LONG BEACH, CALIF. – Hendricks & Partners has sold the 30-unit Gotham City apartments in Long Beach for $2,425,000. It was purchased by Gotham Lofts, LLC. Hendricks & Partners' Robert Stepp represented the seller, Dorry H. Plotkin.
Multifamily
LAKEWOOD AND FAIRVIEW PARK, OHIO — Love Funding has refinanced two Ohio apartment communities through the Federal Housing Administration's 223(a)(7) program. Love secured a $6.37 million loan for Fedor Manor, a 145-unit community located in Lakewood, and a $2.95 million loan for Willowood, a 70-unit community located in Fairview Park. The loans carry fixed interest rates of 4.55 percent and 4.95 percent, respectively, as well as 40-year terms. Robert Smallwood of Love's Cleveland office secured the funding.
BATAVIA AND GOSHEN, OHIO — Beech Street Capital has arranged $7.7 million in Fannie Mae financing for the acquisition of two low-income housing communities in the Cincinnati area. Stonelick Woods is a 176-unit property located in Batavia, and Country Lake is a 128-unit community located in nearby Goshen. The fixed-rate financing has a 7-year term and a 30-year amortization schedule. The Beech Street team of Kanett Curtis and Nathan Burlingame arranged the deal, and Jacob Katz of Meridian Capital Group originated it.
BRONX, N.Y. — Bethesda, Md.-based Beech Street Capital has given a $5.8 million Fannie Mae conventional loan to refinance the 111-unit The Buckeye Apartments in the Bronx. Meridian Capital Group originated the transaction. The fixed-rate loan has a term of 7 years and a 30-year amortization schedule.
RENTON, WASH. – The 83-unit Borgata Apartment Homes in Renton has been sold to a joint venture between Grosvenor USA and MT Asset Management LLC for $13.2 million. MT Asset Management is a partnership between Mosaic Homes and Thrive Communities. The transaction was brokered by Philip Assouad and Giovanni Napoli of Kidder Mathews.
LOVELAND, COLO. – NorthMarq’s Denver regional office has arranged $7.3 million in construction financing for Seven Lakes Memory Center in Loveland. Seven Lakes will be a 48-unit, 25,398-square-foot facility that provides assistant to those with Alzheimer’s disease and other forms of dementia. Future phases may include independent senior and assisted living facilities that would reside on-site in a separate building. NorthMarq’s Paul Bruder, senior vice president, and Chris Williams, senior investment analyst, arranged the financing for the borrower, Frontier Management LLC.
PHOENIX – CareCentrix, a benefit management company that specializes in home healthcare services, has leased 18,254 square feet at Squaw Peak Corporate Center. Squaw Peak is a two-building, four-story office complex in Phoenix. The new lease will allow CareCentrix to expand its operation once it relocates this fall. CBRE's Jerry Noble, Pat Devine and Greg Mayer represented Squaw Peak's landlord, Parkway Properties. JLL's Greg Bast represented CareCentrix. Exact terms of the lease were not disclosed.
TAMPA, FLA. — Marcus & Millichap has arranged the $1.45 million sale of the 24-unit Bay Villa Apartments, located at 1402 South Bay Villa Pl. in Tampa. Casey Babb and Luis Baez of the firm's Tampa office represented the seller, a Tampa-based private investor, and procured the buyer, a Tampa-based partnership.
CHICAGO — RREEF has purchased Cityfront Place, a 40-story, 480-unit multifamily tower located in Chicago, for $107 million. Constructed in 1991, Cityfront Place is situated at 400 N. McClurg Court along the Chicago River. RREEF, which made the purchase on behalf of RREEF America REIT II, plans to complete a capital improvements program in the near term. RREEF has developed two multifamily high-rise towers in downtown Chicago during the last six years and currently controls a portfolio comprising more than 9 million square feet of retail, residential, industrial and office space in the Chicagoland market.
BLOOMINGTON, MINN. — France 98 Apartments, a 118-unit multifamily property located in Bloomington, has been refinanced with a $9.24 million loan. Constructed in 1986, the property features controlled entry, fitness centers, clubrooms, barbecue areas, individual storage units, and an underground parking garage. Occupancy was 95 percent at the time of closing. Jason Rice of Grandbridge Real Estate Capital originated the loan on behalf of the undisclosed borrower. Andrew Tapley of Walker & Dunlop arranged the deal.