarq Capital has arranged $13.23 million in first mortgage financing for Creekside Apartments, a 224-unit multifamily complex located in Overland Park. The 7-year loan carries a floating rate and a 30-year amortization schedule. Sue Blumberg of NorthMarq arranged the loan through Freddie Mac for the borrower, JVM Creekside Apartments.
COLUMBUS, OHIO — Atlanta-based Trimont Real Estate Advisors has completed the disposition of Trinity Square, a 145-unit apartment community located in Columbus. A locally based private investor acquired the REO property for $1.88 million or $13,013 per unit. Constructed in 1975, the property was 77 percent occupied at the time of acquisition. Debbie Corson from Atlanta-based Apartment Realty Advisors represented Trimont in the transaction.
GREENFIELD, IND. — Big CEC has purchased Weston Village Apartments for an undisclosed price. Located at 422 Roosevelt Dr. in Greenfield, the 60-unit apartment was built in 1967 and renovated in 2001. The property went into receivership in February 2009. Colin Atkinson of Marcus & Millichap’s Indianapolis office represented the receivership, Moynahan Williams Inc., and procured the buyer.
KENTUCKY, TENNESSEE AND VIRGINIA — NTS Realty Holdings LP has secured a $156 million refinancing loan for an eight-property multifamily portfolio in Kentucky, Tennessee, Virginia and Indiana. The Southeast properties include the 464-unit Park Place Apartments and the 310-unit Willows of Plainview in Lexington and Louisville, Ky., respectively; the 301-unit Grove Whitworth Apartments and the 292-unit Grove Richland Apartments in Nashville, Tenn.; and the 240-unit Grove Swift Creek Apartments in Midlothian, Va. Freddie Mac financed the 10-year loan, which carries a 5.4 percent interest rate. Matthew Schoenfeldt of Holliday Fenoglio Fowler's Chicago office secured the loan.
WINSTON-SALEM, N.C. — Greensboro, N.C.-based Wedgewood Partnership has sold the 137-unit Cedar Woods Apartments to BCBB for $1.6 million. The property is located at 1618-1620 W. First St. in Winston-Salem. Ellen Moore of Winston-Salem-based Coldwell Banker Commercial Realtors represented the seller. Rod Hatcher of Miller-Hatcher Commercial Real Estate in Winston-Salem represented the buyer.
LENEXA, KAN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has provided a $2.75 million loan under the Fannie Mae DUS COOP (MAH) product line for Quail Valley Cooperative. Located in Lenexa, the multifamily property offers 100 rental units. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.57 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan for undisclosed borrower.
FORT MYERS, FLA. — Vanderbilt Bay Construction will start work this fall on Park Regency at The Forum, a 120,000-square-foot senior facility, for Senior Care of Southwest Florida Development. The property will be located near the interchange of Colonial Boulevard and Interstate 75 in Fort Myers. Gora/McGahey Architects designed the project, which features a two-story assisted living area, a one-story Alzheimer's wing and a three-story independent living building.
ST. PETERSBURG, FLA. — Atlanta-based Pollack Partners has purchased 510 units in the 582-unit Bay Isle Key condominium development from GE Capital for $32.5 million. GE foreclosed on the St. Petersburg property last year. Lubert-Adler Real Estate Funds assisted Pollack in the deal. Cushman and Wakefield represented the seller.
VIRGINIA BEACH, VA. — Orlando, Fla.-based The Henin Group has sold the Harbor Walk condominium project in Virginia Beach to Franciscus Homes for $4.8 million. The development broke ground in 2003 with a plan for 237 units, and Henin assumed control of the project in 2007. Franciscus acquired sites that will accommodate 156 units.