RENO, NEV. — The Montebello at Summit, a 450-unit multifamily community, recently sold for $56 million or $124,444 per unit. Located at 5200 Summit Dr., the 499,995-square-foot property comprises 60 two-story buildings offering one-, two- and three-bedroom units. The community also features a 9,000-square-foot fitness center, a resort-style swimming pool with spa, a playground and a luxury clubhouse. Stanford Jones, Kenneth Blomsterberg, Dylan Mattole and Phil Saglimbeni of Marcus & Millichap brokered the transaction. The seller and buyer were not disclosed.
CHINO, CALIF. — The Los Angeles office of Holliday Fenoglio Fowler (HFF), on behalf of Komar Investments, has arranged an $11.2 million loan for the refinancing of Hillsborough Village in Chino. Located at 11902 Central Ave., the senior-housing community comprises three residential buildings with 100 one-bedroom units, 95 two-bedroom units and one three-bedroom unit. The property also features a clubhouse, pool and spa. The 6-year loan features a 5.82 percent fixed rate. The financing was provided by Wachovia Multifamily Capital, Inc. — FNMA.
PLANO, TEXAS — Dallas-based Andres Construction Services has completed construction for The Legacy at Willow Bend, a retirement community owned by The Legacy Senior Communities. The property features 103 independent-living apartment homes, 12 independent-living villas, 40 assisted-living apartment homes, 18 memory-support suites and 60 private-skilled healthcare suites. Amenities include a fitness center, an art studio, a salon and spa. The property is situated on 28 acres at Spring Creek Parkway between Preston Road and Ohio Drive.
CROWN POINT, IND. — Steven Livaditis and Michael Wernke of Marcus & Millichap have brokered the sale of a 72-unit multifamily community located at 905-928 Heritage Court in Crown Point. Heritage Court Apartments closed at a 7.41 percent cap rate. With 97 percent occupancy, floor plans at the community range in size from 750 square feet to 900 square feet. Sean Lyons and Shaun Buss of Marcus & Millichap represented the buyer, a private investor, in the acquisition. The acquisition price was not disclosed.
MIDDLETOWN AND HAMDEN, CONN. — NorthMarq Capital has arranged a total of $26 million in first-mortgage loans for the refinancing of three Connecticut multifamily properties. In Middletown, $13.75 million was secured for the 262-unit Ridgefield Apartments. In Hamden, $9.73 million was secured for the 135-unit Hamden Ridge Apartments, and $2.51 million was secured for the 47-unit Jefferson Arms Apartments. Robert Ranieri originated the loans for the borrower, Midcon Partners, through Freddie Mac. Terms of the loans include a 10-year term plus 1 year fixed to float with 5 years interest-only payments, followed by a 30-year amortization schedule.
EL PASO, TEXAS — PNC ARCS has provided a $4.29 million loan for the Warren Terrace Apartments in El Paso. The buyer and seller were undisclosed. The loan was fixed at 5.66 percent for a 10-year term with a 30-year amortization. PNC ARCS’ San Francisco office originated the loan through Fannie Mae. The 316-unit property is situated on 10 acres and features two swimming pools, a playground, laundry facilities and storage buildings.
LOS ANGELES — NorthMarq Capital Inc. arranges $250 million credit facility for an eight-property multifamily portfolio. The properties, which total 1,731 units, are located in California and Washington. Freddie Mac provided the financing. The undisclosed borrower utilized $150 million at closing and has the option to expand the facility to $250 million. The facility is priced over the Freddie Mac Reference Bill and can accommodate multiple tranches in 30-, 90-, 180- and 360-day increments. Michael Elmore of NorthMarq’s Los Angeles regional office arranged the financing.
TUCSON, ARIZ. — Tucson-based HSL Properties has acquired Skyline Gateway, a 246-unit multifamily community located at 4601 E. Skyline Dr. in Tucson. Chicago-based Equity Residential sold the property for $18.4 million. Built in 1985, the community comprises 14 three-story, garden-style buildings offering one- and two-bedroom units in six floorplans. The units feature air conditioning, ceiling fans, dishwashers, disposals, frost-free refrigerators and a private balcony or patio. Community amenities include a clubhouse with kitchen, billiards, a heated swimming pool and spa, a tennis court, a fitness center, a putting green and barbeque areas. Art Wadlund of Hendricks & Partners’ Tucson office represented the seller in the transaction.
SUNNYVALE, CALIF. — Michael Elmore of NorthMarq Capital Inc.’s Los Angeles regional office has arranged a $49.7 million first mortgage for Montclaire Apartments in Sunnyvale. The property offers 390 residential units. The financing, which was provided by Freddie Mac, was based on a 10-year term plus a 1-year extension with a 30-year amortization schedule.
GRASS VALLEY, CALIF. — Located at 224 Dorsey Dr. in Grass Valley, Springhill Garden I & II has sold for $7 million. The multifamily property offers 121 units. Al Inouye and Steven Nelson of Hendricks & Partners’ Sacramento, Calif., office negotiated the transaction.