BIRMINGHAM, ALA. — Dallas-based BMC Capital has secured a $7 million loan to refinance the 160-unit Hickory Knoll Apartments. The property is located at 200 Hickory Knoll Blvd. in Birmingham. The 10-year loan features a 30-year amortization and a 65 percent loan-to-value rate.
INDIANAPOLIS — Locally based Tikijian Associates has arranged the sale of the 360-unit Somerset Lakes Apartments on behalf of the seller, Aimco. Gene B. Glick Co. acquired the waterfront apartment community, which is located along an 80-acre lake across from the Keystone Crossing mixed-use complex in Indianapolis, for an undisclosed sum. The average unit size with Somerset Lakes is approximately 1,400 square feet.
COPLEY TOWNSHIP, OHIO — Stamford, Conn.-based Alliant Capital has secured $8.5 million in refinancing for Hunt Club Apartments, a 260-unit market-rate apartment community in Copley Township. The garden-style complex features one and two-bedroom units, and is 91 percent occupied. The borrower was a group of area commercial real estate professionals. John Marr of Alliant Capital originated the transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of a walk-up apartment building, located in Brooklyn, New York City, for $1.05 million. The four-story building, which is situated at 1150 President St., contains 16 rent-stabilized units. GFI’s Joseph Landau and Steven Vegh represented the seller, a locally based investor. The undisclosed buyer was represented Steven Vegh and Yisroel Pershin, also of GFI.
LOS ANGELES — An undisclosed developer has acquired Temple Union Apartment Homes, a 52-unit apartment property in Los Angeles. Located at 330 N. Union Ave., the property sold for $2 million. The REO offering consists of seven parcels of land totaling 37,432 square feet with approved entitlements for 52 apartment homes. Paul Darrow and Ronald Harris of Marcus & Millichap’s Los Angeles office represented both parties in the transaction. The seller was not disclosed.
PASADENA, CALIF. — Nicholas Kokoris and Maria Kokoris of San Marino, Calif., has acquired Madison Heights in Pasadena. Located at 541 Madison St., the six-unit property sold for $1.4 million or $267.38 per square foot. The property consists of two-bedroom/one-bath units. Kevin Hurley and Kevin Lutz of Hendricks & Partners represented the seller, Huntington Beach, Calif.-based Aldoroty Properties, in the transaction.
LONGWOOD, FLA. — NTS Development Co. has borrowed two loans totaling nearly $25 million for apartment complexes in Longwood. The firm took out a $14.63 million loan for its 195-unit Golf Brook Apartments, located at 385 Golf Brook Circle. The 162-unit Sabal Park Apartments received a $9.6 million loan. Golf Brook is currently 92.3 percent leased, and Sabal Park is 90.7 percent leased. Both complexes include fitness centers and swimming pools. Matthew Schoenfeldt of Holliday Fenoglio Fowler’s Chicago office and Elliott Throne of the firm’s Coral Gables, Fla., office secured the loan.
CHICAGO — Meridian Capital Group has arranged a total of $5.87 million in financing for three Chicago multifamily properties. The first is a 32-unit property located at 2418 N. Sawyer Ave.; the second is a 59-unit property located at 6201 N. Kenmore Ave.; and the third is a 19-unit property located at 3454-3456 N. Bosworth Ave. Each of the loans is non-recourse, carries a 10-year term and was financed with a fixed interest rate in the mid-5 percent range. Meridian’s Gershon Friedman secured all three loans. The borrowers and lenders were undisclosed.
PATERSON, N.J. — CB Richard Ellis has (CBRE) brokered the sale of a 25,000-square-foot multi-use building, located at 33-43 Park Ave. in Paterson, for $1.75 million. The property is a three-story building that contains seven residential apartments over four retail units, all of which are occupied. Renovations are planned for the façade, the parking lot and the formerly vacant supermarket space. Dean Marchi and Charles Burger of CBRE represented the seller. Stephen D’Amato, also of CBRE, represented the buyer in the leasing component of the transaction. Both parties were undisclosed.
BREA, CALIF. — John Nguyen of Marcus & Millichap represented the undisclosed seller in the disposition of Stonewood, an apartment property located at 410 W. Imperial Blvd. in Brea. The 35-unit property sold for $5.5 million to an undisclosed buyer.