WHITE PLAINS, N.Y. — Wells Fargo & Company has closed a $40.3 million Freddie Mac loan to refinance The Gramercy. The Gramercy, located in White Plains, is a 260-unit, luxury apartment complex. Amenities include concierge services, an outdoor swimming pool, a home theatre/media room, a recently upgraded community room with a full kitchen, a fitness room, and a garage with 360 parking spaces. The un-capped ARM loan carries a 7-year term with 30-year amortization. The transaction was originated by Matt Wiener and Terry Livingston, both of Wells Fargo Multifamily Capital out of the New York City office. The Gramercy is owned and operated by Haveland Estates in joint venture with an affiliate of Black Rock.
BEAUMONT, TEXAS — Hendricks & Partners has brokered the sale of two multifamily communities located in Beaumont. The first property, Cornwall, is a 150-unit community located at 6650 Prutzman Rd. The second property, Lancaster, is a 115-unit community located at 6550 Phelan Rd. Ed Cummins, Jim Hearn and Clint Duncan of Hendricks & Partners’ Houston office, along with Tom Warren of the firm’s Dallas office, represented the seller, Venice, Calif.-based partnerships MOS Lone Star Investment LP and Vo-Beaumont Cornwall LP. The buyer was Dallas-based Lancaster Cornwall LP. The acquisition price was not disclosed.
IRVINE, CALIF. — Jamboree Housing Corp. has finished developing its 71-unit Granite Court Apartment Homes in Irvine. The environmentally friendly complex is located on 1.23 acres at 2853 Kelvin Ave. Green features include low-emission finishes, a solar-energy system and recycling trash chutes. Irvine-based KTGY Group designed the affordable housing property.
PORTLAND, ORE. — Park Place East has sold a 13-unit apartment complex to The Robert Katz and Deborah Stanley Family Trust for an undisclosed amount. The property is located at 220-244 N.E. 143rd Ave. in Portland. Bluestone & Hockley Real Estate Services’ Charles Barker represented the seller, and MentorVest Properties’ Denise Tritcak represented the buyer.
WAITE PARK AND MOORHEAD, MINN. — NorthMarq Capital has arranged $11.25 million in first-mortgage financing for two Minnesota apartment properties. The first is Park Meadows Apartments, a 360-unit property located in Waite Park, and the second is Terrace On The Green, a 116-unit community located in Moorhead. Patrick Minea of NorthMarq’s Minneapolis office secured the loan on behalf of the undisclosed borrower through Freddie Mac.
CHERRY HILL, N.J. — Gebroe-Hammer Associates (GHA) has completed the sale of Cooper Landing Apartments for $13.5 million. The property is located at 801 Cooper Landing Rd. in Cherry Hill. It features two mid-rise buildings containing 176 units in a mix of 69 one-bedroom units, 102 two-bedroom units and five three-bedroom units. Amenities include an outdoor swimming pool and a scenic walking path. Occupancy was 96 percent at the time of closing. Joseph Brecher and Joel Schwartz of GHA represented the 1031 seller, The Orbach Group, and procured the undisclosed buyer.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $6 million loan for the refinancing of 9-15 Dutch St., located in Lower Manhattan, New York City. The six-story property contains 18 luxury residential loft units and two-ground-floor commercial spaces currently occupied by a preschool and a consulting firm. Four of the residential units are currently undergoing a renovation. The non-recourse loan carries a 5-year term with a 30-year amortization schedule and a 5.57 percent fixed interest rate. Keith Braddish, Jason Gaccione and Rayna Karaivanov of CBRE Capital Markets arranged the financing on behalf of the borrower, Time Equities. The loan was refinanced through CBRE Multifamily Capital, a Fannie Mae DUS lender.
NEW YORK CITY — New York City-based Sioni & Partners has negotiated the sale of a six-story residential building, located at 1275 Edward L. Grant Highway in the Bronx, New York City, for $3.62 million. The building features 61 residences and 4,000 square feet of ground-floor retail space. Moses Sioni of Sioni & Partners represented the seller, Anlovi Corp. The buyer was a Brooklyn-based investor.
SANTA MONICA, CALIF. — La Montana Investors LLC has completed the disposition of La Montana, a 23-unit multifamily property located at 811 6th St. in Santa Monica. An undisclosed San Francisco-based buyer acquired the property for $7.55 million or more than $328,000 per unit. Built in 1972, the property offers one-, two- and three-bedroom units featuring hardwood-style flooring, fireplaces and ceramic-tiled kitchens. Vince Norris of Hendricks & Partners’ North Los Angeles office brokered the transaction.
CAMPBELL, CALIF. — SKP Properties has acquired Angela Court Apartments, a 17-unit multifamily community located at 2242 Angela Ct. in Campbell, for $2 million or $118,235 per unit. The property consists of a mix of 15 junior one-bedroom/one-bath units, one one-bedroom/one-bath unit and one two-bedroom/one-bath unit. Jamie D’Alessandro and Brian Henry of NAI BT Commercial’s Palo Alto, Calif., office represented the seller, Pacific Coast Residences One, in the transaction.