AUSTIN — George Deuillet III of Hendricks & Partners' Austin office has represented the seller, So Xhosa Holding Corp., in the REO sale of Walnut Grove, a multifamily community located at 7211 Northeast Dr. in Austin. Praxis Capital purchased the property, which features 39 one-bedroom and 15 two-bedroom units, and plans a significant rehabilitation.
PASADENA, CALIF. — Marcus & Millichap has presided over the $4.2 million sale of a 34-unit apartment property, located at 1455 North Los Robles in Pasadena. Marcus & Millichap’s John Susank represented the seller, a partnership, in the transaction, and the brokerage firm’s Danny Bahng represented the buyer, William J. Galloway Family Trust.
CAHOKIA, ILL. — Cambridge has provided a $3.9 million HUD first mortgage loan for the refinancing of Cahokia Nursing and Rehabilitation Center in Cahokia. The skilled-care nursing facility offers 150 beds. The fully amortized, 35-year term loan was arranged for the undisclosed property owners using HUD's Section 232 pursuant to Section 223(a)(7) funding program. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois.
RIVERDALE, ILL. — Turnstone Development Corp. has completed reconstruction and renovation of Riverdale Senior Apartments, which is located at 335 West 138th Street in Riversdale. The five-story, 52-unit building offers 43 one-bedroom apartments and nine two-bedroom units, in a combination of public and affordable housing. Additionally, the building features three ADA accessible units and eight ADA adaptable units. Reconstruction of the 45-year-old building included the addition of a community room, an on-site laundry facility, two new elevators and a general social services offices. McShane Construction, which served as general contractor for the project, completed tuckpointing, balcony refurbishing, replacement of all windows and roofing materials and provided new entryway canopies. McShane also installed a new fire sprinkler system, electrical and plumping updates and a modernized HVAC system. The project received funding from the American Reinvestment and Recovery Act through the U.S. Department of Housing and Urban Development, the Housing Authority of the County of Cook, Ill., and the County of Cook's Department of Planning and Development. Piekarz Associates PC provided architectural services for the project.
ASHBURN, VA. — Walker & Dunlop has provided a $70.2 million loan, which is insured under the U.S. Department of Housing and Urban Development's Section 220 program. The loan is for the Residences at Loudoun Station, a residential and commercial property located at the proposed Loudoun Station in Ashburn. The project will include 357 residential units and 61,575 square feet of commercial space in three buildings. Construction is under way and completion is scheduled for July 2012. The loan was structured with a 90 percent loan-to-cost and will convert into a 40-year fully amortizing mortgage after construction is complete. The borrower is Comstock Partners LLC. The loan was sourced by Cushman & Wakefield Sonnenblick Goldman.
BOSTON — Capital Access has arranged the sale of a high-rise multifamily property at 75 Saint Alphonsus St. in Boston for $92 million. The 20-story building contains 296 units, a gym, a swimming pool, and surface and garage parking. The undisclosed buyer has renamed the property The City View at Longwood. Jeffrey Rome of Capital Access represented the undisclosed seller.
WHITE PLAINS, N.Y. — Charlotte, N.C.-based Grandbridge Real Estate Capital has closed on a $75.82 million loan for a White Plains multifamily community. Bank Street Commons consists of two 21- and 22-story towers containing 502 Class A units. The towers are joined by a common area occupied by two retail units. The loan, which was originated by Grandbridge's Mike Ortlip and funded by Fannie Mae, carries a 7-year term, a fixed interest rate and interest only payments. The property was recently purchased by a pension fund advisor.
PASADENA — Dallas-based CONTI Organization has purchased a 308-unit distressed multifamily property in Pasadena, located outside of Houston. The property, built in 1969 and located at 3500 Red Bluff Rd., features pitched roofs, individual HVAC units, laundry rooms, two swimming pools and a playground. Occupancy was 68 percent at takeover and CONTI plans its standard rehabilitation of the property with new roofs, landscaping, parking lot improvements, a fully remodeled leasing office and interior unit upgrades. CONTI specializes in rehabilitating distressed multifamily properties in Texas markets.
LA HABRA, CALIF. — Marcus & Millichap has presided over the $3.19 million sale of the 24-unit Valencia Park Apartments, located at 161-230 South Valencia Street in La Habra. Marcus & Millichap’s Jim Kordell represented the private-investor buyer in the transaction, and the brokerage firm’s Greg Bassirpou represented the seller, a limited-liability company.
BELLE ISLE, FLA. — Conway IG LLC has purchased Conway Crest Condominium Community and Belle Isle Mobile Home Park in Belle Isle. The 29-unit condo community and the 2.6-acre mobile home park sold for $5.17 million. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield represented the seller, Redus Florida Condos, in the REO transaction.