LOS ANGELES COUNTY — Berkadia Commercial Mortgage LLC has originated more than $23 million for the acquisition of a three-property multifamily portfolio in eastern L.A. County in Southern California. The Claremont Portfolio consists of three garden-style apartment complexes: the 80-unit Southridge Apartments located at 750 W. San Jose St. in Claremont, Calif.; the 64-unit Spring Hill Town Homes located at 150 W. Drake Street in Pomona, Calif.; and The Village at Claremont, an 84-unit complex located at 10 S. Indian Hill Blvd., also in Claremont. Berkadia’s Mitchell Thurston arranged the acquisition financing through Fannie Mae.
NEW YORK CITY — HFZ Capital Group has acquired a distressed development site located at 14-20 W. 40th St. in New York City for $52 million. The buyer acquired the deed in lieu of foreclosure from Petra Capital, which foreclosed on the site after the previously owner defaulted on its $44 million loan. Raymond Cecora of Platinum Properties was the sole broker in the deal. HFZ plans to develop a hotel/condominium project on the site, which is currently used as a parking lot.
CONCORD, N.H. — Construction is complete for Parmenter Place, a workforce housing project located in Concord. The community consists of six buildings containing a total of 25 two- and three-bedroom units. The project has been certified by the Energy Star program. The project's owner is the Concord Housing & Redevelopment Authority. The general contractor was locally based North Branch Construction, and the project architect was Manchester, N.H.-based Burnell-Johnson.
ALDAN, PA. — Walker & Dunlop has arranged a $13.9 million loan for the acquisition of a multifamily portfolio in Aldan. Landsdowne and Gladstone Towers are three Class B communities containing a total of 350 units. The loan carries a 10-year term and a 30-year amortization schedule. John Street of Allied Mortgage & Realty Corp. originated the loan,. Charlie Mentzer led the Walker & Dunlop team that arranged the financing on behalf of the undisclosed borrower.
WINTER PARK, FLA. — CB Richard Ellis has brokered the sale of Sun Key, a multifamily property located in Winter Park. Built in 1987, the 596-unit property sold for $44.15 million. Shelton Granade and Luke Wickham of CB Richard Ellis represented the undisclosed seller in the transaction. The buyer was not undisclosed.
WINSTON-SALEM, N.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $18 million loan under the Fannie Mae DUS product line for a multifamily property in Winston-Salem. Alaris Village offers 284 apartment units. The 10-year loan carries 30-year amortization schedule. John Edwards in Arbor's Boston office originated the loan.
HOWELL, MICH. — Love Funding has closed on a $3.49 million construction loan for Mallard Pond Apartments II, a luxury multifamily development in Howell. Situated on 3 acres along Highland Road, the project will consist of 48 one-, two- and three-bedroom units featuring hardwood floors, spacious closets, custom woodwork, private entrances, a full-size washer and dryer, a heating/cooling unit and a gourmet kitchen. Additionally, the property share a clubhouse with the 108-unit Mallard Pond Phase I. The clubhouse features a fireplace, a kitchen and a 24-hour fitness center with steam showers and a sauna. The loan was funded through the FHA 221(d)(4) loan program and carries a 5.7 percent interest rate for 40-years with a 40-year amortization schedule. Mickey Rist and Bruce Gerhart of Love Funding originated the transaction. The borrower was not disclosed.
AUSTIN — Nalle Woods, a 238-unit, Class A multifamily community located at 4700 N. Capital of Texas Hwy. in Austin has changed hands. Austin-based Larry Peel & Co. sold the property to institutional investors advised by J.P. Morgan Asset Management – Global Real Assets for an undisclosed price. Nalle Woods offers one- and two-bedroom units with stainless steel appliances, granite countertops and vaulted ceilings. Amenities include a clubhouse, fitness center, swimming pools, business center, billiard room and spa. Bill Miller and Roberto Casas of Holliday Fenoglio Fowler's Dallas office represented the seller.
SAN FRANCISCO — Marcus & Millichap has brokered the more than $3.78 million acquisition of a 13-unit apartment property located at 1385 Greenwich Street in San Francisco. The brokerage firm’s Robert Johnston represented the private-investor buyer in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of two Manhattan multifamily buildings for a total of $12.7 million. The first property, which is located at 237 E. 53rd St., contains three retail spaces on the street level and 18 apartments. The second property, which is located at 239 E. 53rd St., contains three retail spaces and 17 apartments. The properties traded at a 5.9 percent cap rate. Massey Knakal's Clint Olsen and Paul Massey, Jr., arranged the deal on behalf of the two undisclosed parties.