SHERMAN OAKS, CALIF. — Woodland Hills, Calif.-based Kiowa Arms LLC has acquired a 14-unit apartment complex, which is located at 14936-40 Magnolia Blvd. in Sherman Oaks, for approximately $2.8 million or $196,429 per unit. The two-building property offers two- and three-bedroom units. The buyer plans to renovate the complex and re-rent the vacant units. Vines Management represented the buyer; Dana Brody and Joshua May of Grubb & Ellis represented the undisclosed seller in the transaction.
LOUISVILLE, KY. — Blankenbaker Crossings Apartments has sold its 236-unit Class A apartment complex to an undisclosed buyer for $20.5 million. The complex is located in the Eastern suburbs of Louisville. Louisville-based Commercial Kentucky’s Craig Collins represented the seller.
CORPUS CHRISTI, TEXAS — Development is under way for Mirador, a 206-unit senior housing facility located at the corner of Staples Street and Yorktown Boulevard in Corpus Christi. The gated, resort-style community is located on 13 acres and features 110 independent living apartments, 40 assisted living suites, 40 skilled nursing care rooms and 16 memory support residences. Amenities at the community include a 25,000-square-foot common area that houses an on-site beauty salon/barber shop, comprehensive wellness programs, restaurant-style dining and a creative arts studio. Mirador is owned by Texas-based non-profit organization Senior Quality Lifestyles Corp. and is being developed by Greystone Communities. Architecture firm three is serving as project architect, with Gignac Landscape Architecture providing landscape architecture services and Bridget Bohacz + associates inc. serving as interior design firm. Andres Construction is serving as general contractor. The construction timetable was not released.
DAYTON, OHIO — Minneapolis-based NorthMarq Capital has arranged $2.59 million in first mortgage financing for Chamberlain I & II, a rehabbed 147-unit multifamily property located in Dayton. Greg Duvall in the Kansas City office of NorthMarq arranged the loan for the borrower, Cornerstone Regency Properties of Chamberlain LLC. The transaction was financed through Freddie Mac’s Embedded Cap Variable Rate Loan program. Additional terms of the loan were not disclosed.
TERRYVILLE, CONN. — Arbor Commercial Funding has secured $2.66 million in Fannie Mae financing for Quail Hollow Village, a 66-unit multifamily community located in Terryville. The loan carries at 10-year term, a 30-year amortization schedule and a 6.42 percent interest rate. John Edwards of Arbor’s Boston office originated the financing on behalf of the undisclosed borrower. The loan was secured under Fannie Mae’s Small Loans product line.
LAS VEGAS — NorthMarq Capital has arranged first mortgage financing of $8.7 million for the Indian Ridge Apartments, a 184-unit apartment complex located in Las Vegas. Financing was based on a 15-year term and a 15-year amortization schedule. The lender was 40/86 Mortgage Capital.
LONG BRANCH, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of Sea West Manor, a 20-unit apartment property located at 559 Second Ave. in Long Branch, for $1.5 million. The community comprises 10 studio units, eight one-bedroom units and two, two-bedroom units. Occupancy was 95 percent at the time of closing. Gebroe-Hammer’s Steven Follman represented the seller, Brott Realty, as well as the buyer, Sea West Apartments LLC.
GLEN ROCK, N.J., AND ROCHESTER AND CLIFTON PARK, N.Y. — NorthMarq Capital has secured a total of $11.47 million for three Northeast Properties. In Glen Rock, NorthMarq arranged $6.5 million in first-mortgage financing for a 60,500-square-foot office building located at 266 Harristown Rd. The loan carries a 5-year term and a 25-year amortization schedule. It was originated by Ernest DesRochers and Deanna Polizzo of NorthMarq’s New York Metro office on behalf of Glen Rock Property LLC. The lender was United Bank. In Rochester, Polizzo and Nancy Vanlsegham, of NorthMarq’s Upstate New York office, arranged $2.47 million in construction/permanent financing for the Kirstein Building. The six-story property is currently being redeveloped into a residential building that will contain 30 loft apartments and 7,600 square feet of first-floor retail space. Terms of the loan include a 30-year term and a 30-year amortization schedule. The borrower was 234-250 Andrews St. LLC and the lender was the Community Preservation Corp. Finally, in Clifton Park, Scott DeVinney of NorthMarq’s Upstate New York office originated $2.5 million in first-mortgage financing for the 111-unit Martindale Court. The loan carries a 7-year term and a 15-year amortization schedule. The borrower and lender were undisclosed.
LITTLETON, COLO. — Sugarberry Holdings LLC has purchased 293 and 343 West Powers Place and 5600 and 5665 South Bannock Street in Littleton. The properties, which total 98 units, sold for $4.18 million. Greg Price of Marcus & Millichap’s Denver office represented the seller, Chase Bank, in the transaction.
SWANSEA, ILL. — On behalf of Halloran Development, Holland Construction Services has completed the Cambridge House of Swansea senior living facility. Located in Swansea, the 87,500-square-foot community houses 103 apartments, all of which include emergency call systems. Amenities at the $7.3 million property include an exercise room, a television and library area, a convenience shop, and a common kitchen and dining room.