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.
WENTZVILLE, MO. — Construction has begun for an independent senior living development in Wentzville called Villas at Peruque Hills. Designed by Rosemann & Associates, the $3.8 million project is part of a larger development called Peruque Hills Estates that features single-family homes. Developed by GHL Development, an affiliate of Gundaker Commercial Group, the project includes 23 townhomes and 11 garden-style units, and it will be mixed affordable and market-rate senior housing with funding provided by the Missouri Housing Development Commission and Bank of America. The project is scheduled for completion this winter.
BOSTON — Boston Capital has opened a new fund, Boston Capital Tax Credit Fund XXXII. The fund consists of a $150 million diversified portfolio of affordable apartment properties throughout the U.S. The company expects strong investor interest given the rise in LIHTC and the drop in Treasury rates. This new launch follows the successful closing of Fund XXXI, a nationally diversified portfolio of 30 affordable apartment properties in 12 states with total equity invested of $120 million. Boston Capital’s Fund XXXI included 12 developments for seniors and 18 properties focused on families and added an additional 2,109 apartment units to Boston Capital’s holdings, which currently total more than 166,500 apartments. Boston Capital expects to launch and close two multi-investor national funds, including Fund XXXII, totaling $250 to $275 million by March 2010.
HOUSTON — The Woodlands, Texas-based LMI Capital has secured a $7.5 million loan for the refinancing of a 380-unit multifamily project located in Houston. The loan, which was secured through the Fannie Mae DUS program by LMI’s Jami Mullin, carries a 10-year term, non-recourse. The parties involved were not disclosed.