ATLANTA — Cortland Partners has purchased the 519-unit Northchase Apartments from a special servicer. The purchase price and a planned renovation, which will last 6 months, totals $15.2 million. Located at 6750 Peachtree Industrial Blvd. in Atlanta, the property is 70 percent occupied. Amenities include a community center, a clubhouse and two pools.
NEW YORK CITY — Beech Street Capital has secured $28.4 million in Fannie Mae DUS funds for the refinancing of two high-rise residential buildings located on Manhattan's Upper West Side. The two properties contain a total of 186 residences and three commercial units. The loans carry a fixed interest rate and a 7-year term with 6.5 years of yield maintenance on an actual/360 basis. Mindy Bergman of Meridian Capital Group originated the loan as part of its correspondent relationship with Beech Street.
NEW YORK CITY — The first move-ins have begun at 500 Fourth Avenue, a residential condominium tower located in Brooklyn's Park Slope neighborhood. The building contains 156 units in a mix of studio through three-bedroom residences. Units range in size from 539 to 1,456 square feet, prices range from $342,000 to $1.22 million. Amenities include a resident lounge, a landscaped terrace, a fitness center, a solarium, a children's playroom, doorman and concierge service, and an on-site parking garage. Matri Holdings owns the project, and the Kafati-Batarse Group of Prudential Douglas Elliman is its sales and marketing agent.
HOUSTON — Cronheim Mortgage's Andrew Stewart and Lisa McMahon completed a loan modification for Woodlake Townhomes that includes a paydown of $3 million. The 315-unit property is located at 2600 Westerland Drive in Houston. The modification also includes a reduction in the interest rate and a 68-month extension on the loan's interest-only period.
TEMPE, ARIZ. — CB Richard Ellis has negotiated the $15.4 million sale of the 306-unit Mission Springs Apartments located at 1311 W. Baseline Road in Tempe. Built in 1987 and 95 percent occupied at the time of sale, Mission Springs includes a business center, three swimming pools, two spas, and cookout/picnic areas. CBRE’s Tyler Anderson and Sean Cunningham represented the Columbus, Ohio-based seller, Nationwide Mutual Insurance Co., which acquired the property through foreclosure in November 2009. Duluth, Minn.-based Mercury Investment was the buyer. Rocco Mandala of CBRE Capital Markets Debt & Equity Finance arranged the life-company financing for the purchase.
RICHMOND, VA. — Stella360 has purchased a commercial building from Rhino Enterprises for $1.5 million and plans to convert the structure into apartments. The property, which is located at 310 Stockton St. in Richmond, will include 33 units and space for a 19,000-square-foot tenant. Thalhimer's John Myers and Gregg Beck brokered the sale.
PORTAGE AND GRAND HAVEN, MICH. — Love Funding has secured $6.72 million in financing for a multifamily property and a senior-housing community in Michigan. Mickey Rist and Bruce Gerhart of Love Funding closed a $4.02 refinance loan for Briarwood Apartments, a 168-unit multifamily community located in Portage. The complex features an outdoor swimming pool, covered parking, and private balconies and patios. Love Funding secured the loan, which carries 33-year amortization schedule and a 4.68 percent interest rate, through the FHA 223(f) program. Gerhart also secured a $2.7 million refinance loan for Pinewood Place, a 125-unit senior-housing facility located in Grand Haven. The five-floor community features one- and two-bedroom apartments. Amenities include a state-of-the-art fitness center, a game room, a library with free wireless Internet and walking trails. The loan, which was arranged through the FHA 207/223(f) loan program, carries a 4.72 percent interest rate with a 35-year amortization schedule. The borrowers were not disclosed.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has completed a $15 million multifamily deal in East Orange. The first part of the transaction involved the $13.3 million note sale of five multifamily buildings totaling 320 units. The properties are located at 111, 150 and 253 S. Harrison St. as well as 195 and 242 Prospect St. In addition, the 42-unit property located at 150 South Harrison was subsequently re-sold for $1.7 million. David Oropeza of Gebroe-Hammer led the brokerage team that represented the sellers and buyers. Steven Tenenbaum, also of Gebroe-Hammer, procured the buyer in the second part of the deal.
PEARLAND, TEXAS — Holliday Fenoglio Fowler has secured a $24.5 million loan for the 392-unit Alexan Shadow Creek Ranch apartment complex in Pearland. The property is located at 11900 Shadow Creek Parkway in the city's 3,500-acre, master-planned Shadow Creek Ranch community. Alexan Shadow Creek is 95 percent occupied. Freddie Mac financed the 10-year, fixed-rate loan. Jody Thornton and associate director John Ahmed of HFF worked to arrange the loan.
GILBERT, ARIZ. — Kirkland, Wash.-based Sonoma Landing Apartments LLC has purchased Sonoma Landing, a multifamily property located at 4776 E. Guadalupe Road in Gilbert. Built in 2001, the property offers 84 one-bedroom, 112 two-bedroom and 24 three-bedroom units. Additionally, the gated community offers garages, two pools, a spa and a movie theater. Aspen, Colo.-based CTA Venture NO. 9 LLC sold the property for $20 million. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix brokered the transaction.