NEW YORK CITY — Community Preservation Corp. (CPC) has provided a $1.26 million permanent loan for the refinancing of an apartment building located at 37 S. Third St. in the Williamsburg neighborhood of Brooklyn, New York City. The property received a CPC construction loan 8 years ago, which helped fund its renovation into eight loft apartments with ground-floor retail space. Rents currently average $2,450 per month. Terms of the loan, as well as the borrower, were not disclosed.
SARASOTA AND TAMPA, FLA. — iStar Financial has sold the 286-unit Turnbury Park at Palm Aire apartment complex to B&M Development Co. for $21.13 million. The property, located at 6104 Turnbury Park Dr. in Sarasota, features a lakeside swimming pool and a 6,000-square-foot clubhouse. The 298,702-square-foot complex was built in 1998. Byron Moger and Luis Elorza of Cushman & Wakefield’s Tampa office brokered the sale. Moger and Elorza also represented Crescent Resources in its sale of the 176-unit Bay Oaks complex to Carter-Haston Real Estate Services for $11.35 million. Built in 1974, the 106,896-square-foot property is located at 3105 Bay Oaks Court in Tampa. Amenities include a pool and a fitness center.
HURST, TEXAS — Dallas-based Henry S. Miller Brokerage (HSMB) has arranged the sale of Cavender Manor, a 74-unit apartment community located in Hurst. The property was constructed in 1965; it features on-site laundry facilities and a swimming pool. HSMB’s Richard Keeling and John St. Clair represented the seller, San Diego National Bank. The buyer, Texas-based Cavender Manor LLC, was represented by Maurice Benita of the Beverly Hills, Calif., office of Keller Williams. The acquisition price was not disclosed.
SEATTLE — Seattle-based West Lee LLC has purchased The Max, a 30-unit apartment community in Seattle, for $7.1 million or $236,667 per unit. Bellevue, Wash.-based Maxville Partners LLC sold the property, which is located at 8520 Evanston Ave. in Seattle. Kenny Dudunakis, John Shaw, Josh Blake and Heather Wade of Hendricks & Partners’ Seattle office represented the seller in the transaction.
LAS VEGAS — CommCap Advisors LLC has funded a $7 million loan for Four Mile LLC. The 10-year, fixed-rate loan was secured by the Miracle Mile Mobile Home Park, which totals 464 pads plus an in-line retail building. The property is located on 3642 Boulder Highway in Las Vegas. RiverSource Life provided the financing.
FORT WORTH, TEXAS — Grafford Investment Group LLC has acquired Les Jardin Apartments in Fort Worth. The 77-unit, Class C apartment community is located in southwest Fort Worth at 2901 Travis Ave. At the time of acquisition, the property was 89 percent occupied. Lifestyles Realty represented the buyer; Cushman & Wakefield represented the seller, Columbus, Ohio-based Les Jardin Holdings Co., in the transaction. The sales price was not disclosed.
LOS ANGELES — The CB Richard Ellis Senior Housing Services Group has completed the sale of a 45-property senior-living portfolio. The 3,554-unit portfolio sold for approximately $364 million. The properties are located in Alabama, Arizona, California, Colorado, North Carolina, Oregon, South Carolina, Tennessee, Texas, Washington and Wyoming, and offer independent living, assisted-living services and dementia care. Additionally, the communities were approximately 85 percent occupied at the time of sale. “The deal took over six months to complete,” says Matthew Whitlock of CBRE Senior Housing Services Group. “The buyer, seller and existing lender worked diligently to find terms agreeable to all interests. Due to the lack of liquidity in the current environment, this transaction was heavily dependent upon the purchaser and existing lender working out mutually agreeable assumption terms of the existing in-place debt.” Whitlock, David Rothschild and Mary Christian of CBRE represented the seller, affiliates of Sunwest Management, and procured the buyer, a private equity firm. LaVida Communities, a member of the Solana Beach, Calif.-based Senior Resource Group family of companies, will manage the communities.
ST. PETERSBURG, FLA. — St. Petersburg-based Boca Ciega Townhomes LLC has sold the 109-unit Boca Ciega Town Home apartment complex to California-based Boca Ciega Apartments LLC for $7.8 million. The property, which is located at 3401 37th Street South in St. Petersburg, is fully occupied. John Burpee of NAI Tampa Bay represented the seller, and the buyer was represented in house.
CLEVELAND — The Commercial Mortgage Access division of Cleveland-based KeyBank Real Estate Capital has provided more than $6.33 million in loans for four Midwest apartment communities. In Walled Lake, Mich., the company has provided approximately $2.6 million in financing for Hawk Lake Apartments. The 10-year loan represented a loan-to-value of 75 percent. KeyBank also provided an approximately $1.68 million loan for Garfield Club Apartments located in Garfield Heights, Ohio. Financing for Garfield Club Apartments was based on a 10-year term. In North Royalton, Ohio, KeyBank provided financing for the Royal Garden Apartments. The $1.44 million loan was based on a 5-year term. Finally, the company has provided $616,000 to finance Wind Ridge Apartments located in Batesville, Ind. The 10-year loan represented a loan-to-value of 70 percent. Additional terms of the loans were not disclosed.
NEW YORK CITY — New York City-based Jonathan Rose Cos. has acquired a 198-unit affordable housing portfolio in Harlem, New York City, for approximately $26.5 million. The portfolio consists of 10 six-story, elevator-served buildings located at 107-145 W. 135th St. The buildings also contain 4,500 square feet of ground-floor retail space. Jonathan Rose renewed the buildings’ HUD Section 8 contract for an additional 20 years and plans to renovate the property with a focus on energy efficiency and sustainability. The acquisition was made on behalf of The Rose Smart Growth Investment Fund I, the company’s real estate investment fund.
