VIRGINIA BEACH, VA. — An affiliate of Norfolk, Va.-based Harbor Group International has purchased the 288-unit Woodshire Apartments from an affiliate of Denver-based AIMCO for $22.1 million. Located on South Budding Avenue in Virginia Beach, the property includes a swimming pool, a clubhouse and a fitness center. Woodshire is currently 95 percent occupied. Cushman & Wakefield of Virginia’s Drew White brokered the deal.
BRADENTON, FLA. — CORE Construction of Florida has completed the 109-unit Lake House at Waters Edge assisted living facility in Bradenton. Developed by Florida Christian Homes Senior Housing Inc. West Bradenton, the $14 million property includes a more than 200-seat restaurant. Lake House encompasses one and two-bedroom units ranging from 600 square feet to 1,100 square feet.
FERGUSON, MO. — The St. Louis office of Love Funding has secured $15.29 million in construction financing for the new Christian Care Home, a senior housing project located in Ferguson. Christian Care Home will contain a total of 178 beds, divided between 150 skilled nursing beds and 28 assisted living care beds. Robyn Cunningham of Love Funding arranged the financing, which carries a 6.7 percent interest rate and a 40-year amortization schedule, by utilizing the HUD 232 new construction program. The loan is FHA insured. The borrower and the construction timetable for the project were not disclosed.
EWING, N.J. — The grand opening will be held this weekend for The Jefferson, 235-unit residential condominium project located in Ewing. Developed by Iselin, N.J.-based American Properties Realty, The Jefferson comprises 10 three-story buildings. All of the units contain two bedrooms and include up to 1,635 square feet of living space. Prices start at $209,990. Amenities at the Jefferson include a 3,500-square-foot clubhouse with a fitness center, a clubroom, a meeting room, a library, a conference room and a business center. Other amenities include an outdoor pool, a playground and a bocce court. Phase I of the project, consisting of 49 homes, is more than 40 percent sold and the first residents are expected to move in this summer. The clubhouse opened in March. At the grand opening, three model units will be unveiled, which were designed by Atlanta-based Design Environments, the same interior architect that designed the clubhouse.
ROCHESTER, N.Y. — NorthMarq Capital has arranged $4.6 million in first-mortgage financing for Creek Hill Apartments, a 126-unit multifamily property located in Rochester. The loan includes a 5-year term and a 20-year amortization schedule. It was arranged by Sam Berns of NorthMarq’s Upstate New York regional office on behalf of the undisclosed borrower. The lender was a regional bank.
GALVESTON, TEXAS — Sperry Van Ness has brokered the foreclosure sale of The Club of the Isle, a 248-unit luxury multifamily community located in Galveston. The Class A property is situated on more than 15 acres at 3433 Cove View Blvd. on Galveston Island. It comprises three four-story wood frame and concrete stilt buildings with parking garages on the ground floor. The community features one-, two- and three-bedroom units, and three-bedroom townhome units. Monthly rents range from $765 to $1,395. Amenities include gated access, swimming pools and a spa, a billiard room, a massage room, a volleyball court a clubhouse, a fitness center, a playground, a 16-hole chip and putt course and a business center. Occupancy was 80 percent at the time of sale. Kitty Wallace represented the sellers, Bank of America and Wachovia, and the buyer, Illinois-based Marquette Cos. The Club of the Isle was built in 2005 as an apartment community, but a local investor acquired it in 2006 and proceeded to sell some of the units as condominiums. As the residential market deteriorated, the owner started leasing units prior to the foreclosure. The new owner plans to operate the community as apartments in the near-term.
BOULDER, COLO. — The Denver office of NorthMarq Capital has arranged construction/permanent financing in the amount of $41 million for The Carillon at Boulder Creek, a 117-unit senior-living community located at 2525 Taft Dr. in Boulder. The loan will be used to renovate the 117-unit senior-living community. The property consists of a nine-story building, which is currently being renovated to feature 54 senior residential units. Additionally, 63 units are currently under construction on a site that formerly housed a one-story skilled nursing wing. Amenities include a full-service restaurant, an outdoor garden and walking path, a spa/salon, an indoor lap pool, a theatre and game/activity room, concierge service, a business center, medical/dietary assistance, laundry/housecleaning services, and full kitchens in all units. One Eighty/Leisure Care will operate property. Steve Koeneke and Dave Link of NorthMarq arranged the financing through NorthMarq’s FHA subsidiary, AmeriSphere, on behalf of the borrower, MGL Partners.
MOREHEAD CITY, N.C. — Brad Cox of Thomas D. Wood & Co.’s Sarasota, Fla., office has arranged a $1.55 million loan for the 50-unit Crystal Coast Apartments, located at 2109 Mayberry Loop in Morehead City. The 10-year loan is part of the Fannie Mae Immediate Delivery Loan Program. The loan carries a 5.94 percent interest rate and a 30-year amortization.
FITCHBURG, WIS. — NorthMarq Capital has arranged the sale of New Fountains, a 578-unit apartment community located in Fitchburg, for $21.7 million. The transaction was arranged by Paul DeKruiff of NorthMarq’s Chicago office on behalf of the undisclosed seller. The property was purchased by an undisclosed party at a 7.25 percent capitalization rate.
SAUK VILLAGE, ILL. — Marcus & Millichap has brokered the sale of Crossroads Apartments, a 180-unit multifamily community located in Sauk Village. Crossroads Apartments comprises ten buildings with 18 units apiece. Amenities include an outdoor swimming pool, a tennis court and a picnic area. James Walsh and Michael Wernke of Marcus & Millichap’s Chicago Downtown office represented the seller and secured the buyer. Both parties were undisclosed. The property listed for $8.95 million but the sale price was not released.