CHANDLER, ARIZ. — Marty Meagher and Gardiner Champlin of NorthMarq Capital’s San Diego office have secured a $13.72 million loan for the 272-unit Waterside at Ocotillo apartment complex. The property is located at 4800 S. Alma School Rd. in Chandler. The 10-year loan carries a 30-year amortization schedule. AmeriSphere Multifamily Finance provided financing through Fannie Mae.
CHAPEL HILL, N.C. — Jeff Frankel of NorthMarq Capital’s Chicago office has secured a $13.1 million loan for the 240-unit The Pointe at Chapel Hill apartment complex. The property is located at 100 Saluda Court in Chapel Hill. AmeriSphere Multifamily Finance provided financing for the 5-year interest-only loan.
FORT WAYNE, IND. — Southfield, Mich.-based Bernard Financial Group has arranged a $3 million loan for Golf View Apartments in Fort Wayne. The property comprises eight garden-style buildings with 192 multifamily units. The borrower was Village Green of Ft. Wayne LP. The lender was a life insurance company. Bernard will also service the loan.
RHAWNHURST, ORANGE, RAHWAY AND UNION CITY, N.J. — Gebroe-Hammer has closed multiple multifamily sales in New Jersey totaling $6.4 million. In Rhawnhurst, Eli Rosen of Gebroe-Hammer represented both the buyer and seller in the sale of Loretta Arms Apartments. Sold for $1.43 million, the two-and-a-half-story apartment complex features 30 units comprised of a mix of studio and one-bedroom units. David Oropeza, David Jarvis and Greg Pine of Gebroe-Hammer closed the $1.18 million sale of 245 Reynolds Terr. in Orange. Situated in close proximity to the Garden State Parkway, the 17-unit facility features 11 two-bedroom units and six one-bedroom units. In Rahway, Avi Oren and Steven Tenenbaum, also of Gebroe-Hammer, brokered the $600,000 sale of 1300 Fulton St. in Rahway. The new owner plans to upgrade the kitchens and bathrooms throughout the property. In addition, the firm closed three sales totaling $3.2 million in Union City. The sale comprised a combined total of 47 units.
BIG RAPIDS, MICH. — The Detroit Multi-Housing Group of CB Richard Ellis (CBRE) has brokered the sale of Parklane Apartments, a 48-unit multifamily located in Big Rapids. The community, which was built in 1970, consists of four three-story, garden-style buildings situated on 4.7 acres on Fuller Avenue. The apartment units each contain two bedrooms; occupancy was 98 percent at the time of closing. CBRE’s Keith Johnson and Rob Stone represented both undisclosed parties in the transaction. The acquisition price was not disclosed.
JERSEY CITY, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has been selected for an interior rehabilitation project at Mercury, the second phase of the Beacon mixed-use project, located in Jersey City. DMR’s work at Mercury will convert the interior of the 17-story building into 25 live/work artist’s lofts. The luxury units will take up between a half floor and full floor of the building in sizes that range from 3,000 to 6,000 square feet. The exterior restoration work for Mercury has already been completed. In addition, DMR will provide design services for the adjacent Paramount building project. The 22-story building will include 208 residential units, a gym spanning the entire basement level of the building, and a historically preserved theater. Beacon consists of the historic redevelopment of the former Jersey City Medical Center. The project, which is being undertaken by New York City-based Metrovest Equities, will ultimately include 1,200 residential units, parks, retail shop space, screening rooms and a museum devoted to the former medical center.
NEW YORK CITY — New York City-based Massey Knakal Realty Services has arranged the sale of a three-story multi-use building, located at 89-20 Northern Blvd. in New York City, for $1.19 million. The 4,920-square-foot building contains two three-bedroom apartments, two two-bedroom apartments and four street-level retail spaces. Massey Knakal’s Swain Weiner represented the undisclosed seller. The buyer was also not disclosed.
NEW YORK CITY — The Frameworks Group has completed 30 new beachfront condominiums at Bell Shores Condominium, a 78-unit luxury condominium community located in the Rockaway section of Queens, New York City. The single-level and duplex residences contain a mix of two and three bedrooms. They range in size from 967 to 1,897 square feet and feature up to 1,047 square feet of private outdoor space overlooking the Atlantic Ocean. The units are priced from the $500,000s and offer a 15-year tax abatement. Unit amenities include private storage and gated parking, hardwood flooring, high ceilings and walk-in closets. Some units also feature grand fireplaces.
GLENDALE, ARIZ. — N/A Sage Stone -81 LP, an affiliate of Santa Barbara, Calif.-based Nevins Adams Lewbel Schell, has purchased Sage Stone at Arrowhead, a multifamily community located at 6233 W. Behrend Dr. in Glendale. The 308-unit property features two resort-style swimming pools with spas, a clubroom with a kitchen and fireplace, a fitness center and a business center. The individual units feature 9-foot ceilings, crown molding, full-size washers and dryers, recessed lighting, oversized walk-in closets and private patios or balconies. At the time of acquisition, the property was 94 percent occupied. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller, a Midwest-based financial group, in the transaction.
SUNNYVALE, CALIF. — Laguna Niguel, Calif.-based Raintree Partners has acquired its first multifamily property. The firm purchased Trellis Square Apartment Homes, a 204-unit luxury apartment complex in Sunnyvale, for $38.25 million. Located at 963 E. El Camino Real, the property offers one- and two-bedroom units, a fitness center, a spa and a swimming pool. William Huberty and Matthew Holmes of CB Richard Ellis’ San Francisco office represented the seller, an affiliate of Northwestern Mutual, in the transaction. Financing was provided by Fannie Mae through Troy Tegeler and Bethany Bailey of CBRE Capital Markets.