WEBSTER, N.Y. — NorthMarq Capital has arranged $2.18 million in first mortgage financing for Village Path Townhomes, a 21-unit multifamily property in Webster. Sam Berns of NorthMarq's upstate New York office arranged the financing based on a 10-year term and a 20-year amortization schedule.
Multifamily
DALLAS — Greensboro, N.C.-based Bell Partners Inc. has purchased The Ansley at Park Central Apartments, a 490-unit luxury apartment community that consists of midrise, townhome and garden-style apartments in Dallas, for $51.5 million. The Ansley also features 14,500 square feet of retail space and is currently 96 percent occupied. Bell Partners' purchase of The Ansley, along with a purchase of a Nashville apartment community called 1700 Midtown Apartments, is the first purchase for its Bell Fund IV.
TUSTIN, CALIF. — Jones Lang LaSalle’s Capital Markets experts have been selected by Nevis Homes to market the sale of Tustin Cottages, a 93-unit, Class A multifamily property in Tustin. Tustin Cottages contains 24 three- and four-story buildings. The 153,169-square-foot property is currently 82 percent occupied. Managing director Joe Leon and vice president Javier Rivera will lead the JLL team on this transaction.
TUCKER, NORCROSS, DUNWOODY AND CLARKSTON, GA. — Atlanta-based Cortland Partners, a multifamily real estate firm, has acquired five metro Atlanta apartment communities totaling more than 1,500 units for $37.5 million. Bethany Group, a national multifamily apartment owner, had owned the properties, which fell into receivership until acquired by Cortland Partners. The portfolio includes Somerset at the Crossing Apartments in Tucker, Steeple Chase Apartments and Sinclair Apartments in Norcross, LaCota Apartments in Dunwoody, and Alden Ridge Apartments in Clarkston.
FLINT, MICH. — Bruce Gerhart of Love Funding's Cleveland office has arranged $2.82 million in refinancing for the 180-unit Linden Lane Apartments, located at 3095 Linden Ln. in Flint. The 35-year, fully amortizing loan was provided by the FHA's 223 (f) loan insurance program.
NEW YORK CITY — The Community Preservation Corporation (CPC) has provided a $10.15 million construction loan in compliance with its Green Financing Initiative to rehabilitate the Cow Bay apartment complex in New York City's Long Island. Cow Bay is located at 2 Bay Green Ln. in Long Island's Port Washington hamlet, and consists of seven two-story garden apartment buildings housing a total 88 residential units. CPC's loan will go to replacing three boilers, new roof installation and reinforcing a retaining wall around the perimeter of the complex. The loan will also go to refinancing Cow Bay's outstanding loan on the property. Apollon Group LLC is the contractor for the complex's rehabilitation.
CHARLOTTE, N.C. — PNC Real Estate has provided a $14.2 million Fannie Mae loan to Vestecor to refinance the 386-bed The Flats at Mallard Creek Apartments, a student housing community at the University of North Carolina at Charlotte. The 10-year loan was originated by PNC's Charlotte office and used to refinance an existing construction loan.
PERRYSBURG, OHIO — Love Funding has arranged $4.23 million refinancing for the 132-unit Louisiana House Apartments, located at 129 Doctor McAuleys Ct. in Perrysburg. Robert Smallwood of Love Funding's Cleveland office secured the 30-year loan through the FHA's 223(a)(7) loan program.
SCARSDALE, N.Y. — A Tudor-style apartment building at 155 Garth Rd. in Scarsdale has been sold for $10.38 million. The 59,783-square-foot property is five stories and features new kitchens, new bathrooms and working fireplaces in all 39 units. Massey Knakal's John Barrett, Darragh Clarke and Swain Weiner represented the seller, Laurel Capital, and procured the buyer. The property consists of three one-bedroom units, 26 two-bedroom units and 10 three-bedroom units.
MERIDEN, CONN. — Meetinghouse Village Apartments, a 296-unit apartment community comprised of 228,570 square feet of residential space and a 13,000-square-foot retail center in Meriden, has sold for $16.25 million. Gary Witten, Victor Nolleti and Steve Witten of Marcus & Millichap Real Estate Services' New Haven, Conn., office represented the seller, MHV Realty, and the buyer was represented by Allan Hammer of Branch Eichler. The multifamily property includes a clubhouse with a fitness center, tennis courts and a swimming pool.