INDIANAPOLIS — The owner of Greentree Apartments , a 448-unit apartment complex in Indianapolis, has received an $11.5 million FHA Section 223 (a)(7) loan. The 35-year, non-recourse loan was funded by Huntoon Hastings Inc., a wholly owned subsidiary of Johnson Capital. The new debt, which was used to refinance an existing FHA insured 223(f) loan with a large prepayment penalty, is fully amortizing and carries a 3 percent fixed-interest rate. The owner, which is a family business with several properties in the area, purchased the property in 2007.
ELMHURST, N.Y. — Pi Capital Partners has received $36 million for The Elm East, an 83-unit apartment complex in Elmhurst. The newly constructed mixed-use property includes 27,730 square feet of retail space and has a Starbucks and Subway. The Elm East is located at 86-55 Broadway. The five-year loan was provided by a regional bank and features a fixed-rate of 2.99 percent. Cary Pollack of Meridian Capital Group arranged the deal.
ARLINGTON, TEXAS — ARA has brokered the sale of the 264-unit Springfield at Ballpark Way, located in northern Arlington near the city's entertainment district. Brian O'Boyle, Sr., Brian O'Boyle, Jr., Brian Murphy and Richard Furr of ARA's Dallas office represented the seller, Timberland Partners, in the transaction. The Class B multifamily community is 95 percent leased.
SAN DIEGO — The 34-unit Autumn Ridge Villas in the San Diego submarket of El Cajon has sold to DCC Peach Avenue, LLC for $3.2 million. It is located at 1019 Peach Ave. DCC was represented by Eric Comer, Jim Neil and Merrick Matricardi of CBRE San Diego. The seller, Betty T. Ma, represented itself in this transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of three apartment buildings, located at 602 44th St. and 4405-4409 6th Ave. in Brooklyn, for $3.8 million. The buildings include a total of 28 apartment units. Peter Von Der Ahe, Matthew Fotis and Jeb Hollingsworth of Marcus & Millichap represented the seller, a private investor and the buyer, also a private investor, in the deal.
ALLSTON, MASS. — RODE Architects has completed the renovation and new construction of a multifamily property in Allston, Mass., a Boston neighborhood. The development, called Allston Proper, is a 12,300-square-foot project at the corner of Glenville Avenue and Greylock Road. It includes three floors of new residential units and an extensive renovation of the existing two-family structures on the site. The new building, contemporary in form and texture, includes eight residential units with on-site parking and exterior landscaped surfaces. Boxford-based Fishbrook Builders was the general contractor, and Boston-based Studio 2112 provided landscape architecture services. The James Hardie Co. manufactured the cement fiber siding panels used in the project.
HOLLYWOOD, FLA. — The Delavaco Group has acquired Park Colony, a 316-unit apartment community in Hollywood. The property is located one-half mile south of Hollywood Boulevard, a major east/west thoroughfare in southern Broward County. Park Colony was built in 1987 and has been institutionally owned for 15 years, which has helped the property maintain stabilized occupancy, according to broker Hamton Beebe of ARA. The property was 95 percent occupied at the time of sale. Beebe, Avery Klann and Marc deBaptiste represented the seller, a Boston-based REIT, in the transaction.
DULUTH, MINN. — The original Duluth Fire House No. 1 on Third Street has become an affordable housing apartment complex, following a $12 million renovation. The project included renovating the old arched fire hall to create a 40-unit complex called The Firehouse and Firehouse Flats. The units feature open floor plans, energy-efficient appliances including washer/dryer units and island kitchens. Several units are designated for residents who have experienced chronic homelessness. Community amenities include a fitness center and storage. MetroPlains LLC developed the project. The Greater Minnesota Housing Fund provided $3.5 million for the project and Minnesota Housing secured $1.4 million in financing. A partnership between UnitedHealthcare and U.S. Bank provided $7.1 million in Low Income Housing Tax Credit equity for the project.
PITTSBURGH — Faros Properties has purchased the majority interest of Washington Plaza, a 24-story apartment building in Pittsburgh, and will manage the property. The multifamily property, which is located at 1420 Centre Ave., spans 350,000 square feet. Currently at 96 percent occupancy, the apartment building includes 390 studios and one- and two-bedroom units that range from 460 to 1,180 square feet. Faros Properties said that the building will undergo extensive interior and exterior renovations later this year. Washington Plaza is Faros Properties’ first residential project, as the company owns three office buildings in New York and Connecticut. A purchase price was not disclosed, however, the Pittsburgh Business Times, reported in February that it was $48 million.
BOSTON — CBRE has arranged the sale of The Beacon Hill Portfolio, a 16-unit apartment portfolio, which includes 24 Joy St. and 88 W. Cedar St., located in Boston’s historic Beacon Hill neighborhood. The portfolio consists of two four-story apartment buildings that were built in the late 1800s. Beacon Hill Apts. LLC, a private partnership led by Luzern Associates LLC, sold the portfolio to an affiliate of The Copley Group.