SCOTTSDALE, ARIZ. — CB Richard Ellis (CBRE) has negotiated the sale of the 202-unit Desert Parks Vista Apartments, a luxury multifamily community located at 9393 E. Palo Brea Drive in Scottsdale. The purchase price was not disclosed. Built in 2005, Desert Parks Vista was 95 percent occupied at the time of sale. Situated within the exclusive DC Ranch master-planned community, the property includes a resort-style swimming pool with spa, a conference room, a state-of-the-art fitness center and a clubhouse with plasma TV and fireplace. CBRE’s Tyler Anderson and Sean Cunningham represented the Scottsdale-based seller, The PB Bell Cos., in the transaction; the buyer, a company formed by Irvine, Calif.-based PASSCO Cos. LLC, was represented by PASSCO’s Gary Goodman.
WINCHESTER AND WOBURN, MASS. — Fantini & Gorga has arranged $18.44 million in FHA financing for two Massachusetts skilled nursing facilities. The first property is the 121-bed Winchester Nursing & Rehabilitation Center in Winchester, and the second is the 140-bed Woburn Rehabilitation & Nursing Center in Woburn. The loan was placed with Eastern Mortgage Capital, one of Fantini & Gorga's correspondent lenders.
BOONVILLE, IND. — Cambridge Realty Capital Cos. has closed on a $4.68 million FHA-insured, HUD LEAN loan for Transcendent Healthcare of Boonville. Located in Boonville, the skilled nursing facility offers 72 beds. The fully amortized, 27-year term loan was arranged for the property owner, an Indiana limited liability company. Cambridge Realty Capital Ltd. of Illinois closed the transaction using HUD’s Section 232 LEAN program.
RALEIGH, N.C. — TGM Realty Investors has purchased the 112-unit River Haven Apartments from River Haven Investments for $4.4 million. The property, located at 9310 River Haven Place in Raleigh, is the third apartment complex the buyer has purchased in North Carolina. River Haven Apartments was built in 2000.
LOUISVILLE, KY. — PRG Investments has arranged the $1.1 million sale of a Louisville apartment building between two private parties. The property is located at 1829 Edenside Drive in the Highlands neighborhood. PRG's Fred Sutterlin and Reed Weinberg represented the seller.
MERRILLVILLE, IND. — Chicago-based RMK Management Corp. has added Prairie Point Apartments to its property management portfolio. Located at Cleveland Street and West 91st Drive in Merrillville, the complex features 300 units, a clubhouse with a fireplace and a kitchen, an Olympic-sized outdoor swimming pool, a sundeck, volleyball courts, a playground and a business center. The apartment units range from 753 to 1,184 square feet and feature private entrances, washers and dryers, walk-in closets, central air conditioning, and private patios or balconies. Merrillville-based SJBZ Development developed and currently owns the property. RMK will oversee all aspects of leasing, maintenance and resident relations for the property.
NEW YORK CITY — Beech Street Capital has secured $42 million in Fannie Mae DUS financing for a New York City multifamily portfolio. The portfolio comprises six high-rise rental buildings located in Manhattan and the Bronx that contain a total of 416 units. The loan has a 10-year term with a fixed interest rate, 9.5 years of yield maintenance and a 30-year amortization schedule. Avi Weinstock of Meridian Capital Group originated the deal, which was financed by Beech Street Capital.
AUSTIN, TEXAS — The Mulholland Group has purchased the 218,600-square-foot Malibu Apartments from a private party for an undisclosed amount. Located at 8600 N. Lamar Blvd. in Austin, the property spans 476 units and is 96 percent occupied. Malibu features a pool, a playground and a fitness center. Will Balthrope, Joe James and Ryan Epstein of Marcus & Millichap brokered the sale.
SHERMAN OAKS, CALIF. — Investment Real Estate Associates (IREA) has brokered the more than $23 million sale of the 98-unit Magnolia Apartments, located at 15357 Magnolia Blvd. in Sherman Oaks. IREA’s Clark Everitt and William Everitt represented both the seller, 15357 Magnolia Associates LLC and Westgate Group, and the buyer, a private individual investor, of the multifamily property, which was constructed in 2009.
SAVOY, ILL. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $3.77 million loan for Winfield Village Cooperative in Savoy. The multifamily property offers 348 affordable housing units. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.48 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan, which was financed under the Fannie Mae DUS Multifamily Affordable Housing product line.