LAMESA, CALIF. — Vickie Winters of Dwinn-Shaffer & Co. represented the company in arranging $7.5 million in first mortgage financing and a $1 million accounts receivable line of credit for Community Convalescent Hospital of LaMesa, an assisted-living facility in LaMesa. The 119-bed skilled-care facility is located at 8665 LaMesa Blvd. The permanent loan represents 75 percent of value, and was financed for 5 years at a fixed rate based on a 25-year amortization.
Multifamily
CHATTANOOGA, TENN. — BRT Realty Trust acquired by deed, in lieu of foreclosure, a 308-unit garden apartment complex in Chattanooga, in the accordance with the terms of a “walk-away guarantee” provided by the borrower’s principal. The property had secured a first mortgage loan with an outstanding principal balance of $25.7 million.
ROCKVILLE, MD. — Federal Capital Partners, in partnership with Angelo, Gordon & Co., has purchased The Monterey, a 432-unit, 16-story high-rise apartment community in Rockville. Federal Capital will re-establish the property as a Class A complex through a $17 million renovation. The property was 45 percent occupied at the time of sale, and is located at the intersection of Rockville Pike and Montrose roads.
OVERLAND PARK, KAN. — Irvine, Calif.-based Passco Cos. has acquired The Village at LionsGate, a 360-unit multifamily property located at 14631 Broadmoor St. in Overland Park, for $37 million. The master-planned community comprises 43 buildings surrounding a 4-acre lake. Community amenities include a swimming pool, a 24-hour fitness center and business center, and a clubhouse with a billiards room, a large-screen TV and a video library. Passco plans to spend approximately $1 million upgrading the property. The company has selected Pinnacle Management to manage the property, which will remain a residential rental community in the near-term. William Powell of the Kansas City, Mo., office of Hendricks & Partners negotiated the sale on behalf of Passco and the seller, Houston-based USA LionsGate LeaseCo.
FOXBOROUGH, MASS. — Robert Tito and Gina Barroso of NAI Hunneman have brokered the $7.15 million sale of Hamilton Square in Foxborough. The 61-unit, seven-building complex is located at 135 Chestnut St. The facility contains seven ranch-style units and 54 townhome-style residences. Situated on 4.45 acres, the property totals 57,740 rentable square feet. Tito and Barroso represented the seller, Oak Ridge Apartments Limited Partnership, and procured the buyer, Universal Realty Corp.
SHREVEPORT, LA. — New York-based Platinum Management has acquired a multifamily portfolio, consisting of four complexes in Shreveport, from Chicago-based First Bank of Illinois, for $9.5 million. The properties are Villa Norte, a 13-building, 200-unit property, located at 1620 Fullerton St.; The Pines, a 20-building, 128-unit property, located 8040 Line Ave.; Kings Manor I, a 20-building, 184-unit property, located at 7210 Bernstein Ave.; and Kings Manor II, an 8-building, 64-unit property, located at 1674 David Raines Rd. Kings Manor I features one- and two-bedroom units, and the remaining properties feature a one-, two- and three-bedroom unit mix. David Bilfeld of Chicago-based Colliers Bennett & Kahnweiler represented the seller in the transaction.
MARLBOROUGH, MASS. — CB Richard Ellis has completed the sale of the 274-unit Jefferson at Wheeler Hill in Marlborough. The multifamily facility sits on 56 acres at 21 Austen Way. It is adjacent to interstates 495 and 290 and is in close proximity to the Route 95/128 corridor, the 193/Route 3 corridor and the Route 495 corridor. Amenities include a fitness center, a two-story clubhouse and a resort style swimming pool. Paul Donahue, Travis D’Amato and Malcolm McComb of CB Richard Ellis represented the seller, RREEF Real Estate, and procured the buyer, Steven D. Bell & Company. The sale price was undisclosed.
SANDY SPRINGS, GA. — Centerville, Ohio-based The Connor Group has acquired The Stratford, a 269-unit multifamily complex in Sandy Springs, from Dallas-based Invesco Real Estate for $28.5 million. The property is located directly off Glenridge Rd., and features one- and two-bedroom units with high-end amenities including a pool, fitness center and business center. The property was approximately 90 percent occupied at the time of sale. Derrick Bloom, John Weber and Sean Henry of Apartment Realty Advisors represented the seller.
NEW YORK CITY — Bob Klein of Kalmon Dolgin Affiliates has completed the $20 million sale of 580 Union Ave., a 35,000-square-foot development parcel located in the Greenpoint neighborhood of Brooklyn, New York City. Klein represented the seller, McCarren Park, and the buyer, Heatherwood Properties, in the transaction. The buyer plans to construct a six-story residential rental community on the site.
WACO, TEXAS — SWB Heritage Square Partners (SWB) has selected Humphreys & Partners Architects to provide architectural services for the developer’s student living facility within a mixed-use project located at South Third and South Fourth streets in downtown Waco. The student-housing complex, which is located within the approximately 166,000-square-foot Waco Town Center project, will be a four-story facility. Amenities at the complex will include a computer/business center, a fitness center, on-site parking and direct access to the Baylor University shuttle route. Construction begins this spring on the project with a scheduled completion date of fall 2009. Campus Advantage will provide management services for the complex when it opens.