RICHMOND, VA. — W. Barry Hofheimer, Scott Boyers and Wink Ewing of CB Richard Ellis’ Richmond office represented JG Virginia LP in the sale of the 98-unit Hampstead Apartments to Windsor Co. for $5.1 million. Located at 2340 Hampstead Ave. in Richmond, the 7-acre site sits near retail amenities and Interstate 64.
CHICAGO — Cambridge Realty Capital Cos. has provided a $24.2 million FHA-insured permanent mortgage loan to refinance Maple Point Apartments, a senior housing community located at 150 W. Maple St. in Chicago. An Illinois not-for-profit corporation owns the 342-unit independent senior living facility. The HUD Section 207 pursuant to section 223(f) loan was arranged for the property’s owner. Cambridge Realty Capital Ltd. of Illinois was the underwriter for the fully amortized, 35-year term loan. The interest rate was not disclosed.
FORT WORTH, TEXAS — Hendricks & Partners has brokered the sale of Crescent Oaks, a 220-unit multifamily community located at 3001 W. Normandale St. in Fort Worth. Peter Harnett of Hendricks & Partners’ Dallas office represented the seller, Miami-based FUCMT 2001-C3 W. Normandale LLC. The buyer, Harleysville, Pa.-based Prattco Crescent Oaks LP, acquired the property for an undisclosed amount.
SANTA CRUZ, CALIF. — Essex Property Trust has purchased Chestnut Town Homes and Apartments, a 96-unit multifamily property located at 525 Laurel St. in Santa Cruz. The 87,640-square-foot property, which also offers four commercial units, sold for $22.05 million or $220,500 per unit. Built in 2002, the community consists of two buildings offering a mix of one- and two-bedroom units. Jamie D’Alessandro and Brian Henry of Marcus & Millichap represented the seller, Wavecrest Development, in the transaction; Marcus & Millichap also represented the buyer.
SURPRISE, ARIZ. — Scottsdale, Ariz.-based PM Canyon Ridge LLC has completed the disposition of Canyon Ridge, a 192-unit apartment community located in Surprise. Logan, Utah-based Wasatch Acquisitions and Capital Inc. purchased the Class A property for $17.65 million. The community consists of two-story rental buildings offering a mix of one-, two- and three-bedroom units. Community amenities include a resort-style pool and spa, an exercise facility and mountain views. The units feature 9-foot ceilings, washer/dryers, balconies/patios, air conditioning and fully equipped kitchens with refrigerators, microwaves, dishwashers and disposals. Bob Bruno and Mark Forrester of Hendricks & Partners’ Phoenix office represented the seller in the transaction.
STRONGVILLE, OHIO — PNC ARCS has arranged $6 million in financing for Southwest Commons Assisted Living community, which is located at 18090 Pearl Rd. in Strongville. Financing was based on a 10-year term, with a 30-year amortization schedule, at a rate of 6.77 percent. The 68-unit property contains 25,912 square feet of residential living space. The loan was originated by PNC ARCS’ Bend office, through Fannie Mae’s Senior Housing loan product.
MT. VERNON, N.Y. — Meridian Capital Group has arranged $53.2 million in acquisition financing for Westchester Plaza, an 850,000-square-foot residential community located in Mt. Vernon. The community consists of four residential buildings spread out over 8.9 acres, as well as a 75,000-square-foot shopping center. The property contains 698 apartment units; tenants in the retail portion include Washington Mutual Bank, Radio Shack and Eckerd. Elliot Treitel of Meridian’s New Jersey office secured the loan on behalf of the borrower, Urban American Management. Terms of the financing include a 5.5 percent fixed rate with interest-only payments for the first 3 years.
APOPKA, FLA. — Patrick Skinner, Kevin Yaryan and Steven Sussman of Marcus & Millichap Real Estate Investment Services have represented Housing Partners of Florida in its purchase of the 101-unit Taylor Apartments, located at 131 E. 15th St. in Apopka, from an undisclosed seller for $3.2 million. Rents at the housing complex are subsidized by the government under the U.S. Department of Housing and Urban Development’s Section 8 program. Winter Park, Fla.-based Hara Management represented the seller.
CHICAGO — New York City-based Meridian Capital Group has arranged more than $6 million in financing for three multifamily properties in Chicago. Tannie Schnell of Meridian’s Illinois office has arranged $3.28 million in financing for a multifamily building located at 1441 W. Howard St. in Chicago. The 62-unit apartment community is situated within the East Rogers Park neighborhood. Financing was based on a 5-year term mortgage, with a rate of 5.13 percent. Gershon Friedman, also of Meridian’s Illinois office, has brokered approximately $2.92 million in financing for two Chicago apartment buildings located at 6810 N. Lakewood Ave. and 3915 N. Fremont Ave. Combined, the properties contain 51 units. Financing was based on a 5-year term mortgage, with a rate of 5.33 percent.
RANTOUL, ILL. — Marcus & Millichap Real Estate Investment Services has brokered the sale of the Parkview Rentals located at 1400 Hobson Dr. in Rantoul. The sales price for the 128-unit apartment community was $1.65 million. A Southern California investment group has acquired the 12.78-acre property, which consists of one-, two-, three- and four-bedroom units, from an undisclosed seller. Shaun Buss and Sean Lyons of Marcus & Millichap’s downtown Chicago office represented both parties in the transaction.