SAUSALITO, CALIF. — Gateway Apartment Partners has sold the 225-unit Ridgeway Apartments to St. Anton Partners for $28.5 million. St. Anton will invest more than $4 million in the property, renovating the interior and exterior of the buildings. Located on 10 acres in Sausalito, the complex offers below-market rents.
OAKLAND, CALIF. — Kevin Turner of Marcus & Millichap’s Oakland office has represented an undisclosed party in the sale of a 16-unit apartment complex to a private buyer for $2.28 million. The property is located at 465 Lee St. in Oakland.
FRESNO, CALIF. — Jay Porterfield of Arbor Commercial Funding’s Plano, Texas, office has secured a $5 million loan for the 276-unit Crystal Tree Apartments in Fresno. Fannie Mae provided financing for the 10-year loan. The loan carries a 5.62 percent interest rate and a 30-year amortization schedule.
MONTGOMERY, ALA. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage has obtained a $12.9 million loan under the Fannie Mae DUS Loan product line for Park Place, a 200-unit residential complex in Montgomery. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent. The loan was originated by Ronen Abergel. Arbor Commercial Mortgage is headquartered in Uniondale, N.Y.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 12,400-square-foot multifamily building located in Jersey City for $1.2 million. Built in 1915, the property contains 14 one-bedroom units. Greg Babaian and Spencer Weinberg of Marcus & Millichap's New Jersey office represented the seller, a longtime local owner. The buyer was also undisclosed.
HOUSTON — Arbor Commercial Funding has secured $7.5 million in Fannie Mae DUS financing for Green Oaks Village, a 380-unit multifamily community located in Houston. The loan carries a 10-year term with a 25-year amortization schedule and a 6.34 percent interest rate. Matt Norman of Arbor's Dallas office originated the financing. The funds will be used by the undisclosed borrower to refinance a short-term, acquisition/construction loan.
PASADENA, CALIF. — Hendricks & Partners (H&P) has completed the sale of 140 North Wilson Avenue in pasadena for $1.88 million. The property consists of a 14-unit apartment community with all one-bedroom units that average 455 square feet. Kevin Lutz and Kevin Hurley of H&P's Pasadena office represented the seller, Los Angeles-based Nancy B. Johnson & The Karyn Trust. The buyer was Rowland Heights, Calif.-based DLZ Investment Inc. The property traded at a 6.81 percent cap rate.
LONG BRANCH, N.J. — Construction is complete for Pier Village Apartments, an oceanfront multifamily community located in Long Branch. The project, which is situated on Ocean Boulevard, consists of three four-story residential towers totaling 216 units. The apartments consist of a mix of one-, two- and three-bedroom units ranging in size from 800 to 1,200 square feet. Amenities include a swimming pool and a 350-space parking garage. The first building was delivered in September 2008, with the other two following in phases. The project is fully occupied. Pier Village Apartments is part of the larger Pier Village mixed-use development. The approximately $100 million project is situated on 16 oceanfront acres and contains the apartments, a hotel, restaurants and retail space. It is being developed by Applied Development Co. Minno & Wasko Architects and Planners is serving as the project architect.
DENVER — The Denver office of NorthMarq Capital has arranged $16 million in permanent financing for the Enclave at Belleview Station in Denver. Located at 4400 S. Monaco St., the property consists of 11 three-story buildings with 238 units, as well as 100 attached and detached garage spaces. Amenities include a clubhouse, a heated swimming pool, a spa, a barbecue and picnic area, a business center and a fitness center. Steve Koeneke, Dave Link and Chris Williams of NorthMarq secured the loan on behalf of the borrower, Griffis Premium Apartment Fund. Terms of the loan were not released.
KANSAS CITY, MO. — Love Funding has arranged $1.88 million for the refinancing of Palestine Gardens, an 85-unit apartment community located in Kansas City. Terms of the loan include a 35-year amortization schedule and a 6 percent interest rate. Robyn Cunningham of Love's St. Louis office arranged the loan for the undisclosed borrower through the HUD 202/223(f) program.