VAN BUREN TOWNSHIP, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged $13 million in financing for Westlake Apartments in Van Buren Township. The 510-unit multifamily property contains 446,510 square feet of rentable space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for Occidental Development. Minnesota Mutual Life Insurance Co. funded the financing.
LAWRENCE, MASS. — Centerline Capital Group has secured $10.6 million in Freddie Mac financing for a new multifamily project located in the Boston suburb of Lawrence. Legacy Park contains a total of 104 townhome and apartment units. It was completed in March of this year. The loan carries a 10-year term. Steven Cox, Joshua Messier and Ian Monk of Centerline's newly opened Boston office arranged the deal.
LAUREL, MD. — Charlie Mentzer of Walker & Dunlop has secured a $20.20 million acquisition loan for the 220-unit Spring House Apartments in Laurel. The property, which was built in 1986, is 92.3 percent occupied. The 10-year loan carries a 30-year amortization schedule and a 78.3 percent loan-to-value ratio. John Street of Allied Mortgage & Realty Corp. originated the loan.
CHICAGO — Dallas-based Behringer Harvard has purchased Burnham Pointe Apartments, which is located at 730 S. Clark St. in Chicago. Situated within Chicago’s South Loop submarket, the property features 298 apartment units, 267 parking spaces and 16,000 square feet of commercial space. Community amenities include a fitness club, a pool, a spa, a clubroom, a terrace and a business center. Peter Marino, Jesse Karasik, John Clifford, John Jaeger, Dan Cohen and Melissa Strauss of CB Richard Ellis Capital Markets represented the seller, Stark Burnham Pointe, in the transaction. Terms of the transaction were not disclosed.
NEW YORK CITY — GFI Realty Services has brokered the sale of a Brooklyn apartment building for $2.29 million. The four-story, walk-up property is located at 1202 66th St. in the borough's Bensonhurst neighborhood. It contains 19 units, all of which are rent stabilized. Rick Helfand of GFI represented the seller, and Erik Yankelovich, also of GFI, represented the buyer. The deal was completed as part of a 1031 exchange.
EL PASO, TEXAS — EPT The Trails at Rancho Vista Apartments LLC has purchased the 310-unit Amberwood apartment complex from Amberwood Housing for an undisclosed amount. The El Paso property contains one-bedroom, two-bedroom and three-bedroom apartments. Winston Black of Hendricks & Partners represented the buyer.
ATLANTA — Bell Fund III has purchased the 318-unit The Heights at Cheshire Bridge from a private seller for an undisclosed price. Located on 11 acres of land at 2124 Cheshire Bridge Road in Atlanta, the property contains eight separate buildings and a clubhouse. Bell Partners will manage the property.
LIVERMORE, CALIF. — Marcus & Millichap has brokered the $33.25 million sale of the 240-unit Ironwood Apartments located at 5634 Charlotte Way in Livermore. Built in 1973, the 184,112-square-foot multifamily complex consists of 24 two-story residential buildings featuring one-, two- and three-bedroom homes. Situated within walking distance of Sandia National Laboratory and two miles from downtown Livermore, Ironwood Apartments includes a swimming pool and spa, fitness center, two children’s play areas, and picnic and barbecue facilities. Marcus & Millichap’s Stanford Jones, Phil Saglimbeni and Sal Saglimbeni represented one of the largest private owners of multifamily properties in the San Francisco Bay Area in its sale of the property to a Bay Area-based real estate investment fund manager.
PALM BEACH GARDENS, FLA. — The Kolter Group has sold the 476-unit San Merano at Mirasol multifamily complex to TA Associates for $69.06 million. The Palm Beach Gardens property was constructed in 2004. CB Richard Ellis represented the seller in the transaction.
ANN ARBOR, MICH. — New York City-based Vesper Holdings has acquired Harbor House at Ann Arbor, a 208-unit, off-campus student housing community that serves students of the University of Michigan in Ann Arbor. The property has 17 two-story buildings containing 84 one-bedroom units and 124 two-bedroom units. Amenities include a swimming pool, a fitness center, a business center, a game room, tennis courts and a volleyball court. Campus Apartments will be managing the new community.