NAPLES, FLA. — CB Richard Ellis has represented an undisclosed seller in the sale of 72 condominium units in The Reserve at Naples to a private buyer for $3.2 million. The 300-unit property, located near Pine Ridge Road and Interstate 75 in Naples, had 72 remaining unsold units from when the property was sold to a converter in 2005. Jonathan Richards and Ann Bailey of CB Richard Ellis’ office in Fort Myers, Fla., represented the seller.
Multifamily
WOODSTOCK, GA. — CH Realty IV/Woodstock, an affiliate of Dallas-based Crow Holdings, has borrowed a $27.37 million loan for the 498-unit Alta Woods Apartments in Woodstock. The complex, which is spread across 19 buildings, features two pools, a fitness center, a putting green and two tennis courts. Freddie Mac financed the 7-year loan. Michael Riccio and Christine Kubas of CB Richard Ellis’ office in Hartford, Conn., and Robert LaChapelle of the firm’s Atlanta office arranged the loan.
MEDFORD, N.Y. — NorthMarq Capital's Long Island, New York, office has arranged $8 million in first-mortgage financing for Villas at Medford, a 66-unit multifamily community located in Medford. The loan carries a 10-year term with a 30-year amortization schedule and a 5.57 percent fixed interest rate. Charles Cotsalas and Ernest DesRochers of NorthMarq arranged the loan on behalf of the undisclosed borrower through Freddie Mac.
PALISADES PARK, N.J. — Marcus & Millichap has brokered the sale of The Imperial, an 18-unit apartment building located in Palisades Park for $2.4 million. Kevin McCrann and Thomas McConnell of Marcus & Millichap's New Jersey office represented the seller, a locally based private investor, and secured the buyer, a New Jersey pension fund.
TAMPA, FLA. — Marcus & Millichap has brokered the sale of the 83-unit Tampa Heights Apartments between two private parties for $3 million. The property is located at 4817 Temple Heights in Tampa. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa office brokered the transaction.
GAITHERSBURG, MD. — Beacon Place LLC has borrowed $20.88 million to finance the acquisition of Beacon Place at the Kentlands, a 240-unit apartment complex located at 916 Beacon Square Court in Gaithersburg. The 10-year loan carries a 2-year interest-only term and a 30-year amortization. The apartment, which was built in 1991, is 94 percent leased and features a fitness center, a clubhouse and a car wash. Brendan Coleman of Walker & Dunlop secured the loan.
BROOKLYN PARK AND EDINA, MINN. — Welsh Capital has arranged two loans totaling $5.7 million for two properties in Minnesota. In the first transaction, the company secured $4.5 million in refinancing for Granite Ridge, a 91-unit apartment building in Brooklyn Park. The second transaction was a $1.2 million acquisition loan for a 45,072-square-foot, multi-tenant industrial building in Edina. Terms of the loans were not released.
ACTON, MASS. — Arbor Commercial Funding has provided $7.09 million in Fannie Mae DUS financing for the acquisition of Spring Hill Commons, a 105-unit multifamily community located in Acton. The loan carries a 10-year term, a 30-year amortization schedule, a 5.71 percent interest rate and a loan-to-value ratio of more than 80 percent. It was originated by John Kelly of Arbor's Boston office. The borrower was not disclosed.
ASHLAND CITY, TENN. — Jacksonville, Fla.-based Summit Contracting Group will soon start construction of The Vantage Pointe Homes at Marrowbone Heights for Montgomery, Ala.-based Vantage Pointe Homes. The 200-unit property is spread across nine buildings in Ashland City.
AUSTELL, GA. — Atlanta-based QR Capital has purchased the 146-unit Kingsley Village Apartments from Freddie Mac for an undisclosed amount. The purchase is the firm’s first deal since its inception 5 months ago. Kingsley Village is located on 12 acres in Austell. Cushman & Wakefield’s Atlanta office brokered the sale.