ATLANTA — Greystone has provided a $50 million acquisition loan for a two-property multifamily portfolio in metro Atlanta totaling 588 units. The properties in the portfolio include Rosemont Cityview in Marietta and Dawson Forest in Dawsonville. Robert Russell of Greystone arranged the 10-year CMBS loan with a 30-year amortization schedule on behalf of the Midwest-based borrower.
TAYLORS, S.C. — The RADCO Cos. has purchased the 548-unit Granite at Taylors from RJ Finlay & Co. for $33.8 million. The property is located in Taylors, a suburb of Greenville. The community’s amenities include walking trails, grills, picnic tables, two swimming pools, a clubhouse, sport court, dog park, playground and on-site laundry facilities. RADCO funded the acquisition with private capital and debt from BBVA Compass Bank. CBRE brokered the transaction. RADCO plans to invest $6 million to upgrade the apartment community’s interiors, expand the amenity offerings and renovate the exterior. The Atlanta-based multifamily investor will also rebrand the community as Cobalt Springs and add “Ashford” to the name upon completion of the capital improvements. Including this acquisition, RADCO’s portfolio spans 45 apartment communities.
PENSACOLA, FLA. — Multi Housing Advisors (MHA) has brokered the $27.1 million sale of two apartment communities in Pensacola. Totaling 392 units, the properties include Arbor Club Apartments and Ashley Club Apartments. ApexOne purchased the assets from Greystone and plans to make capital improvements to the two properties. Both communities had 50 percent of their unit interiors upgraded by the seller prior to the sale. Jimmy Adams of MHA’s Birmingham, Ala., office represented Greystone in the transaction.
YORKTOWN, VA. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has funded a $13.7 million construction loan for The Crossings on the Peninsula in Yorktown. The new 104-unit, 86,000-square-foot facility comprises 68 assisted living residences and a 34-bed memory care wing known as Harmony Square Town Center. The property’s amenities will include a library, computer lab, on-site fitness center, theater, pub, dining room, multi-purpose room, beauty shop, nursing/physician center and a swimming pool. Richard Thomas and Meredith Davis of Grandbridge coordinated the transaction with Neal Lineberry of parent company BB&T on behalf of the borrower, Roanoke, Va.-based Smith/Packett Med-Com LLC.
GREENVILLE, N.C. — Capstone Capital has closed the $10 million CMBS refinancing of Trafalgar Square Apartments. Built in two phases in 2001, the 192-unit apartment property is located at 2477 County Home Road in Greenville. The previous owner had $7.7 million in existing debt on the transaction. Jackson Howard of Capstone Capital arranged the 10-year loan with a fixed interest rate below 4.75 percent with three years of interest-only payments followed by a 30-year amortization schedule. The CMBS loan is the sixth loan that Capstone Capital financed on behalf of the undisclosed borrower.
PORTLAND, ORE. — Marcus & Millichap has arranged the sale of Hawthorne Gardens Assisted Living, a 58-unit, 84-bed assisted living and memory care facility in Portland, for $10.8 million. Located in East Portland, Hawthorne Gardens was built in 2007 and was 88 percent occupied at the time of the sale. Dan Mahoney and Tony Cassie, directors of Marcus & Millichap’s National Seniors Housing Group in Portland, represented the sellers and procured the buyer in this transaction.
RANCHO SANTA MARGARITA, CALIF. — Colliers International has brokered the $9.6 million sale of a single-tenant retail site in the master-planned community of Rancho Santa Margarita in southern Orange County. Located at 22331 El Paseo, the single-tenant pad totals 74,000 square feet. The all-cash transaction closed with a cap rate of 5.5 percent. A 22,000-square-foot 24 Hour Fitness facility has occupied the site since 1997. The fitness facility also includes a sub-tenant chiropractic service. Mehran Foroughi and John Wadsworth of Colliers represented the seller, an Orange County-based private investor, in the transaction. The buyer was also a private investor.
LAS VEGAS — Marcus & Millichap has arranged the $2.85 million sale of Tierra Rainbow, an 11,759-square-foot multi-tenant shopping center located in Las Vegas. Pablo Rodriguez of Marcus & Millichap worked on behalf of the seller and procured the buyer in the transaction.
VICTORVILLE, CALIF. — Marcus & Millichap has arranged the $2.25 million sale of Metropolitan Plaza, a 21,208-square-foot multi-tenant retail center in Victorville. Pablo Rodriquez and Richard Vincent of Marcus & Millichap worked on behalf of the seller in the transaction. The center was fully occupied at the time of sale.
SAN FRANCISCO — Colliers International has hired Victoria Brodsky to its retail services group. Brodsky, who has participated in the closings of more than $500 million in transactions, will become a member of Julie Taylor’s retail team. Brodsky most recently served as a retail specialist at Cushman & Wakefield in San Francisco.
