LOS ANGELES — Meridian Capital Group has arranged $20 million in permanent financing for a 10-property multifamily portfolio in Southern California. The 163-unit property recently underwent extensive renovations. Alex Katz of Meridian’s Los Angeles office negotiated the financing on behalf of the borrower, Los Angeles-based Capital Foresight LP. Terms of the non-recourse loan include a 5.75 percent fixed-rate interest for 5 years.
NORTH HILLS, CALIF. — Tony Azzi of Marcus & Millichap’s West Los Angeles office has brokered the disposition and acquisition of 8615 Columbus Avenue in North Hills. The 42-unit multifamily property sold for $3.8 million or $151 per square foot. The building was constructed in 1970. The seller and buyer were not disclosed.
ATLANTA — Atlanta-based Post Properties has sold its 206-unit Post Lenox Park apartment complex to Steven D. Bell & Co. of Greensboro, N.C., for $22.7 million. The property, which was built in 1995, is located at 100 Lenox Park Circle in Atlanta. With the sale, Post is expected to report a gain of $12 million.
WATERBURY, CONN. — PNC ARCS has arranged an $8.57 million loan for River’s Edge Apartments, a 156-unit multifamily community located in Waterbury. The gated community was built in 1974; amenities include a swimming pool with a cabana area, secured storage space and laundry rooms. The loan was originated by the Princeton, N.J., office of PNC ARCS through Fannie Mae. Terms of the financing include a 6.5 percent fixed interest rate and a 10-year term with 2 years of interest-only payments. The borrower was not disclosed.
VALLEJO, CALIF. — Stanford Jones, Phil Saglimbeni and Sal Saglimbeni of Marcus & Millichap represented both parties in the disposition and acquisition of Blue Rock Village, a 560-unit multifamily community located at 1900-2000 Ascot Pkwy. in Vallejo. The property sold for $54.4 million or $97,143 per unit. The 448,256-square-foot property features a mix of one- and two-bedroom units offering a private balcony or patio, functional kitchen layouts, generous walk-in closets and covered parking. Additionally, the gated community features swimming pools, a spa, a fitness center and picnic areas. The buyer and the seller were not disclosed.
LEMON GROVE, CALIF. — Hitzke Development Corp. has purchased a 0.8-acre land parcel, which is located at 3595 Olive St. in Lemon Grove, for $2 million. The buyer plans to redevelop the property into Citronica Two, an 80-unit senior mixed-use development. Jason Smithson of NAI San Diego represented the buyer; the seller, Coach of San Diego Inc., was represented in-house.
CHICAGO — Chicago-based Ventas Inc. has sold five senior housing assets to affiliates of Emeritus Corp. for an aggregate sale price of $62.5 million. The facilities, which are located in four states, house a total of 432 units. Prior to the sale, Emeritus was the operator of the five assets. The acquisition price represents a 6.7 percent capitalization rate on current annualized cash rent of $4.2 million. Ventas Inc. expects to record a gain of approximately $23 million on the sale. In addition to providing $10 million in seller financing for the transaction, the company was released from approximately $7 million of existing mortgage debt. The loan is guaranteed by Emeritus, and bears an interest at an average rate of 8.25 percent, which is payable monthly, and matures in 3 years. The company can accelerate the loan on the occurrence of various events. Emeritus remains a operator in 11 other senior housing properties owned by Ventas.
TAMPA, FLA. — Chicago-based Blackhawk Realty Advisors has purchased the 150-unit Palm Lake apartment complex from AIMCO for $6.7 million. The 153,700-square-foot property, which was built in 1972, is located at 13401 N. 50th St. in Tampa. Amenities include a swimming pool and a business center. Byron Moger and Luis Elorza of Cushman & Wakefield’s Tampa office brokered the sale.
WOODBRIDGE, VA. — Washington, D.C.-based Love Funding has arranged a $5.2 million loan for the 89-unit Potomac Place Apartments. The property is located at 2133 Montgomery Ave. in Woodbridge. Financing was secured through the FHA loan program. The deal comes with a 6 percent fixed-interest rate and a 35-year amortization.
VERNON, CONN. — Chozick Realty has completed the sale of two apartment properties, located in Vernon, for $1.76 million. The communities are Regency I and Regency II, and are located at 71 Loveland Hill Rd. and 55 Old Town Rd., respectively. The communities total 31 units; Regency I contains 18 one-bedroom units in two brick buildings, as well as a single-family home; Regency II contains 12 one-bedroom units in a single brick building. Tom Boyle of Chozick Realty represented the seller, West Boulevard Associated, and the buyer, a private individual investor. This transaction marks the fourth time that Tom Boyle has brokered the disposition of the properties.