WEST CHESTER, PA. — Beech Street Capital has provided a $32 million Fannie Mae loan for the refinancing of Goshen Terrace Apartments, a 384-unit property located in West Chester. Russ Dreb of Meridian Capital Group arranged the loan financed by Beech Street Capital as part of its correspondent relationship with Meridian. The 10-year loan has a 30-year amortization schedule.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $7.3 million sale of 1280 E. 18th St. in Brooklyn. The 42,180-square-foot, six-story apartment building includes 47 apartments. Josh Orlander of GFI Realty represented both the buyer and the seller in the transaction. The buyer plans to make improvements to the building to attract young professionals in the area.
BEDFORD — Marcus & Millichap has arranged the sale of the 85-unit Linbrook Apartments, located at 531 Bedford Rd. in Bedford. The property was 80 percent occupied at the time of the sale. Boyan Radic, Mason Green and Brian Roosth in Marcus & Millichap's Fort Worth office represented the buyer, a 1031 exchange company from the East Coast, and the seller, a limited partnership from California, in the transaction. The buyer plans to upgrade the unit interiors and install a new roof.
ONTARIO, CALIF. — Johnson Capital has arranged $19.7 million for the 168-unit Woodmere Apartments in Ontario. The non-recourse FHA loan features a low fixed rate and a 35-year term. The debt will be utilized to refinance the apartment community, which was built in 1986. The loan was arranged on behalf of Woodmere’s owner, a local investor, and was provided by Johnson Capital Huntoon Hastings. Financing was arranged by Greg Richardson, managing director, and Scott Watson, vice president, of Johnson Capital’s Irvine, Calif., office.
HUNTINGTON BEACH, CALIF. – A 64-unit apartment complex in Huntington Beach has sold to MHE Properties for $12,730,000. The complex underwent a full renovation in 2004 and is 100 percent occupied. Pat Swanson of Colliers International’s Irvine, Calif., office represented both the buyer and the seller, The Von Gremp Family.
KISSIMMEE, FLA. — Los Angeles-based Cohen & Associates has purchased the 152-unit Tierra Vista Apartment Homes, located at 8700 Tierra Vista Cir. in Kissimmee, from Tierra Vista I LP. for $7.7 million. Amenities include a clubhouse, a swimming pool, a fitness center and a playground. Armand Tiberio, Dmitry Gourkine and Timothy Flint of Marcus & Millichap's Seattle office represented both parties in the transaction. Shlomi Ronen of Los Angeles-based Dekel Capital arranged financing for the property.
FAIRFIELD, OHIO — The Connor Group, a Centerville-based real estate investment firm, has sold Timber Hollow Apartments in Fairfield for $23.5 million to Timber Hollow SPE LLC. The deal came five years after The Connor Group purchased the 368-unit community.
MESA, ARIZ. – The 120-unit Sycamore Square Apartments in Mesa has sold to RND6, LLC from Orion Pacific Note Investors, LLC for $6,250,000. The complex was built in 1979 and is more than 90 percent leased. Alon Shnitzer of Marcus & Millichap’s Phoenix office was the transacting broker.
WEST NEW YORK, N.J. — Roseland Property Co. has broken ground on the $120 million River Trace, a 316-unit rental building in West New York. The project, which is a new addition to the 200-acre master-planned community along Port Imperial Boulevard, will include one-, two- and three-bedroom units. Amenities will include a theater room and fitness center. Occupancy is slated for the fall of 2013.
PHOENIX — Jones Lang LaSalle’s Capital Markets group has hired John Cunningham to establish and grow the firm’s multifamily investment sales practice in Phoenix and the surrounding region. Cunningham will serve as executive vice president. The firm noted this is the latest move in a company-wide strategy to grow its multifamily expertise in core markets as they track their recoveries.