SAN ANTONIO — Needham, Mass.-based Potomac Realty Capital has structured and funded $38.2 million in financing for a 942-unit multifamily portfolio located in San Antonio. The loan was structured as a $33.5 million first mortgage loan and a $4.7 million mezzanine loan. Proceeds will be used to acquire the portfolio, complete a minor renovation program and fund an interest reserve. The borrower is an entity comprised of a full-service real estate firm and a joint venture between six individual investors. Jeffrey Weingart of Potomac originated the loan.
COLUMBUS, OHIO — Wrightwood Capital has provided $15 million to finance the acquisition of a seven-property Storage Inns portfolio located in Columbus. With more than 407,000 square feet of storage space, the self-storage properties contain a total of 3,406 units. The Sterling Group has acquired the portfolio, and plans to re-brand the properties. Additional plans include the improvement of on-site management, increased merchandise sales and enhanced marketing efforts. The loan was sourced through Devin Huber of Beacon Realty Capital. Wrightwood Capital structured a 36-month loan.
NEW YORK CITY — Eastern Consolidated has arranged the sale of two adjacent multifamily buildings, located at 303-305 E. 53rd St. in New York City, for $8 million. The two four-story structures were jointly built on the same lot and total 33,440 square feet. The ground floor is occupied by Top Tune Entertainment, a restaurant and lounge, while the second floor is occupied by Japanese Karaoke, a bar and lounge. Residential tenants occupy the third and fourth floors of the buildings. Charlotte Fu of Eastern Consolidated, represented the buyer, locally based Edro Realty, and procured the seller, 303-305 Building LLC. The property traded at a 6 percent cap rate. The air rights to the properties are currently leased to the neighboring Connaught Tower cooperative.
HACKENSACK, N.J. — New York City-based Meridian Capital Group has secured $16 million in acquisition financing for The Carlyle, a 13-story residential building located at 380 Prospect Avenue in Hackensack. The Class A multifamily property contains 128 units; property amenities include a 24-hour doorman, an outdoor swimming pool and underground parking. Terms of the loan include a 5.5 percent fixed rate for a 7-year term, with 3 years interest-only payments. Avi Weinstock and Chaim Tessler of Meridian’s New York office arranged the financing on behalf of the borrower, AKS Management. The lender was undisclosed.
INDIANAPOLIS — Tikijian Associates has brokered the $80 million sale of a five-property multifamily portfolio totaling 1,885 units located throughout Indianapolis. Indianapolis-based Ardizzone Enterprises has acquired the properties from AIMCO. The portfolio includes the 616-unit Bent Tree apartments; the 404-unit Brookwood apartments, which also includes two commercial facilities; the 187-unit Cheswick Village; the 582-unit Reflections apartments; and the 96-unit Winchester Village apartments. Dallas-based Lincoln Property Cos. has been retained by Ardizzone to manage the portfolio.
BUFFALO, MINN. — Minneapolis-based NorthMarq Capital has arranged $4.16 million in first-mortgage financing for Evergreen Square Apartments, which are located at 911 6th Ave. NE in Buffalo. Financing for the 78-unit property was based on a 7-year term, with a 30-year amortization schedule. The loan was arranged for the borrower through NorthMarq’s affiliate, AmeriSphere Multifamily Finance. Michael Padilla of NorthMarq’s Minneapolis office brokered the transaction.
CHILLICOTHE, OHIO — Marcus & Millichap has brokered the sale of Westernview on the Hill apartments, which are located at 1355 Western Ave. in Chillicothe. The 118-unit multifamily community contains one- and two-bedroom flats, as well as townhomes. An undisclosed buyer has acquired the property for $4.1 million. J. Rosenbusch and Matt Gockstetter of Marcus & Millichap’s Columbus, Ohio, office represented both parties in the transaction.
NEW YORK CITY — GFI Realty Services has negotiated the sale of 1667 and 1690 Clay Ave., two five-story apartment buildings located in the Bronx, New York City, for $3.8 million. The two walk-up buildings contain 43 apartment units and two retail stores. The transaction was negotiated by Colin Rower of GFI Realty Services. The buyer was Chad Kurland of Titan Capital, and the seller was the Gershnov family, which sold the property as part of a reverse 1031 exchange.
AUSTIN, TEXAS — The Austin office of Hendricks & Partners (H&P) has brokered the sale of Cooper’s Hill Apartments, a 255-unit multifamily community located at 739 W. William Cannon Dr. in Austin. The property contains two-story walk-up buildings situated on 8.78 acres. Community amenities include a swimming pool with a hot tub, a clubhouse and barbecue pits. Ellen Muskin and George Deuillet III of H&P represented the seller, Santa Rosa, Calif.-based Coopers Hill Apartment Associates of Austin. The property was acquired by Scottsdale, Ariz.-based Coopers Hill Apartments LLC for an undisclosed amount.
MONTCLAIR, CALIF. — Beverly Hills, Calif.-based Kennedy Wilson Multifamily Management Group has partnered with PCCP LLC to acquire Cambridge Park, a 165-unit townhome community located in Montclair. Acacia Capital sold the property for $29.25 million. The community comprises 22 two-story, townhome-style structures and a leasing office. To be renamed The Lexington, the property offers a mix of two- and three-bedroom units averaging 1,100 square feet. Units feature mansard roofs, central heating and air-conditioning, oversized patios or balconies, full-size washers and dryers, double steel sinks, electric ranges, dishwashers, ceiling fans and large closets. Additionally, the community offers a fitness center, a swimming pool, a children’s playground and outdoor barbeques. The buyers, who assumed Acacia’s existing Fannie Mae/Prudential loan, plan to invest an additional $2.33 million to renovate the property, which was built in 1974.