YORK, PA. — Bulls Capital Partners has provided $7.5 million in refinancing for Stonewood Village Townhomes in York. The multifamily facility comprises 144 apartment units situated within 18 townhouse style buildings. Mark Van Kirk of Bulls Capital and Steve Arnold of Columbia National Real Estate originated the loan on behalf of the borrower, Victory Realty Group. Funding was provided by Fannie Mae.
Multifamily
CLIFTON, N.J. — Dean Marchi and Charles Berger of CB Richard Ellis have completed the $3.49 million sale of 137-141 Center St., a 36-unit apartment complex in Clifton. The complex was 100 percent occupied at the time of the sale. The buyer and seller were undisclosed. The buyer purchased the property as part of a 1031 exchange.
HOUSTON — M.J. Spoor & Co. has arranged approximately $5.4 million in financing for the acquisition of Stoneriver Apartments located at 8901 Bissonnet St. in Houston. The 324-unit multifamily property includes amenities such as an access gate, covered parking, a pool area, laundry facilities and a tennis court. Both the buyer and seller of the Class C apartment property were undisclosed.
ST. LOUIS — St. Louis-based Paric Corp. has been selected to provide general contracting services for a $7.8 million senior housing development located on South Grand Boulevard in St. Louis. The three-story, 76,000-square-foot project will comprise 87 apartments, as well as ground-floor retail space. Community amenities will include a computer center, a multi-purpose room, a dining hall, an exercise room and a courtyard. The project is being developed by The Pyramid Companies.
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.
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.