LITTLETON, COLO. — The Dallas office of Holliday Fenoglio Fowler (HFF) has placed a $38.4 million loan with Freddie Mac for AMLI at Park Meadows in Littleton. Located at 10200 Park Meadows Dr., the 518-unit property features a pool plaza with an outdoor spa, a fitness center with a climbing wall, tennis, volleyball and basketball courts, a putting green and a private movie theatre. Mona Carlton of HFF secured the financing on behalf of the borrower, AMLI Residential Properties.
Multifamily
SEMINOLE, FLA. — Costa del Sol Apartments, a 144-unit, Class B garden apartment community in Seminole, was sold by private local investor Merecorp Inc. for $9.55 million or $66,319 per unit. The seller, represented by John Burpee of NAI Tampa Bay, will be looking to identify a 1031 exchange property during the next 45 days.
PATERSON, N.J. — The Private Client Group of CB Richard Ellis (CBRE) has brokered the sale of a 20,000-square-foot residential building, located at 19-21 Park Ave. in Paterson. The property comprises 24 two-bedroom apartments and four retail spaces. CBRE’s Charles Berger and Dean Marchi represented the seller and procured the buyer. Both parties were undisclosed.
HAMPTON, N.J. — Meridian Capital Group has arranged a $1.9 million loan for the refinancing of The Hampton Manor Apartments, an age-restricted, affordable apartment property located at 154-160 Route 31 North in Hampton. The community comprises four garden-style buildings, each of which contains 12 units. The community also contains a 1,600-square-foot community building. Josh Gorsky of Meridian’s New Jersey office arranged the non-recourse financing, which includes a 10-year term, a 30-year amortization schedule and a 6.12 percent fixed interest rate. The borrower and lender were not disclosed.
KLAMATH FALLS, ORE. — Shangri La Apartments of Klamath LLC has purchased Shangri La, a 36-unit multifamily property located at 1331 Avalon St. in Klamath Falls, for $1.08 million. Built in 1972, the property was developed as a HUD Project-Based Section 8 housing for low-income families. Robert DiPietrae of Hendricks & Partners’ Seattle office brokered the deal on behalf of the seller, Vancouver, Wash.-based Shangri La Apartments Joint Venture.
CHICAGO — Chicago-based Hansen Realty has completed the purchase of a six-unit residential condominium building, located at 3320-22 W. Eastwood Ave. in Chicago’s Albany Park neighborhood. The property is newly constructed but had been foreclosed on prior to its completion. Hansen Realty represented the buyer, a Northside developer, which purchased the building for $750,000.
PLYMOUTH, MINN. — Minneapolis-based Timberland Partners has acquired Parkers Lake, a 248-unit multifamily community located in Plymouth. The garden-style, Class B property was built in 1988 and is situated within a larger master-planned community. Parkers Lake comprises a mix of one-, two- and three-bedroom units averaging 1,067 square feet each. Community amenities include a fitness center, two outdoor swimming pools, a resort-style bar/grill area, a business center, a playground, and a pond with walking trails and fountains. Timberland purchased the property from Principal Life Insurance Co. for an undisclosed amount. It plans to complete several capital improvements projects in the near-term.
PLAINSBORO, N.J. — Vantage Mid-Atlantic, a division of New York-based Vantage Properties has acquired Fox Run Apartments, a 776-unit, garden-style apartment community located in Plainsboro. Amenities at the property include a fitness center, an outdoor swimming pool and tennis courts. This is the first acquisition made by Vantage Mid-Atlantic since it launched in the spring. In addition, the Fox Run Apartments, Vantage Properties currently owns and operates approximately 10,000 apartment units in approximately 150 buildings in New York City.
BOSTON — CWCapital, a subsidiary of CW Financial Services, has provided a $130 million loan for the refinancing of Church Park, a 12-story luxury apartment tower located in Boston. The property was developed in 1973 and is located at 221 Massachusetts Ave. It consists of 508 Class A apartments, 71,399 square feet of ground-floor retail space and a six-story parking garage. Apartment amenities include a penthouse community room with wireless Internet access, a fireplace, a baby grand piano and a rooftop terrace. Other amenities include 24-hour security and full concierge services. Tenants for the building’s retail component include Whole Foods Market. The building is currently 99 percent leased. Andrew Gnazzo and Michael Darling of CWCapital’s Boston office originated the loan through Freddie Mac’s Capital Markets Execution Program. Terms of the financing include a 10-year term and a 5.51 percent fixed interest rate. CAS Financial Advisory Services advised the borrower, Boston Residential Group.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Chancellor, a 224-unit multifamily community located at 311 Parramatta Ave. in Houston. The property was purchased by Miami Beach, Fla.-based JPMCC 2006-LDp9 Parramatta Lane Apartments LLC. The seller was locally based Chancellor Apartments LLC. Chip Nash and Greg Austin of H&P’s Houston office represented the seller. Terms of the transaction were not disclosed.