WASHINGTON AND NEVADA — Marcus & Millichap has brokered two multifamily sales in Wenatchee, Wash., and Las Vegas. In Wenatchee, Marc Cunningham of Marcus & Millichap represented the undisclosed seller in the disposition of Yakima Court Properties, a 15-unit property located at 527 Yakima St., to an undisclosed buyer for $795,000. In Las Vegas, Luis Velazqeuz of Marcus & Millichap represented the undisclosed buyer in the $300,000 acquisition of Cottage Park, a 10-unit apartment community located at 1014 N. 4th St. in Las Vegas. The seller was not disclosed.
Multifamily
WEST CALDWELL, N.J. — Del-Sano Contracting Corp. is currently constructing phases II and III of Crane’s Mill Continuing Care Retirement Community, a continuing care retirement facility in West Caldwell. Situated on 43 acres, a former lumber mill, Crane’s Mill offers independent living, assisted living and skilled nursing care. Upon completion of phases II and III in early 2010, the community will consist of 282 independent living units, 48 assisted living units, 18 dementia units, as well as 66 units for skilled nursing and rehabilitation services. Phase II construction, which is approximately 40 percent complete, is taking place alongside Passaic Avenue and includes the addition of 66 independent living apartments with 47 underground parking spaces, as well as 10 cottages, each featuring an attached garage. The independent living units will be located in a two-story building that will be connected to the existing central facility building to provide direct access to the community’s central amenities. Phase III comprises the assisted living component of Crane’s Mill, which consists of 20,000 square feet of new and renovated space. Specifically, Del-Sano is building a new wing that will house a memory support area, a dementia courtyard and renovated assisted living common areas. The project …
FORT LAUDERDALE, FLA. — A New York-based company has sold the 16-unit Sun Terrace Apartments to an undisclosed party for $1 million. Located at 619 Breakers Ave. in Fort Lauderdale, the property features six studio units and 10 one-bedroom units. Felipe Echarte and Joseph Thomas of Marcus & Millichap’s Fort Lauderdale office represented the seller.
GRAND PRAIRIE, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged an $8 million loan for the refinancing of Corey Place Apartments, a 276-unit multifamily community located at 602 W. Pioneer Pkwy. in Grand Prairie. The property was renovated in 2008 and was 95 percent occupied at the time of the sale. HFF’s Travis Anderson secured the financing on behalf of Granite Redevelopment. The loan includes a 10-year term and a 5.76 percent fixed interest rate. The lender was Wachovia Multifamily Capital, which utilized Fannie Mae’s DUS program. Proceeds from the loan will be used to refinancing an existing acquisition and rehab loan.
NORTH LITTLE ROCK, ARK. — Charlotte, N.C.-based Grandbridge has arranged a $21.28 million first mortgage for the 288-unit Lexington Park Apartments, located at 7601 Vestal Blvd. in North Little Rock. The 10-year loan, which was funded by Fannie Mae through its DUS program, carries an interest rate in the mid-5 percent range and a 30-year amortization. The Class A apartment complex features a pool, a recreation area and a clubhouse. David Boerner of Little Rock–based Plunkett Boerner & Associates and Alan Tapie of Grandbridge’s Atlanta office secured the loan.
DORCHESTER, MASS. — Urban Strategy America Fund, an investment fund controlled by New Boston Real Estate, has closed on financing for the construction of Phase II of the residential component of Olmsted Green, a 42-acre mixed-use project located in Dorchester. The residential component focuses on affordable housing. Phase II will comprise seven new buildings containing 50 affordable rental units in a mix of one-, two- and three-bedroom units. Phase I, consisting of rental apartments and for-sale housing, was completed in late 2008. Once complete, the residential component of the project will also include 287 for-sale townhomes, 60 units of affordable senior housing and a 123-bed skilled nursing and mental health facility. Olmsted Green is being developed by Lena New Boston, a joint venture between New Boston Fund and Lena Park Community Development Corp. The Phase II housing project received funding from the various Massachusetts state sources, including the Department of Housing and Community Development, the Affordable Housing Trust Fund, HOME Funds and the Facilities Consolidation Fund. The city of Boston provided funding from its Neighborhood Housing Trust, as well as the Department of Neighborhood Development’s HOME Funds. The permanent lender is the Massachusetts Housing Partnership, and Bank of America is …
SAN DIEGO — San Diego-based Malic Property Management has acquired National Avenue, a 37-unit apartment complex located at 4150 National Ave. in San Diego, for $1.64 million. Built in 1968, the property consists of 18 studios, 18 one-bedroom/one-bath units and one two-bedroom/one-bath unit. The seller was Steven K. Vorres and Cynthia J. Vorres, trustees of the Vorres Family Trust of San Marcos, Calif. Allen Chitayat and Josh Browar of Hendricks & Partners’ San Diego office represented the buyer in the transaction.
TOLEDO, OHIO — Toledo-based Health Care REIT has closed on $133 million in first-mortgage financing secured by 12 senior housing properties. The locations of the properties were not released, and they contain multiple levels of healthcare service. The loan carries a 10-year term and a 6.1 percent fixed interest rate. KayBank Capital Markets originated the loan and intends to sell it to Freddie Mac.
PENSACOLA, FLA. — A privately-owned partnership has sold the 114-unit Veranda senior housing complex to the Rauls family of Georgia, a senior housing owner and operator, for $10.2 million. The property is located at 6982 Pine Forest Rd. in Pensacola. The 143,640-square-foot complex was built in 2004 and is currently 61 percent occupied. CLW Health Care Services Group of Tampa, Fla., represented the seller.
GASTONIA, N.C. — Kevin Jenkins of NorthMarq Capital’s Charlotte, N.C., office has arranged $2 million in bridge financing for Great Circle Properties’ 126-unit Highland Hills Apartments. The complex is located at 1081 Sims Circle in Gastonia. CIBC provided financing for the loan, which is based on a 2-year, interest-only term.