PASADENA, CALIF. — Nicholas Kokoris and Maria Kokoris of San Marino, Calif., has acquired Madison Heights in Pasadena. Located at 541 Madison St., the six-unit property sold for $1.4 million or $267.38 per square foot. The property consists of two-bedroom/one-bath units. Kevin Hurley and Kevin Lutz of Hendricks & Partners represented the seller, Huntington Beach, Calif.-based Aldoroty Properties, in the transaction.
Multifamily
LONGWOOD, FLA. — NTS Development Co. has borrowed two loans totaling nearly $25 million for apartment complexes in Longwood. The firm took out a $14.63 million loan for its 195-unit Golf Brook Apartments, located at 385 Golf Brook Circle. The 162-unit Sabal Park Apartments received a $9.6 million loan. Golf Brook is currently 92.3 percent leased, and Sabal Park is 90.7 percent leased. Both complexes include fitness centers and swimming pools. Matthew Schoenfeldt of Holliday Fenoglio Fowler’s Chicago office and Elliott Throne of the firm’s Coral Gables, Fla., office secured the loan.
CHICAGO — Meridian Capital Group has arranged a total of $5.87 million in financing for three Chicago multifamily properties. The first is a 32-unit property located at 2418 N. Sawyer Ave.; the second is a 59-unit property located at 6201 N. Kenmore Ave.; and the third is a 19-unit property located at 3454-3456 N. Bosworth Ave. Each of the loans is non-recourse, carries a 10-year term and was financed with a fixed interest rate in the mid-5 percent range. Meridian’s Gershon Friedman secured all three loans. The borrowers and lenders were undisclosed.
PATERSON, N.J. — CB Richard Ellis has (CBRE) brokered the sale of a 25,000-square-foot multi-use building, located at 33-43 Park Ave. in Paterson, for $1.75 million. The property is a three-story building that contains seven residential apartments over four retail units, all of which are occupied. Renovations are planned for the façade, the parking lot and the formerly vacant supermarket space. Dean Marchi and Charles Burger of CBRE represented the seller. Stephen D’Amato, also of CBRE, represented the buyer in the leasing component of the transaction. Both parties were undisclosed.
BREA, CALIF. — John Nguyen of Marcus & Millichap represented the undisclosed seller in the disposition of Stonewood, an apartment property located at 410 W. Imperial Blvd. in Brea. The 35-unit property sold for $5.5 million to an undisclosed buyer.
BOISE, IDAHO — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has arranged a $1.25 million loan through Fannie Mae DUS® Small Loan product line for the 44-unit Maple Grove Apartments in Boise. Terms of the 10-year loan include a 30-year amortization schedule and a note rate of 5.5 percent. Jon Red of Arbor’s Spokane, Wash., office originated the loan on behalf of the undisclosed borrower.
HYATTSVILLE, MD. — Equity Residential has opened its latest luxury apartment property, Mosaic at Metro, a transit-oriented development located at 6210 Belcrest Rd. in Hyattsville. The complex, which sits next to a Metro station, is more than 70 percent leased. Amenities include a game room, business and fitness centers and swimming pools.
OAK HARBOR, WASH. — Locally based First American Exchange has acquired Villa Marina in Oak Harbor. Located at 101 S.E. Ely St., the 24-unit apartment community sold for $1.32 million. The buyer plans to renovate the property. Steve Hertling of Coldwell Banker represented the buyer; John Shaw of Hendricks & Partners’ Seattle office represented the seller, Nevada City, Calif.-based Pacific Realty Exchange, in the transaction.
ILLINOIS — Love Funding has secured a $10 million equity placement for the development of 10 memory care facilities in Illinois. Leonard Lucas of Love’s Boston office originated the transaction on behalf of Tricom Development and its operator, Senescent Healthcare of Illinois. Tricom and Senescent recently closed on the construction loan for the first project, a 40-unit facility located in Loves Park. The venture plans to close on the construction loan for a second facility located in Sycamore in June.
WENTZVILLE, MO. – O’Fallon, Mo.-based Twin Oaks Estates has broken ground for a new senior living center located in Wentzville. Twin Oaks at Heritage Pointe will feature 142 units, including a 50-bed assisted living facility, a 60-unit independent living apartment building, and 32 garden homes that feature a variety of services, including memory care. Amenities include community or private dining, a library, a computer lab, a beauty and barber shop, an ice cream parlor, a chapel, a movie theater and a spa. The construction division of Gundaker Commercial Group is serving as general contractor. The garden homes will be available starting in the fall from $160,000. Completion of the rest of the community is expected in spring 2010.