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.
NEW YORK CITY — Meridian Capital Group has secured a $50 million loan for the refinancing of a New York City multifamily portfolio. Owned by The Parkoff Organization, the portfolio contains a total 558 apartments. Two of the properties are located in Manhattan, three are located in the Bronx, one is located in Queens and one is located in Brooklyn. The loan, which was provided by a local community bank, carries a 7-year term with interest-only payments for the first 2 years and a 4.2 percent rate. Avi Weinstock of Meridian arranged the financing.
OXNARD, CALIF. — Marcus & Millichap has brokered the $19 million sale of Newport Landing 1 and 2, a 170-unit apartment community located at 5200-5300 South J St. within 1 mile of the Port Hueneme Naval Base in Oxnard. Built in 1965 and 1970, the 170,382-square-foot multifamily complex consists of separate but identical 85-unit buildings situated on more than 6.5 acres of land, together offering 40 one-bedroom/one-bath units, 110 two-bedroom/1.5-bath townhomes and 20 three-bedroom/1.5-bath townhomes. Marcus & Millichap’s Lane Schwartz and Jerry Wise represented both the private-investor buyer and the seller, one of the nation’s largest institutional lenders, in the REO transaction.
LEESBURG, VA. — Leesburg-based Morningside House Senior Living has partnered with Harrison Street Real Estate Capital of Chicago to form a $200 million joint venture agreement. The partnership will result in the immediate recapitalization of six well-positioned and stabilized assisted-living and memory-care facilities in the Mid-Atlantic region. The initial transaction was the recapitalization of a 480-unit senior housing portfolio. The properties include Morningside House of Eilicott City in Ellicot City, Md.; Morningside House of Friendship in Hanover, Md.; Morningside House of Laurel in Laurel, Md.; Morningside House of Satyr Hill in Parkville, Md.; Morningside House of St. Charles in Waldorf, Md.; and Morningside House of Leesburg in Leesburg, Va. The partnership will focus on acquiring, repositioning, redeveloping and operating assisted-living and memory-care properties in the Mid-Atlantic region.
ALTAMONTE SPRINGS, FLA. — Krone Weidler of Marcus & Millichap's Tampa, Fla., office has brokered the sale of Emeritus at Altamonte Springs, an assisted-living and Alzheimer's community located at 433 Orange Ave. in Altamonte Springs. The 62,981-square-foot facility sold for $3.2 million. Weidler represented both the seller, an undisclosed Seattle-based company, and the buyer, an undisclosed Maryland-based company, in the transaction.
OAK RIDGE, TENN. — Medical Development Group has selected Choate Construction Co. as general contractor to construct Canterfield at Oak Ridge. Located in Oak Ridge, the three-story, 91,000-square-foot senior living community features 91 units, a library, a salon, a parlor, an exercise room, an arts and crafts room and multipurpose space. Individual units will feature granite countertops, crown molding, tray ceilings and ample closet space. The Corcoran Ota Group is providing architectural services for the project.
ALEXANDRIA, VA. — Erkiletian and McLean, Va.-based Jefferson Apartment Group are developing The Asher, a luxury multifamily property in Alexandria. Located one block from the Braddock Road metro station, the 206-unit property will offer one- and two-bedroom apartments, 6,400 square feet of retail space and a two-story, 256-space underground parking garage. Additionally, the project will feature a landscaped plaza, a residents' club room with Wi-Fi and state-of-the-art business and fitness centers, and rooftop terraces with views of the Potomac River and Washington, D.C. The project, which is seeking LEED certification, is being financed by a $40.5 million construction loan from US Bank and $7 million in preferred equity from Federal Capital Partners of Washington, D.C. Erkiletian is providing the remaining equity.