SHERMAN OAKS, CALIF. — Marcus & Millichap has brokered the more than $2.5 million sale of a bank-owned condominium site located at 13712 Valleyheart Drive in Sherman Oaks. Estimated to be 75 to 80 percent complete, construction was halted by the original developer approximately 10 months ago, leaving an estimated $500,000 of work remaining for the new buyer. Marcus & Millichap’s Ronald Harris and Paul Darrow represented the seller, a financial institution, in the transaction.
INDIANAPOLIS — CB Richard Ellis has brokered the sales of two multifamily properties in Indianapolis. In the first transaction, Chicago-based Oak Residential Partners has acquired Grande Reserve at Geist, which is located at 11345 Arborview Dr. in Indianapolis. The property was listed at $13.35 million but sold for an undisclosed price. In the second transaction, St. Louis-based Thiemann Real Estate purchased Scandia, which is located at 9250 Kungsholm Dr. along with the White River in Indianapolis. The 444-unit multifamily property sold at an undisclosed price. The Indianapolis-Cincinnati Multi-Housing Group of CB Richard Ellis negotiated both transactions.
NEW YORK CITY — New York City-based Blackpoint Partners has acquired a $160 million portfolio of distressed assets from a regional lending institution. The portfolio contains 23 assets with a total of approximately 1,100 residential units. The assets include non-performing acquisition, development and construction loans for residential and commercial properties as well as REO of single- and multifamily residential communities at various stages of completion. A Blackpoint affiliate will be responsible for the oversight, management and workout of the portfolio.
MORRISTOWN, N.J. — Hartz Mountain Industries (HMI) has acquired a New Jersey apartment community for $32 million. Morris Crossing is located at 12-18 Max Drive in Morristown. It contains 123 townhome-style units in six buildings. Last year, it underwent a $4.4 million renovation. The CB Richard Ellis (CBRE) team of Jeffrey Dunne, Christopher Leonard and Brian Schultz represented HMI in the transaction. James Gunning and Donna Falzarano of CBRE Debt & Equity Finance assisted HMI in arranging $22 million in acquisition financing. Terms of the loan were not disclosed.
DALLAS — Grandbridge Real Estate Capital has recently closed a total of $16.7 million in multifamily loans in Texas. Stuart Wernick of Grandbridge's Dallas office originated and closed a $7.5 million first mortgage loan secured by Futura Lofts, a 126-unit multifamily property in Dallas. Funding was provided by Fannie Mae under its Delegated Servicing and Underwriting (DUS) loan program. Meanwhile, a $4.7 million first mortgage loan for Park Kensington Club/Stratford Village Apartments in Houston was originated by Greg Young of Grandbridge's Houston office. And a $4.5 million first mortgage loan for Londonberry Oaks Apartments in Denton was originated by Hunter McGrath of Grandbridge's Dallas office.
SEATTLE — Marcus & Millichap has brokered the more than $1.9 million sale of the 27-unit Towne Apartments, located at 1717 12th Ave. in Seattle. The multifamily property consists of studio and one-bedroom units. Marcus & Millichap’s Robert Francis, Timothy McKay and Marc Cunningham represented the buyer, a limited liability company, in the transaction, and McKay represented the private-investor seller.
FARMINGTON HILLS, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged an $11.3 million HUD 223f loan for Hillside Forest Apartments. Located in Farmington Hills, the property offers 252 apartment units. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan, which was financed by Greystone Servicing Corp.
NEW YORK CITY — Meridian Capital Group has secured a $50 million loan for the refinancing of a New York City multifamily portfolio. Owned by The Parkoff Organization, the portfolio contains a total 558 apartments. Two of the properties are located in Manhattan, three are located in the Bronx, one is located in Queens and one is located in Brooklyn. The loan, which was provided by a local community bank, carries a 7-year term with interest-only payments for the first 2 years and a 4.2 percent rate. Avi Weinstock of Meridian arranged the financing.
OXNARD, CALIF. — Marcus & Millichap has brokered the $19 million sale of Newport Landing 1 and 2, a 170-unit apartment community located at 5200-5300 South J St. within 1 mile of the Port Hueneme Naval Base in Oxnard. Built in 1965 and 1970, the 170,382-square-foot multifamily complex consists of separate but identical 85-unit buildings situated on more than 6.5 acres of land, together offering 40 one-bedroom/one-bath units, 110 two-bedroom/1.5-bath townhomes and 20 three-bedroom/1.5-bath townhomes. Marcus & Millichap’s Lane Schwartz and Jerry Wise represented both the private-investor buyer and the seller, one of the nation’s largest institutional lenders, in the REO transaction.
LEESBURG, VA. — Leesburg-based Morningside House Senior Living has partnered with Harrison Street Real Estate Capital of Chicago to form a $200 million joint venture agreement. The partnership will result in the immediate recapitalization of six well-positioned and stabilized assisted-living and memory-care facilities in the Mid-Atlantic region. The initial transaction was the recapitalization of a 480-unit senior housing portfolio. The properties include Morningside House of Eilicott City in Ellicot City, Md.; Morningside House of Friendship in Hanover, Md.; Morningside House of Laurel in Laurel, Md.; Morningside House of Satyr Hill in Parkville, Md.; Morningside House of St. Charles in Waldorf, Md.; and Morningside House of Leesburg in Leesburg, Va. The partnership will focus on acquiring, repositioning, redeveloping and operating assisted-living and memory-care properties in the Mid-Atlantic region.