SANTA CLARITA, CALIF. — Santa Clarita Canyon Crest LLC has purchased Canyon Crest, a 158-unit multifamily property located at 23639 San Fernando Rd. in Santa Clarita. The 95-percent occupied community sold for $23 million. The property offers one-, two- and three-bedroom units ranging in size from 690 to 1,122 square feet. Amenities include a pool, two spas, a fitness center, a basketball court and subterranean parking. Jim Fisher, Craig Stevens and Mike Smith of Lee & Associates represented the buyer in the transaction.
SAN FRANCISCO — Dennis Sidbury of NorthMarq Capital’s San Francisco office arranged a $5.3 million first mortgage for Yerba Buena Commons, a 257-unit multifamily complex in San Francisco. The 15-year loan has a 30-year amortization schedule and was funded by AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was YBC Development II.
CHASKA, MINN. — The Minneapolis office of NorthMarq Capital has secured $3 million in first-mortgage financing for Sun Lake Woods Apartments, an 82-unit multifamily property located in Chaska. The loan carries a 10-year term with a 30-year amortization schedule. NorthMarq’s Daniel Trebil arranged the loan on behalf of the undisclosed borrower. The lender was Amerisphere Multifamily Finance, a NorthMarq affiliate and a Fannie Mae DUS lender.
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.