CLEVELAND — The Commercial Mortgage Access division of Cleveland-based KeyBank Real Estate Capital has provided more than $6.33 million in loans for four Midwest apartment communities. In Walled Lake, Mich., the company has provided approximately $2.6 million in financing for Hawk Lake Apartments. The 10-year loan represented a loan-to-value of 75 percent. KeyBank also provided an approximately $1.68 million loan for Garfield Club Apartments located in Garfield Heights, Ohio. Financing for Garfield Club Apartments was based on a 10-year term. In North Royalton, Ohio, KeyBank provided financing for the Royal Garden Apartments. The $1.44 million loan was based on a 5-year term. Finally, the company has provided $616,000 to finance Wind Ridge Apartments located in Batesville, Ind. The 10-year loan represented a loan-to-value of 70 percent. Additional terms of the loans were not disclosed.
NEW YORK CITY — New York City-based Jonathan Rose Cos. has acquired a 198-unit affordable housing portfolio in Harlem, New York City, for approximately $26.5 million. The portfolio consists of 10 six-story, elevator-served buildings located at 107-145 W. 135th St. The buildings also contain 4,500 square feet of ground-floor retail space. Jonathan Rose renewed the buildings’ HUD Section 8 contract for an additional 20 years and plans to renovate the property with a focus on energy efficiency and sustainability. The acquisition was made on behalf of The Rose Smart Growth Investment Fund I, the company’s real estate investment fund.
FORT WORTH AND GREENVILLE, TEXAS — Cushman & Wakefield of Texas (C&W) has brokered two Dallas-area multifamily sales. In Fort Worth, C&W arranged the sale of Les Jardin Apartments, a 77-unit, Class C property located at 2901 Travis Ave. The community comprises four, two-story buildings and was 89 percent occupied at the time of closing. C&W’s Stephanie Mower, Barney McAuley. Brandon Beeson and Mart Martindale represented the seller, Columbus, Ohio-based Les Jardin Holding Co.; the buyer, Grafford Investment Group, was represented by Brad Sumrok of Lifestyles Realty. In Greenville, Martindale brokered the sale of the 65-unit Lakeway Apartments on behalf of the undisclosed seller. The property was acquired by El Paso, Texas-based El Paso Rivera Investments, which plans to invest in a capital improvements program for the property in the near-term. Occupancy was 68 percent at the time of closing.
LENEXA, KAN. — David Farrell in the Kansas City regional office of NorthMarq Capital has arranged $18.9 million in first mortgage financing for the Dunes at Falcon Valley located in Lenexa. Terms of the loan for the 208-unit multifamily community were not disclosed. NorthMarq placed the loan with one of its life insurance correspondents on behalf of the borrower, Dunes at Falcon Valley LLC.
WATERBURY AND NEW BRITAIN, CONN. — The Hartford, Conn., office of Chozick Realty has arranged two Connecticut multifamily sales totaling $5.72 million. In Waterbury, Rick Chozick and Marty Levitz of Chozick Realty arranged the $3.55 million sale of Diamond Court Apartments. The community comprises 80 townhome apartments in a mix of 24 two-bedroom, 54 three-bedroom and two four-bedroom units. Apartment sizes range from 795 to 1,285 square feet. In addition, 40 percent of the apartments are reserved as affordable housing for those making less than 60 percent of the median area income. The seller was Diamond Court-CHFA, Inc. The buyer, Diamond Court Realty, Inc., acquired the property in a sealed bid.
WATERBURY AND NEW BRITAIN, CONN. — The Hartford, Conn., office of Chozick Realty has arranged two Connecticut multifamily sales totaling $5.72 million. In Waterbury, Rick Chozick and Marty Levitz of Chozick Realty arranged the $3.55 million sale of Diamond Court Apartments. The community comprises 80 townhome apartments in a mix of 24 two-bedroom, 54 three-bedroom and two four-bedroom units. Apartment sizes range from 795 to 1,285 square feet. In addition, 40 percent of the apartments are reserved as affordable housing for those making less than 60 percent of the median area income. The seller was Diamond Court-CHFA, Inc. The buyer, Diamond Court Realty, Inc., acquired the property in a sealed bid. In New Britain, Rick Chozick and Ryan Perkoski, also of Chozick Realty, arranged the $2.17 million sale of Edgewood Apartments. The community consists of two brick buildings with a mix of 10 one-bedroom units and 30 two-bedroom units. Occupancy was 95 percent at the time of closing. The seller was Edgewood Properties LLC and the buyer was Marconi Enterprises.
DENVER — Alliance Residential Co. has opened TwentyOne 01 on Market, a Broadstone Community in downtown Denver. Located at the corner of 21st and Market streets in the Ballpark Neighborhood, the property features 226 residential units and 6,600 square feet of retail space. The rehabilitated 60,000-square-foot former Piggly Wiggly warehouse offers 52 loft units and the new eight-story building offers 174 loft units, below-grade parking and amenities, including a clubroom, a sports lounge, a 24-hour athletic center, a 24-hour business center, 24-hour resident-controlled video security access, heated covered parking and a swimming pool. Final delivery is slated for March.
FRESNO AND EL CAJON, CALIF. — KeyBank Real Estate Capital has closed two loans totaling $8.9 million for two multifamily properties in California. In the first transaction, KeyBank provided a $4.9 million Fannie Mae supplemental loan to Provence at the Dominion LLC for Le Provence, a 268-unit condominium complex in Fresno. Additionally, KeyBank provided a $4 million Fannie Mae assumption and supplemental loan to R&V Management Corp. for Coral Gardens Apartments, a 200-unit garden-style apartment complex in El Cajon.
PEMBROKE PINES, FLA. — Israel-based Gamla-Cedron Group has purchased the 26 remaining units at the 250-unit La Via Condominium complex from an undisclosed seller for $1.43 million. The property is a distressed asset that has been sold, piece by piece, since 2005. The apartment complex, which is located in Pembroke Pines, was converted to condominium units to facilitate its sale. Avery Klann of Apartment Realty Advisors’ Boca Raton, Fla., office arranged the deal.
CHICAGO — Essex Realty Group has brokered the sale of a 33-unit multifamily community located at 6506 N. Ashland in the Rogers Park neighborhood of Chicago. The property houses 31 studios, one one-bedroom unit and one two-bedroom unit. Additionally, the building includes two street-level commercial storefronts. David Goss and Jon Morgan of Essex represented the seller, a local bank, and the buyer in the transaction. The property commanded a sales price of approximately $1.8 million.