LAKE WORTH, FLA. — HH Somerset has purchased the 24-unit Somerset Apartments from a private seller for $1.82 million. The 20,748-square-foot property is located at 102 N. Lakeside Drive in Lake Worth. Brandon Rex of Marcus and Millichap brokered the sale.
GREENWOOD, IND. — Tikijian Associates has completed the sale of Friendly Village, a more than 500 lot mobile home community in Greenwood. Illinois-based Indy Mobile acquired the property for an undisclosed price. The buyer has numerous capital improvement projects planned for the property, which is its first acquisition in the Indianapolis market. Tikijian represented the court-appointed receiver, McKinley, and special servicer, LNR Partners, in the transaction.
JERSEY CITY, N.J. — Hoboken Brownstone Co. has commenced development for Van Leer Place, a transit-oriented residential project located in Jersey City. The project will consist of the brownfield redevelopment of the former Van Leer Chocolate Factory at 110 Hoboken Ave. Construction will consist of two six-story buildings with more than 400 homes over 7,500 square feet of retail space. Van Leer Place will include several sustainable features such as a thermally efficient concrete wall system, energy recovery ventilation, a geothermal test well and a solar thermal system. The project will also include a pedestrian walkway to the nearby New Jersey Transit station as well as a new park to be developed adjacent to the project. The construction timetable was not released.
SCOTTSDALE, ARIZ. — CB Richard Ellis (CBRE) has negotiated the sale of the 202-unit Desert Parks Vista Apartments, a luxury multifamily community located at 9393 E. Palo Brea Drive in Scottsdale. The purchase price was not disclosed. Built in 2005, Desert Parks Vista was 95 percent occupied at the time of sale. Situated within the exclusive DC Ranch master-planned community, the property includes a resort-style swimming pool with spa, a conference room, a state-of-the-art fitness center and a clubhouse with plasma TV and fireplace. CBRE’s Tyler Anderson and Sean Cunningham represented the Scottsdale-based seller, The PB Bell Cos., in the transaction; the buyer, a company formed by Irvine, Calif.-based PASSCO Cos. LLC, was represented by PASSCO’s Gary Goodman.
WINCHESTER AND WOBURN, MASS. — Fantini & Gorga has arranged $18.44 million in FHA financing for two Massachusetts skilled nursing facilities. The first property is the 121-bed Winchester Nursing & Rehabilitation Center in Winchester, and the second is the 140-bed Woburn Rehabilitation & Nursing Center in Woburn. The loan was placed with Eastern Mortgage Capital, one of Fantini & Gorga's correspondent lenders.
BOONVILLE, IND. — Cambridge Realty Capital Cos. has closed on a $4.68 million FHA-insured, HUD LEAN loan for Transcendent Healthcare of Boonville. Located in Boonville, the skilled nursing facility offers 72 beds. The fully amortized, 27-year term loan was arranged for the property owner, an Indiana limited liability company. Cambridge Realty Capital Ltd. of Illinois closed the transaction using HUD’s Section 232 LEAN program.
RALEIGH, N.C. — TGM Realty Investors has purchased the 112-unit River Haven Apartments from River Haven Investments for $4.4 million. The property, located at 9310 River Haven Place in Raleigh, is the third apartment complex the buyer has purchased in North Carolina. River Haven Apartments was built in 2000.
LOUISVILLE, KY. — PRG Investments has arranged the $1.1 million sale of a Louisville apartment building between two private parties. The property is located at 1829 Edenside Drive in the Highlands neighborhood. PRG's Fred Sutterlin and Reed Weinberg represented the seller.
MERRILLVILLE, IND. — Chicago-based RMK Management Corp. has added Prairie Point Apartments to its property management portfolio. Located at Cleveland Street and West 91st Drive in Merrillville, the complex features 300 units, a clubhouse with a fireplace and a kitchen, an Olympic-sized outdoor swimming pool, a sundeck, volleyball courts, a playground and a business center. The apartment units range from 753 to 1,184 square feet and feature private entrances, washers and dryers, walk-in closets, central air conditioning, and private patios or balconies. Merrillville-based SJBZ Development developed and currently owns the property. RMK will oversee all aspects of leasing, maintenance and resident relations for the property.
NEW YORK CITY — Beech Street Capital has secured $42 million in Fannie Mae DUS financing for a New York City multifamily portfolio. The portfolio comprises six high-rise rental buildings located in Manhattan and the Bronx that contain a total of 416 units. The loan has a 10-year term with a fixed interest rate, 9.5 years of yield maintenance and a 30-year amortization schedule. Avi Weinstock of Meridian Capital Group originated the deal, which was financed by Beech Street Capital.