GAFFNEY, S.C. — Will Baker of Bethesda, Md.-based Walker & Dunlop has provided a $4.19 million Fannie Mae acquisition loan for the 114-unit Stonecrest Apartments located in Gaffney. The loan was structured with a 10-year term with 2 years interest only followed by a 30-year amortization. The borrower was Beukema & Nelson. Clark Jenkins of Capital Advisors' Raleigh, N.C., office originated the loan.
ALTAMONTE SPRINGS, FLA. — A South Florida-based condominium converter has sold 155 units at The Oasis at Pearl Lake Condominiums, located at 1037 Alden Pkwy. in Altamonte Springs for $6.8 million. The sale accounts for 49 percent of the 316-unit, Class A development, which is 97 percent leased. The buyer, Oasis Orlando Real Estate, an affiliate of a Miami-based real estate investment firm, and the seller were represented by Peter Mekras of Coral Gables, Fla.-based Continental Real Estate Cos.
NEW YORK CITY — BCN Development has entered into an agreement to acquire a property located at 9 E. 16th St. in New York City for approximately $17 million. The buyer plans to convert the property into one-, two- and three-bedroom condominiums. Plans for the building's existing commercial tenant, Steak Friets, were not disclosed. The transaction is expected to close by the end of the summer, with the renovation beginning soon after.
HARTFORD, CONN. — Beech Street Capital has arranged a $12.65 million Fannie Mae loan to refinance Capitol View Apartments, a 264-unit community located in Hartford. The community features a fitness center and a ground-floor deli and convenience store. It was built in 1955 and has received approximately $1 million in capital improvements since being acquired by the borrower in 2008. The loan carries a 10-year term and a 30-year amortization schedule. Nathan Burlingame of Beech Street originated the loan, and Ralph Herzka of Meridian Capital Group arranged it.
LAS VEGAS — The 341-unit Colonial Grand at Palm Vista, located at 6300 McCarran St. in Las Vegas, has been sold for $40.9 million. Amenities include clubhouse, fitness center, pool and spa. The buyer, Birmingham, Ala.-based Colonial Properties Trust, was represented by Jim Fisher of Lee & Associates-LA North/Ventura and Stephen Peters of Lee & Associates-Investment Services Group. The seller was Ovation-AGT.
DURHAM, N.H. — Finally Home Properties has acquired the Hickory Pond Inn, a hospitality property located at 1 Stagecoach Road in Durham. The buyer plans to convert the property into an assisted living facility, which will open during the summer. The seller was Bank of New England. Christian Stallkamp of The Kane Company represented the seller, and Nathaniel Leach of Better Homes & Gardens / The Masiello Group represented the buyer.
ST. LOUIS — E.M. Harris Construction Co. has started the renovation of the 27-story, 225-unit Council Tower Senior Apartments, located at the intersection of Highway 40 and Forest Park Avenue in St. Louis. The $40 million renovation will include an electrical system upgrade, new plumbing and HVAC systems, window replacements, masonry restoration, and new interior finishes. Council Tower Senior Apartments, LP, an affiliate of Bruce Development Company, purchased the building in December 2010. The financing includes a U.S. Department of Housing and Urban Development-insured mortgage through Gershman Mortgage. Klitzing Welsch Associates is the project architect.
JACKSON, MICH. — St. Louis-based Love Funding has closed a $15.8 million refinancing loan for the 220-unit senior living complex Countryside Retirement Community, located in Jackson. Bruce Gerhart of Love Funding's Cleveland office and Mickey Rist of the Detroit office funded the loan through the Federal Housing Administration's 223(f) loan insurance program. The loan has a low, fixed-interest rate and a 35-year self-amoritizing term.
PRESCOTT, ARIZ. — The 116-unit Granite Gate, located in Prescott, has sold for $25.6 million. The property offers independent, assisted and memory care units. The seller, Granite Gate Retirement Community, was represented by Ryan Maconachy and Chad Lavender of Atlanta-based ARA. The buyer, Five Star Quality Care, did not use representation.
VACAVILLE, CALIF. — Walker & Dunlop has closed a $6.4 million refinance loan for the 117-unit Walnut Grove Senior Apartments located in Vacaville. Amenities include a pool, spa, common laundry room, gated entrance and covered parking. The property is 100 percent leased. The borrower, Vandelay Development, owns and manages the property. Kenneth Fox of Cohen Financial's San Francisco office originated the loan. Will Baker led the Walker & Dunlop team.