LEXINGTON, KY. — Cohen Financial’s Mark Strauss, Bruce Krall and Kevin Greenberg arranged a $12.53 loan for Pasco Companies’ acquisition of the 208-unit Resort at Lake Crossing. The 10-year, fixed-rate loan for the apartment property, located at 3601 Brookewind Way in Lexington, includes 57 percent loan-to-value financing. The loan was financed by Wachovia through its Freddie Mac program.
CHICAGO — The Dallas office of PNC ARCS has arranged approximately $5.25 million in financing for the West Addison Apartments in Chicago. Financing was based on a 10-year term, with a 30-year amortization schedule. The loan for the 61-unit multifamily community included 5 years interest-only at a rate of 5.98 percent. Additionally, the mid-rise apartment complex houses 1,921-square-feet of first-floor retail product.
SOUTHFIELD, MICH. — Southfield-based Bernard Financial Group has arranged a $4.6 million loan for Stanford Townhouses located in Southfield. The borrower for the multifamily complex, which consists of 118 units within 16 buildings, was Stanford Townhouses LLC. The lender was KeyCorp Real Estate Capital Markets Inc. Terms of the financing were not disclosed.
NEW YORK CITY — Construction is nearing an end for The St. Claire on Fifth, a seven-story residential condominium building located at the corner of Fifth Avenue and 128th Street in Harlem, New York City. Upon completion, the building will include 13 two- and three-bedroom residences ranging in size from 1,125 to 1,625 square feet. Each unit includes a balcony and/or terrace, as well as white oak flooring, double casement windows, gas-burning fireplaces and 8.5- to 9.5-foot ceilings. Building amenities include a 1,500-square-foot common roof deck with a clubroom; a fitness center with a sauna; a massage room with a shower room; and an on-site parking garage. Prices for the residences start at $700,000. Five of the units are already under contract, and occupancy is scheduled for this fall. Griffin Real Estate Group is serving as exclusive marketing and sales agent.
DALLAS AND DONNA, TEXAS — Marcus & Millichap has completed two Texas sales. In Dallas, the firm brokered the sale of the 63-unit Oak Glen Apartments. The community is situated north of Interstate 20, between interstates 35 and 45, and is also located near a DART Rail Station. John Barker of Marcus & Millichap’s Dallas office listed the property on behalf of the seller, a Texas-based limited partnership. Jeffrey Miller of the firm’s Encino, Calif., headquarters office represented the buyer, a California-based corporation. The acquisition price was not disclosed. Additionally, Chad Knibbe of Marcus & Millichap’s San Antonio office represented the seller in the disposition of a 5,4000-square-foot, net-leased Auto Zone located at 802 Hooks Ave. in Donna. Situated on approximately a half-acre, the Auto Zone was constructed in 1998. The acquisition price was not disclosed, but the property listed for approximately $1 million.
CAMPBELL, CALIF. — Chicago-based Waterton Associates LLC has raised $222 million of equity capital for its Western Residential Property Fund X, which is the company’s fourth joint venture with California State Teachers Retirement System (CalSTRS). The fund, which targets value-added and opportunistic properties, has acquired The Parc at Pruneyard in Campbell as its first acquisition. Built in 1968, the 252-unit property consists of 10 two-story residential buildings, a pool, a picnic/barbecue area and a community clubhouse that features a fitness room and a billiards room. The property features one-bedroom/one-bath units and two-bedroom/one-and-a-half bath units offering washer/dryers, patios or balconies and air conditioning.
BATON ROUGE, LA. — Tapestry Springbrook Apartments LLC recently sold its 200-unit Springbrook Apartments to New Orleans-based Favrot & Shane Cos. for $14.58 million. The property features a clubhouse, fitness center and resort-style pool and will be managed by 1st Lake Properties. David Treppendahl of Re/MAX First Commercial Real Estate represented the seller.
HACKENSACK, LITTLE FERRY AND MIDDLESEX, N.J. — New Jersey-based The Orbach Group has sold three New Jersey residential buildings in a $12 million transaction. Totaling 106 rental units, the three buildings are located at 107 Hudson St. in Hackensack, 440 Liberty St. in Little Ferry and 57 Park Brook Gardens in Middlesex. Occupancy was more than 98 percent at the time of closing, and rents range from $800 to $1,250 per month for the studio, one- and two-bedroom units. The buyer was Fort Lee, N.J.-based Lenox Real Estate Partners. Orbach originally acquired the buildings last year as part of a $45 million, 13-building transaction. The remaining buildings in the portfolio will remain under Orbach’s management.
HOLLYWOOD, CALIF. — The Metropolitan Hollywood, a luxury residential building in Hollywood, has reopened after undergoing an extensive renovation. Located at the corner of Sunset Boulevard and Van Ness, the property features 52 apartment units offering views of the city. The units feature central A/C; full-kitchens with stainless steel, state-of-the-art appliances; granite countertops; soft-loft style/one-bedroom layouts; high ceilings; walk-in closets and bamboo-style flooring. The building features gated property and parking access, a gym with steam showers in both the men’s and women’s locker rooms, a club room with a flat screen television and NFL Sunday Ticket, an evening concierge, ample parking, laundry facilities and an on-site management and maintenance staff.
SAN JOSE, CALIF. — Virtu Investments has purchased Los Gatos Creek Apartments in San Jose for $18 million or approximately $214,000 per unit. Los Gatos Creek Apartments LLC sold the property, with consists of 84 apartment units. Craig Chiappone, Curtis Gardner and Mike Colhoun of Arroyo & Coates represented both parties in the transaction.