OVERLAND PARK, KAN. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $17.5 million loan for the refinancing of The Dunes at St. Andrews Apartments in Overland Park. The property, built in 2000, consists of 240 units and is 97 percent occupied. The 10-year loan features an interest rate of 4.3 percent. Charley Babb and Tiffany Mullins of MCA placed the loan with a Fannie Mae/DUS lender.
INDIANA — SkyView Advisors has brokered the sale of R&R American ULock, a five-property portfolio of self-storage facilities located in northwest Indiana. The sales price was not disclosed. The properties total 164,640 square feet and consist of 916 non-climate controlled units. The facilities were built from 1989 to 2007. The units range in size from 60 to 880 square feet. Ryan Clark and Jay Crotty of SkyView Advisors represented the seller, DCG Enterprises LLC, as well as the undisclosed buyer.
FLOWERY BRANCH, GA. — Cushman & Wakefield’s Atlanta multifamily team has brokered the sale of TreePark, a 456-unit apartment community located in Flowery Branch. Toronto-based Venterra Realty purchased the asset from Atlanta-based Watkins Real Estate Group for $58.8 million. The community was developed in 2006 on 38 acres east of Lake Lanier. Amenities include a resort-style clubhouse, swimming pool, lighted tennis courts, walking trail, park area with green space, spa and parking areas for RVs and boats. Brandon Whitesell, Chris Spain and Alex Brown of Cushman & Wakefield represented Watkins in the transaction. TreePark was 93.4 percent occupied at the time of sale.
SEMINOLE, FLA. — Greystone has arranged a $48.5 million refinancing for Lake Seminole Square, a seniors housing community in the Tampa suburb of Seminole. Brookdale operates the entrance-fee continuing care retirement community. Further details were not disclosed. Greystone’s seniors housing lending team of Scott Kavel, Neal Raburn and Cary Tremper completed the Fannie Mae financing.
LITTLE ROCK, ARK. — KeyBank Real Estate Capital has arranged a $47.7 million acquisition loan for two Class B apartment communities in Little Rock totaling 712 units. The properties, Chenal Lakes Apartment Homes and Brightwaters Apartment Homes, were built in the mid-1980s and underwent several renovations between 2011 and 2016. Erik Storz of KeyBank arranged the 10-year loan through Fannie Mae’s Green Rewards Loan Program. The financing features five years of interest-only payments and a 30-year amortization schedule.
CHATTANOOGA, TENN. — The RADCO Cos. has acquired its first apartment community in Tennessee — Mountain Creek in Chattanooga. RADCO purchased the 296-unit, Class C property for $20 million and has renamed it Radius Mountain Creek, the third community under RADCO’s Radius brand. Marcus Lyons and David Oakley of Berkadia represented the seller, Detroit-based Broder & Sachse Real Estate Services, in the transaction. Berkadia also recently brokered the $8.5 million sale of another asset in Chattanooga, Ledford Apartments, on behalf of Broder & Sachse. RADCO will spend about $6.5 million on capital improvements of Radius Mountain Creek. The Atlanta-based multifamily investor is financing the acquisition and renovations using a $19.8 million loan from Bank of North Georgia and more than $8 million in private capital. RADCO Residential will manage the asset. Built in 1972, Radius Mountain Creek is situated on 50 acres north of the Tennessee River and features views of nearby Signal Mountain. Units average 931 square feet and community amenities include a fitness center, playground, business center and a swimming pool.
MOUNTAIN BROOK, ALA. — L&B Realty Advisors has purchased Cahaba Village, a 115,180-square-foot shopping center located along US 280 in the Birmingham suburb of Mountain Brook. The company purchased the property free and clear of existing debt for an undisclosed price on behalf of an institutional separate account client. Cahaba Village’s tenant roster includes Whole Foods Market, Mountain High Outfitters and Bryant Bank. Jim Hamilton, Richard Reid, Barry Brown, Ryan Shore, Mike Allison and Brad Buchanan of HFF represented the undisclosed seller in the transaction. Birmingham-based Bayer Properties developed Cahaba Village in 2007 and sold it to Clarion Partners in 2010, according to the Birmingham Business Journal.
BOSTON — Synergy Investment has completed the disposition of an office and retail building located at 26 West St. in Boston’s Ladder District. Boston-based Eden Properties acquired the property for $21.8 million. Services Employee International Union occupies a portion of the building on a long-term lease. Scott Dragos of Colliers International Boston represented the seller in the deal.
LACONIA, N.H. — Connecticut-based investment bank HJ Sims has arranged $17.5 million in bond financing for Taylor Community, a nonprofit continuing care retirement community (CCRC) in Laconia, a resort and retirement destination in New Hampshire’s Lakes Region. The new bonds will replace and restructure existing debt on the property, as well as terminate third-party interest rate swaps. The community’s improved financial performance and higher occupancy opened up opportunity for the refinancing. The new bonds feature a fixed 3.75 percent interest rate for a 10-year period.
FRANKLIN PARK, N.J. — Cronheim Mortgage has secured $10.3 million in refinancing for a grocery-anchored retail center located in Franklin Park. The non-recourse loan features a three-year term and a 30-year amortization schedule. A mix of local and national retailers, including Dollar General and PNC Bank, occupy the 67,531-square-foot property. The name of the borrower was not released.