LISLE, ILL. — Wells Fargo has secured a $7.5 million loan for the refinancing of the 160-unit Country Villas Apartments in Lisle. The loan carries a 10-year term, and is interest-only for the first 5 years. The lender was Freddie Mac, and the loan was taken out under the lender’s Streamlines Refinance Mortgage Purchase Program. The undisclosed borrower used Freddie Mac’s early rate lock 75 days prior to closing. The loan was originated by Brian Manion of Wells Fargo’s multifamily capital office in Northbrook, Ill.
NEW YORK CITY — Stonehill Development is currently constructing Meserole, a luxury condominium development located at 127-129 Meserole St., in the Williamsburg neighborhood of Brooklyn, New York City. The four-story condominium will feature 16 units ranging from 654-square-foot studios to 1,573-square-foot one-bedroom residences. Designed by Karl Fischer, the units will feature 9-foot ceilings, hardwood floors, gourmet kitchens and private balconies. The homes start at $420,000. The Developers Group is the exclusive sales and marketing firm for the project.
NEW YORK CITY — Joel Silver and Ethan Eldon are currently converting an historic warehouse into Tribeca Summit, a 63-unit condominium development located at 415 Greenwich St. in the Tribeca neighborhood of Manhattan, New York City. The former Summit Warehouse was redesigned by H. Thomas O’Hara Architects and Conceptual Architect Anthony Morali of M Studio. Upon completion, the facility will feature two- and four-bedroom lofts, as well as penthouse duplexes and townhomes. Amenities include a fitness center, 24-hour concierge, a children’s playroom and 24-hour attended parking. Prices for the residences begin at $2.65 million. Prudential Douglas Elliman Developments is heading up the sales and leasing for the multifamily project.
WICHITA FALLS, TEXAS — The Hartford, Mass., office of Tremont Realty Capital has arranged financing for the refinance of an apartment complex in Wichita Falls. The 2-year, $3.4 million bridge loan was funded through a regional bank. The property, Summit Apartments, comprises 149 units.
PLAINFIELD, IND. — The Multi-Housing Group of CB Richard Ellis (CBRE) has brokered the sale of Lakeside at Walnut Hills, an 84-unit apartment community located at 644 Lakeside Dr. in the Indianapolis suburb of Plainfield. Amy Burmeister and Dane Wilson of CBRE represented the seller, Sundance Property Management; the property was acquired Chimera Property Management for an undisclosed amount.
NEW YORK CITY — The iconic 20 Exchange Place building in the Financial District in Manhattan, New York City, is set to be converted into a rental residential building. Standing at 57 stories, the converted facility will feature 350 units with rents starting at $2,500. The 800,000-square-foot facility will also feature amenities such as a 24-hour doorman, a residents’ lounge, a landscaped deck on the 19th floor and a fitness center. The building is being converted by owner and developer, Metro Loft Management.
MIDDLETOWN, R.I. — Steve Witten and Victor Noletti of the Witten & Noletti Group of Marcus & Millichap have completed the $19.65 million sale of Northgate Apartment Homes in Middletown. Situated on approximately 16 acres at 3 Admiralty Dr., the facility contains 19 buildings with a total of 179 units. The complex features 85 one-bedroom units, 88 two-bedroom units, and six three-bedroom units. Witten and Noletti represented the seller, Middletown Tarragon, and the buyer, Northland Middletown, in the disposition.
BENSENVILLE, ILL. — Oak Brook, Ill.-based Inland Real Estate Sales has arranged the sale of Argyle Park Apartments, a 48-unit multifamily community located at 1006 and 1008 Argyle St. in Bensenville, for $3.25 million. The two-building property is comprised of 30 one-bedroom and 18 two-bedroom units. Bob Edmiston of Inland represented the buyer, Mohawk Apartments, as well as the undisclosed seller.
NEW YORK CITY — BMC Capital has originated a $2.9 million loan for the refinancing of the President Apartments in Brooklyn, New York City. Located in the Crown Heights South neighborhood, the complex contains three multifamily buildings. The loan has a 65 percent loan-to-value with a 5-year fixed rate interest. The borrower was undisclosed.
SAN BERNARDINO, CALIF. — JLO Properties LLC has acquired an 80-unit apartment complex, which is located at 1823 Clyde St. in San Bernardino. Clyde Street Properties sold the property for $8.97 million. Bo Drake and William Everitt of Los Angeles-based Investment Real Estate Associates represented the buyer; Alex Mogharebi of Marcus & Millichap represented the seller in the transaction.