SCOTTSDALE, ARIZ. – A 6.5-acre site inside Scottsdale’s McCormick Ranch development has sold to Standard Pacific of Arizona for $6.5 million. The company plans to develop 60 multifamily units on the Class A location. Standard Pacific was represented by Grant D. Helgeson and Don McCaul of the Westland Properties Group. The seller, Mark-Taylor (MT Victor, LLC), was represented by Greg Hopley of Colliers International’s Scottsdale office in this fee-simple transaction.
ORLANDO — BB&T Real Estate Funding, a subsidiary of Grandbridge Real Estate Capital, has arranged a $13.1 million acquisition and renovation loan for Carlton Arms, a 558-unit multifamily property in Orlando. The nonrecourse financing was structured with a 36-month term with tow, 12-month extensions.
HUDSON COUNTY, N.J. — A 13-property multifamily portfolio has sold to a private investment group for $37.6 million. The portfolio includes seven properties in West New York, five in Union City and one in North Bergen and has a total of 398 units. All of the properties are located within Hudson County, the smallest, but most densely populated county in New Jersey. West Orange-based Feinstein, Raiss, Kelin & Booker LLC arranged the sale.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of the 51-unit Briarcrest Apartments, located at 506 N. Rogers Road in Irving. Boyan Radic of Marcus & Millichap's Fort Worth office represented the seller, a limited liability company, in the transaction.
BROOMFIELD, COLO. – The 216-unit Willow Run Village in Broomfield has received $22.1 million in financing. The community is located at 12621 N Zuni Street. The fixed-interest rate loan includes a 30-year amortization schedule. Financing was arranged by Charles H. Williams and Jon Reible of KeyBank Real Estate Capital through Freddie Mac for Griffis/Blessing, Inc.
SCOTTSDALE, ARIZ. – A 6.5-acre site inside Scottsdale’s McCormick Ranch development has sold to Standard Pacific of Arizona for $6.5 million. The company plans to develop 60 multifamily units on the Class A location. Standard Pacific was represented by Grant D. Helgeson and Don McCaul of the Westland Properties Group. The seller, Mark-Taylor (MT Victor, LLC), was represented by Greg Hopley of Colliers International’s Scottsdale office in this fee-simple transaction.
JACKSONVILLE, FLA. — GoldOller Real Estate Investments has acquired Country Club Lake Apartments in Jacksonville for $56 million. The 555-unit complex is located in the East Jacksonville section of the city and the transaction was part of GoldOller's open-ended apartment fund. The fund, launched in 2010, now includes a portfolio of 6,500 units in seven states, valued at $500 million. Country Club Lake includes three swimming pools, three clubhouses and an adjacent golf course.
MELBOURNE, FLA. — Pollack Shores Real Estate Group has acquired the 252-unit Polo Glen Apartments in Melbourne for $28.2 million. Matrix Residential will manage the Class A gated community. The property is 94 percent occupied and amenities include a heated pool, fitness center, and playground. Kevin Judd of ARA arranged the sale and Stephen Farnsworth of Walker & Dunlop secured a 10-year, Freddie Mac loan for the property. The community is located at 3603 Middleburg Lane.
COLUMBUS, OHIO — The 98-unit Jeffery Apartments in Columbus has received a $7.8 million loan. The non-recourse loan has a 10-year, fixed-rate and a 30-year amortization schedule. The borrower was JDS Development & Management, which used the loan for existing debt and equity for the acquisition of several apartment units that were previously sold when the project was originally developed as a condominium. The building, located at the northeast corner of East 1st Street and North 4th Street, was constructed in the 1990s. Terrace Capital Inc. arranged the loan.
STAMFORD, CONN. — The NHP Foundation (NHPF) has closed on $17.7 million construction financing for the renovation and preservation of Bayview Towers Apartments in Stamford. The Connecticut Housing Finance Authority provided the loan. NHPF will undertake $12.3 million in renovations and upgrades to 200 units of the low- and moderate-income housing. PNC Bank served as the tax credit investor for Bayview Towers Apartments, providing $7 million in federal low-income housing tax credit equity. The Connecticut Light and Power Co. is also supporting the project by making a $500,000 contribution through the State of Connecticut's Housing Tax Credit Contribution program to assist with the rehabilitation of the project. Bayview Towers Apartments was built in 1973 and is located at 300 Tresser Blvd.