TAMPA, FLA. — FL-4 Carlsbad has sold the 132-unit Valencia Village Apartments to an undisclosed LLC based in Corpus Christi, Texas, for $1.93 million. The property is located at 13408 Grand Prix Way in Tampa. Evan Kristol, Still Hunter, III, and Francesco Carriera of Marcus & Millichap represented both parties in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a two-building multifamily property located at 16-18 N. Moore St. in the Tribeca neighborhood of Manhattan, New York City, for $8.1 million. The unit mix consists of eight two-bedroom units, seven one-bedroom units and three studios. The ground floors of the buildings are interconnected and occupied by Walkers Grill and Bar. Nick Petkoff and Robert Knakal of Massey Knakal negotiated the transaction.
CORTLAND AND NEW YORK, N.Y. — NorthMarq Capital has arranged two New York multifamily loans for a total of $6.61 million. In the first transaction, Scott DeVinney of NorthMarq's Upstate New York office secured $3.61 million in first-mortgage financing for Village Terrace Apartments, a 96-unit property located in Cortland. The loan carries a 10-year term and a 25-year amortization schedule. The borrower is undisclosed, and the lender is a federal credit union. In the second transaction, Craig Bjornsund of NorthMarq's New York Metro office arranged $3 million in first-mortgage financing for a retail and residential property located at 45 W. 55th St. in New York City. The property includes 7,835 square feet of retail space and 11 residential units. The loan carries a 3-year term and a 25-year amortization schedule. The borrower was Double E Realty, and the lender was Sun Life of Canada.
CHANDLER, ARIZ. — By securing new funding from Wells Fargo, Desert Viking Cos. has begun developing 42 urban, luxury townhomes, the second and final residential phase at its $100 million San Marcos Commons project in downtown Chandler. Phase two homeowners will begin moving into the new two- and three-story townhomes, which mirror the first phase’s Spanish Colonial-style architecture, in the summer. Located in the community’s historic district, the townhomes will feature private two-car garages, 10-foot-high ceilings, granite countertops, private balconies and patios, and open floor plans. The 15-acre mixed-used development also will include a heated swimming pool and spa.
ORLANDO, FLA. — Shelton Granade and Luke Wickham of CB Richard Ellis' Orlando office represented a private seller in the sale of the 360-unit Waterways apartment complex to an undisclosed buyer. The sales price was not released. The Orlando property was built in 1988 and is currently 76 percent occupied.
SAN ANTONIO — CB Richard Ellis (CBRE) has brokered the sale of Cielo Hills, a 101-unit multifamily community located at 2819 SE Military Drive in San Antonio. The property includes one- to four-bedroom units that average 900 square feet in size. The property was foreclosed on by its original lender in 2009, and has since been managed by Greystar, which has completed capital improvements to it. Steve Monroe of CBRE's San Antonio office represented the seller, Cielo Hills SA LLC. The buyer is locally based Aristocrat Developers. The acquisition price was not disclosed.
ST. PETERSBURG, FLA. — Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa, Fla., office have brokered the $1.37 million sale of The Ambassador apartment complex between two undisclosed parties. The 40-unit property is located at 440 50th Ave. North in St. Petersburg. Built in 1969, The Ambassador encompasses 11 one-bedroom units and 29 two-bedroom units.
ORLANDO, FLA. — Deutsche Bank Berkshire Mortgage has provided a $20 million Freddie Mac loan for the purchase of Venue Apartments in Orlando. The 306-unit complex is located at 3701 Grandewood Blvd. The 10-year loan comes with fixed-rate capital markets execution, one year of interest-only payments and a 30-year amortization.
ATHENS, GA. — Stephen Farnsworth of Walker & Dunlop has secured a loan worth $19.97 million to refinance the 304-unit Fairways at Jennings Mill apartment community. The Athens property, which is 98 percent occupied, features a 17-seat movie theater, a fitness center and a pool. The HUD loan carries a 40-year term and a 40-year amortization. ECI Capital served as the borrower's agent.
MCHENRY, ILL. — Berkadia Commercial Mortgage has originated two permanent, fixed-rate loans totaling approximately $24.1 million for two multifamily properties in McHenry. The 35-year, fully amortizing loans both carry an interest rate of 4.63 percent. Westside Crest Apartments received an approximately $7.14 million loan and Fawn Ridge Apartments received a $16.96 million loan. John Oharenko, Tom Sigrist, Paul Matusiak and Laura Cathlina of Berkadia’s Chicago office secured the loans through the company’s FHA/HUD program. The borrowers were Westside Crest LP and Fawn Ridge Apartments LP.