PITTSBURG, CALIF. — Kennedy Wilson Europe Real Estate plc has acquired the 542-unit Kirker Creek Apartments in the San Francisco East Bay submarket of Pittsburg for $96.5 million. The gated community is located at 1000 Pheasant Drive. Kirker Creek was built in 1987. It is only minutes from the BART. Kennedy Wilson invested $21.2 million of equity in the transaction, including closings costs and the initial capital expenditure budget. It also secured a $77.2-million, 10-year loan from Fannie Mae at 3.78 percent with interest-only for five years.
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EVERETT, WASH. – The 344-unit Millington at Merrill Creek apartment complex in Everett has received $43.5 million in acquisition financing. The 18-building community is located at 1401 Merrill Creek Parkway. The building’s amenities include a business center, 24-hour fitness center, clubhouse, pool, spa, basketball court and playground. The seven-year, interest-only loan was arranged for Security Properties by NorthMarq Capital’s Denver regional office. The firm secured the financing through its seller/servicer relationship with Freddie Mac.
NORTHGLENN, COLO. — BMC Investments has acquired the 388-unit Aspen Park apartment community in Northglenn for $32 million. The community is located at 301 Malley Drive, just north of Denver. BMC plans to invest $1.4 million to upgrade the property.
GLENDALE, ARIZ. – Rance King Properties Inc. has acquired the 420-unit Northern Greens apartment complex in Glendale for $21 million. The Class B community is located at 8150 N. 61st Ave. It was built in 1988 and remodeled in 2007. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers HSK Multifamily represented both the buyer and the seller, GA Northern Greens LLC, in this transaction.
BETHESDA, MD. — Washington Property Co. (WPC) has broken ground on Solaire Bethesda, a 139-unit luxury apartment community along the Metrorail’s Red Line in Bethesda. The $60 million property will be located at 7100 Wisconsin Ave. near Bethesda Row, Bethesda’s popular shopping and dining destination. Upon completion in 2016, the property will feature 6,400 square feet of ground-floor retail space and a two-level underground parking garage, as well as a residents’ lounge with a bar and fireplace; club room; cyber café; fitness center; and outdoor terrace. WPC is financing Solaire Bethesda’s construction through a $42 million construction loan from RBS Citizens Bank.
ARLINGTON, VA. — HFF has arranged $65 million in financing for The View, a 17-story, 257-unit apartment tower at 4000 Wilson Blvd. in Arlington’s Rosslyn-Ballston Corridor. The View is located in the Library Center enclave at the Ballston Metro Station. Liberty Center is a 2.3 million-square-foot mixed-use development. Delivered earlier this year, the LEED Silver-certified property has an amenity package that includes a concierge desk, fitness center, club room, private courtyard, movie screen, 9,000 square feet of retail space and a common area rooftop. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 15-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, Ashton Park Associates III LLC, an affiliate of The Shooshan Co. The borrower will use the loan’s proceeds to retire existing construction debt on the property.
TAMARAC, FLA. — CBRE has brokered the sale of Marketplace at Tamarac, a 67,202-square-foot retail center located at 6801-6997 W. Commercial Blvd. in Tamarac in Broward County. Marketplace at Tamarac LLC purchased the property from Joge Investments Inc. for approximately $10.6 million. Joge Investments is an affiliate of Janoura Realty and Management Inc. The property is fully leased to tenants such as Floors Direct, Sherwin Williams and Tamarac Preschool Academy. David Donnellan and Todd Weintraub of CBRE represented the seller in the transaction.
TEQUESTA, FLA. — Capital One Bank has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living and memory care facility in Tequesta, about 21 miles north of West Palm Beach. The property has 71 assisted living units and 29 memory care units. Carolyn Whatley of Capital One Specialty Healthcare Real Estate arranged the 35-year loan on behalf of the borrower, Terrace Communities.
MAYFIELD HEIGHTS, OHIO — Goodman Real Estate Services Group has brokered the $47 million sale of a 371,748-square-foot shopping center in Mayfield Heights, a suburb of Cleveland. Golden Gate Shopping Center is located at 1625 Golden Gate Plaza. Tenants include Marshalls, Golf Galaxy, h.h. Gregg, PetSmart, Jo-Ann Fabric and Craft, OfficeMax, Cost Plus World Market and K&G Menswear.Hornig Capital Partners LLC, a New York -based privately held real estate investment company, purchased the property as part of a joint venture with B&D Holdings and Hutensky Capital Partners. Kyle Hartung and Jim Becker of Goodman Real Estate Services Group, and Jacob Fedder of CBRE, represented the seller, Forest City Enterprises and an undisclosed partner.
MUNDELEIN, ILL. — HREC Investment Advisors has arranged the sale of a 92-room Comfort Inn & Suites in Mundelein, a suburb of Chicago. Oak Brook, Ill.-based Mundelein Realty LLC, which owns several properties in the Chicago area, purchased the property located at 517 Illinois 83 for an undisclosed price. Scott Kaniewski and Tom Sommer of HREC Investment Advisors' Chicago office and Scott Stephens, of the firm’s Tampa office represented the seller, Buffalo Grove, Ill.-based American Enterprise Bank, in the transaction. There are several demand generators near the hotel, such as Medline Industries, Motorola Mobility, and Six Flags Great America.