RICHFIELD, MINN. — Daniel Trebil in the Minneapolis office of NorthMarq Capital has arranged $24.3 million in first mortgage financing for Crossroads at Penn, a multifamily community located in Richfield. The loan for the 698-unit community was based on a 10-year term with 2-year interest only, followed by a 30-year amortization schedule. Financing was arranged for the borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Also in Richfield, Brian Hennen in the Minneapolis office of NorthMarq Capital has arranged $5 million in first mortgage financing for Colony Apartment Homes. Financing for the 212-unit community was based on a 7-year term with a 30-year amortization schedule. The loan was arranged from the undisclosed borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.
CHICAGO — Marcus & Millichap has brokered the sale of The Farcroft, a mid-rise multifamily community located at 1337 West Fargo Ave. in Chicago’s Rogers Park neighborhood. A locally based operator has purchased the 13-story building from a private partnership for $8.05 million, with a cap rate of 5.63 percent. The property houses two studios, 72 one-bedroom and 12 two-bedroom units. Capital improvements to the building, which was built in 1928, include a new elevator, a façade restoration, the replacement of nearly all the windows and a new boiler. Eric Bell in the Chicago office of Marcus & Millichap represented the seller; Doug Fischer of Essex Realty represented the buyer in the transaction.
NORTH BRUNSWICK, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of Northwood Estates, a 253-unit apartment community located at 500 Adams Lane in North Brunswick, for $27.5 million. In addition to the apartment units, the property includes 17 townhomes and six ranches. Occupancy was 93 percent at the time of closing. Kislak’s Barry Waisbrod represented the seller, an estate, and Jonathan Greenberg, also of Kislak, represented the buyer, a private investor.
TULSA, OKLA. — KeyBank Real Estate Co. had secured $11.3 million in Fannie Mae financing for two multifamily properties located in Tulsa. In the first transaction, KeyBank arranged $8 million for the refinancing of Pomeroy Park Apartments, a 230-unit, Class B property. The borrower was Pomeroy Park Apartments LLC. In the second transaction, KeyBank arranged $3.3 million for the refinancing of Southern Hills Villa, a 107-unit, Class B property. The borrower was Southern Hills Villa LLC. Both properties were acquired out of distress several years ago and subsequently underwent substantial capital improvements. Terms of the loans were not disclosed.
VAN NUYS, CALIF. — Franklin Management has acquired a 53-unit apartment community, which is located at 6125 Fulton Ave. in Van Nuys, for $5.2 million or $98,113 per unit. The property features 22 studio/one-bath units, 31 one-bedroom/one-bath units, a fitness center, a clubhouse, an on-site laundry facility and a swimming pool. Rick Raymundo of Marcus & Millichap represented the buyer; Chris Malcolm of Coldwell Banker represented the seller, 6125 Fulton Apartments LLC, in the transaction.
SEATTLE — An undisclosed private investor has purchased 6000 Northwest, a 11-unit multifamily property in Seattle. Located at 6000 24th Ave. Northwest, the property sold for $2.7 million. Built in 1967, the asset features four one-bedroom/one-bath plus den units, four two-bedroom/one-bath units, two two-bedroom/one bath plus den units and one three-bedroom/two-and-a-half bath plus den units. Daniel Swanson and Blake Rodgers of Marcus & Millichap’s Seattle office represented the undisclosed seller; Swanson also represented the buyer in the transaction.
HAMILTON TOWNSHIP, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of Miry Run, a 144-unit multifamily community located at 145 Brookwood Rd. in Hamilton Township, for $11.12 million. The garden-style apartment community comprises 108 one-bedroom and 36 two-bedroom units; it was 98 percent occupied at the time of closing. GHA’s Joseph Brecher and Joel Schwartz represented the seller, Tower Management, and procured the buyer, an undisclosed investor.
KERRVILLE, TEXAS — The San Antonio office of Grubb & Ellis has negotiated the sale of Singing Wind Apartments, an 80-unit multifamily community located at 2105 Singing Wind Dr. in Kerrville. The garden-style property comprises 10 two-story buildings. Occupancy was 94 percent at the time of closing. Grubb & Ellis’ Jason Brumm, Jerry Williams and Maggie Nigro represented the seller, Fredericksburg, Texas-based Wolf Mountain Foundation. The undisclosed buyer was represented by Amber Lenz of First Texan Realty.
ARIZONA, COLORADO AND CALIFORNIA — Mike Riccio, Christine Kubas, Rocco Mandala, Eric Tupler, Mike Easter and John Nelson of CB Richard Ellis Capital Markets have secured a total of $92.3 million to refinance a portfolio of four apartment communities. The properties include two sister properties in Scottsdale, Ariz., totaling 736 one-, two- and three-bedroom units; a 472-unit property located 10 miles from downtown Denver; and a 216-unit property located in American Canyon, Calif. The borrower was not disclosed.
SHERMAN OAKS, CALIF. — Jeffrey Louks and Matthew Ziegler of Marcus & Millichap’s Encino, Calif., office represented the seller and the buyer in the transaction of 15040 Moorpark Street in Sherman Oaks. The 21-unit multifamily property traded hands for $3.9 million. Neither the seller nor the buyer were disclosed.