TOLLESON, ARIZ. — Marcus & Millichap has negotiated the $1.75 million acquisition of the 76-unit Sundancer, an apartment property located at 400 North 96th Ave. in Tolleson. The brokerage firm’s Brian Smuckler and Jeff Seaman represented the private-investor buyer in the transaction.
Multifamily
NAPLES AND FORT MYERS, FLA. — CB Richard Ellis, Fort Myers/Naples has brokered the sales of two multifamily properties in Naples and Fort Myers. In the first transaction, a private equity investment group acquired Turtle Creek, a 245,600-square-foot multifamily complex located at 1130 Old Turtle Creek Blvd. in Naples. FHFC II sold the 12-building, 268-unit complex for an undisclosed price. Jonathan Richards of CBRE, Fort Myers/Naples brokered the transaction. In the second transaction, Next Level Church purchased a 20,000-square-foot building, which is situated on 10.91 acres at 12400 Planation Road in Fort Myers. Love and Grace Family Church sold the property for $1.587 million. Stan Stouder and Mark Alexander represented the seller in the transaction.
INDIANAPOLIS — NorthMarq Capital has arranged $11.43 million in first mortgage financing for the Lodge at Trails Edge Apartments in Indianapolis. Located at 9535 Benchmark Dr., the multifamily property offers 268 units. Greg Duvall of NorthMarq's Kansas City Regional office originated the 10-year loan, which has a 30-year amortization schedule. NorthMarq arranged the loan through its seller-services relationship with Freddie Mac.
NEW YORK CITY — Stellar Management has acquired Tivoli Towers, a 33-story, 320-unit affordable housing property located in the Crown Heights neighborhood of Brooklyn. The buyer plans to maintain the building's status as affordable housing under the Michell-Lama housing program for a minimum of 30 additional years. Stellar also plans to complete an approximately $15 million renovation to the property — its first since the 1970s. Upgrades will include new elevators, kitchen and bathroom upgrades, improvements to common areas, and repairs to the roof, façade and parking garages. The New York City Housing Development Corp. is providing acquisition and construction financing.
COATESVILLE, PA. — Marcus & Millichap's Philadelphia office has completed the sale of Millview Apartments, a 350-unit multifamily community located in Coatesville, for $34.5 million. Developed in 2005, the community is situated on 33.5 acres at 100 Cobblestone Drive. Its unit mix includes 250 two-bedroom units and 100 one-bedroom units. The Marcus & Millichap team of Ridge MacLaren, Mark Thomson, Clarke Talone and Andrew Townsend represented the seller, a local developer, and the buyer, a newly formed partnership.
NEW YORK CITY — The groundbreaking has occurred for the new Lower Eastside Girls Club Center for Community. The project is located at the intersection of Avenue D and East 7th Street on the Lower Eastside of Manhattan. The 12-story project includes the 30,000-square-foot Girls Club Center on the bottom three floors and 78 mixed-income apartment units on the upper nine floors. The Girls Club will include classrooms, a planetarium, a library, art and dance studios, a broadcasting station, a fitness center, a photography and digital media center, environmental learning labs and technology workshops. The third-floor terrace will feature a green roof, and the bottom floor will feature a gift shop and café on the bottom floor as well as the Sweet Things Bakery. The project is seeking LEED-Gold certification. Completion is expected in mid-2012. The developer is The Dermot Company, and the project architect is Cutsogeorge Tooman & Allen Architects.
SEATTLE — Marcus & Millichap has negotiated the nearly $2.23 million sale of the 43-unit Fairway Lanai, an apartment property located at 1807 South 118th Street in Seattle. Built in 1968, Fairway Lanai consists of 34 one-bedroom/one-bathroom units, eight two-bedroom/two-bathroom units and one large three-bedroom/three-bathroom unit. Marcus & Millichap’s Dan Swanson and Matthew Bohner represented the private-investor seller, and Swanson and the brokerage firm’s George Miller represented the buyer, also a private investor.
TAMPA, FLA. — Love Funding has secured a $3.6 million loan for the refinancing of Central Tampa Assisted Living Facility in Tampa. The 96-bed and 50-unit facility specializes in the care of seniors with Alzheimer's and related memory disorders. Robyn Cunningham of Love's St. Louis office originated the loan by utilizing the FHA 232/223(f) LEAN program, which locked in a 4.5 percent interest rate with a 26-year amortization schedule for the borrower.
NEW JERSEY — KeyBank Real Estate Capital has secured a total of $106.7 million in Freddie Mac funds for seven senior housing properties in New Jersey. In the first deal, KeyBank originated a $100 million loan for a portfolio of six properties on behalf of a joint venture between an affiliate of The Carlyle Group and Fanwood, N.J.-based Chelsea Senior Living. The properties are located in East Brunswick, Fanwood, Manalapan, Montville, Tinton Falls and Warren. In addition, KeyBank provided a $6.75 million loan for Metuchen Senior Apartments in Metuchen. The borrower was Gary Kline. Terms of the loans were not disclosed.
GREENBELT, MD. — Wrightwood Capital High Yield Partners II has closed a $23 million preferred equity investment for the recapitalization and renovation of Empirian Village Apartment complex with Fieldstone Properties. Completed in 1973, the 2,877-unit garden-style apartment complex is located on 155 acres in Greenbelt. Concurrent with Wrightwood's equity investment, Freddie Mac provided a 7-year, $241.5 million first mortgage.