KALAMAZOO, MICH. — Hughes Equities LLC has received $13.5 million in mortgage financing, secured by a 711-unit multifamily portfolio, for the repayment of an existing floating-rate loanm. The non-recourse 10-year loan includes a 25-year amortization schedule. The portfolio, dubbed Western Michigan Apartments, includes six multifamily complexes located in Kalamazoo, Wyoming and Kentwood, Mich. Terrace Capital Inc. provided the loan.
NEW YORK CITY — Silvershore Properties has purchased four buildings in Brooklyn, in separate transactions, totaling $9.7 million. The acquired properties include 115 Atlantic Avenue in Brooklyn Heights for $2 million; 32 Garnet Street in Carroll Gardens for $1.2 million; 278 Dean Street in Boerum Hill $1.3 million; and 219 13th Street in Park Slope for $5.25 million. Silvershore plans to renovate and reposition the properties. The building on Atlantic Avenue is a four-story, 5,000-square-foot building with a duplex apartment, additional full-floor apartment and ground-floor retail. The property on Garnet Street is a four-story, eight-unit multifamily building. The building on Dean Street is an 8,000-square-foot, four-story multifamily building with eight units. 219 13th Street is a 22,000-square-foot, six-story apartment building with 25 units.
DENVER — The 296-unit Prospect Park apartment project in Denver has received $13.7 million in financing. It will be located at 2970 Huron Street, just blocks from the Union Station redevelopment and adjacent to Coors Field. The 300,000-square-foot building should be completed in the third quarter of 2014. The mezzanine loan was secured by HFF’s Dave Keller and Ken Martin. They worked on behalf of Edwards Companies. The loan was placed with Behringer Harvard Opportunity REIT II, Inc. It will be used in conjunction with a construction loan to finance the project’s development.
SAN DIEGO — The 11-unit Bayside apartments in San Diego has sold to 1728 Realty Company LLC for $2.6 million. The community is located at 3630 Bayside Lane. The seller, 3630 Bayside LLC, was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.
BRANDON, FLA. — Tampa-based Blue Rock Partners LLC, in conjunction with Goff Capital Partners, has acquired the 366-unit Westbury at Lake Brandon apartments in Brandon for $38.8 million. Blue Rock’s acquisition holdings now surpass 6,400 units in the Tampa Bay and Orlando area, including 2,286 units in Brandon. ARA brokered the transaction of Westbury at Lake Brandon, which is located at 1210 Westbury Pointe Drive. Broadstone Westbury LLC was the seller and KeyBank arranged acquisition financing.
NORFOLK, VA. — CBRE | Hampton Roads has brokered the sale of Franklin Condominiums at 220 W. Brambleton Ave. in Norfolk for $2.67 million. The four-story, 57,630-square-foot mixed-use development includes 19 high-end condominiums ranging from 1,395 to 3,800 square feet. Property amenities include a covered, drive-up entrance way, security, interior courtyard with patios and water features and about 70 parking spaces. Patrick Gill, Chad Lesley and Joanna Hastings of CBRE | Hampton Roads handled the transaction. GTG Financial LLC purchased the property, located in the Freemason District of downtown Norfolk.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $9 million sale of 220 E. 18th St., a multifamily building located in the Prospect Park South section of Brooklyn. Built in 1926, the 63,000-square-foot property includes 100 apartments. Joseph Landau of GFI Realty Services Inc. represented the seller, a local investor. Josh Orlander, also of GFI Realty represented the buyer, a local investor.
AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Canyon Oaks, a 562-unit apartment community located at 1601 Royal Crest Drive in Austin. The complex offers studio, one-, two-, three- and four-bedroom floor plans. George Deuillet III of Hendricks-Berkadia negotiated the transaction between the seller, S2S Canyon Oaks Associates LP, and the buyer, Austin-based Presidium Group.
DALLAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Catalina Court, a 123-unit apartment complex located at 3425-3435 S. Polk St. in Dallas. Steven Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer is an investor that owns multiple multifamily properties on South Polk Street.
GILBERT, ARIZ. – The 196-unit Painted Trails Apartment Homes in Gilbert has sold to RK Properties for $25.7 million. The Class A community is located at 4255 E. Pecos Road within the master-planned community of Power Ranch. RK Properties was represented in-house by Robert Alexander. The seller, Wasatch Premier Communities, was represented by Alon Shnitzer and Eddie Chang of Orion Multifamily Group, which is part of Orion Investment Real Estate.
