MIAMI — Miami-based Aztec Group has arranged $9.15 million in senior debt financing for the 296-pad Colonial Acres Mobile Home Park, a manufactured housing community located at 9674 NW 10th Ave. in Miami. Howard Taft and Charles Penan of Aztec Group secured the 10-year loan with a 30-year amortization schedule and a 5.45 percent fixed interest rate through Ladder Capital Finance on behalf of the borrower, Liberty Investments.
Multifamily
SPARTANBURG, S.C. — Vesta Equity has provided a $5.2 million bridge loan for the acquisition and renovation of the 369-unit Wildewood Apartments, located at 350 Bryant Rd. in Spartanburg. David Borge of CBRE's Orlando, Fla., office originated the 18-month loan on behalf of the borrower, Bowman Investments.
CAMBRIDGE, MASS. — Two apartment buildings in Cambridge have sold for $16 million. Located in Harvard Square, the 53-unit portfolio includes 48 JFK and 115 Mt. Auburn streets. The property at 115 Mt. Auburn St. is a 31-unit building, while 48 JFK St. is a 22-unit building with one retail suite. Boston Realty Advisors represented the seller, Benicon Moskow Trust. Ross Duncan of Hammond Residential procured the buyer.
SPARTANBURG, S.C. — The 369-unit Wildewood Apartments, located at 350 Bryant Rd. in Sparatanburg, has sold for $6.4 million. Tony Bonitati, John Gray and Kay Hill of Greenville, S.C.-based NAI Earle Furman represented the seller in the transaction. Bowman Investments, the buyer, plans to invest $1 million to renovate the property and rebrand it as Woodland Park Apartments.
NEW YORK CITY — A development site at 1002 Bushwick Ave. in Brooklyn's Bushwick neighborhood has sold for $1.3 million. The site includes an 8,810-square-foot building with an auditorium, common kitchen and a 5,000-square-foot parking lot. The building is currently used to host international volunteers for a local non-profit. The site offers approximately 26,740 buildable square feet. Michael Amirkhanian of Massey Knakal represented the buyer, a local developer, and the seller in the deal. The new owner plans to convert the building into apartments.
TEMPE, ARIZ. — The Villas, a 137-unit apartment community in Tempe, has sold to RND11, LLC for $5,975,000. The community is located at 1718 S. Jentilly Lane. The seller, LBUBS 2007-C7 South Jentilly Lane, LLC, an entity controlled by LNR Partners, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley’s Multi-Family Service Group.
BRADENTON, FLA. — The 80-bed Langdon Hall, an assisted living facility located at 1120 33rd Ave. W. in Bradenton, has sold for $4.9 million. The 55,275-square-foot building is 88 percent leased. Kenneth Carriero and Damien Carriero of Colliers International's Clearwater, Fla., office represented the seller, Ohio-based Langdon Hall LLC, in the transaction and procured the buyer, Chicago-based Aviv REIT.
LA VISTA, NEB. — Harrison Heights, a112-unit senior apartment community has opened in LaVista, a suburb of Omaha. Harrison provides independent living with no income restrictions for those age 55 and above. Located at 7544 Gertrude St., the apartments include one- and two-bedroom apartments. The apartments include a community room with kitchen, a lounge with fireplace and community laundry. Wheatfield, N.Y.-based Calamar owns the $10 million property.
ALPHARETTA, GA. — Dayton, Ohio-based The Connor Group has purchased the 344-unit Belmont at Park Bridge, an apartment complex located at 150 Rockberry Ln. in Alpharetta, from Belmont at Park Bridge Inc. for $26.15 million. Amenities include a fitness center, laundry facilities, a pool and tennis courts. The company also owns Addison Place and Ashley Forest, two neighboring properties.
GREENVILLE, N.C. — The 503-bed University Suites, located at 2200 University Suites Dr. in Greenville, has sold for $15.5 million. The property serves Eastern Carolina University. Alan Meetze and David Hudgins of Drucker & Falk's Newport News, Va., office represented University Suites at ECU LLC, the seller, in the transaction. The buyer was 2200 University Suites.