GRAND PRAIRE — Johnson Capital has arranged a $21.65 million loan for the 350-unit Lakeside Villas, located on Riverside Drive in Grand Prairie. Dave Susank of Johnson Capital's Phoenix office arranged the 10-year, fixed-rate loan through Fannie Mae.
LOS ANGELES — George Smith Partners has arranged a $4.2-million refinancing loan for a Downtown Los Angeles apartment property. The 196-unit, Single Resident Occupant (SRO) property was originally built as a hotel in 1910. It is currently undergoing a major rehabilitation and, thus, is completely vacant. GSP’s arrangement included a 10-year loan with a 6.25 percent fixed interest rate and a 30-year amortization. It also features a step-down pre-payment penalty prior to stabilization. The GSP team was led by vice president Bryan Shaffer.
COLORADO SPRINGS, COLO. – ARA Colorado has sold the 258-unit Rustic Hills Park Apartments in Colorado Springs for $4.2 million. The value-add property was under control of a court-appointed receiver at the time of sale. It was purchased by Connexion Asset Group. The receiver, Trigild, was represented by ARA’s Ken Greene and Kevin McKenna in the disposition.
MORRISVILLE, N.C. — The Connor Group has sold the 300-unit Waterford Apartments, located at 1124 Rose Ridge Dr. in Morrisville, for $28.5 million. Amenities include a swimming pool, fitness center, business center, laundry facility, sand volleyball court and attached garages.
BALTIMORE — Harbor Group International has purchased the 234-unit Belvedere Towers Apartments, located at 1190 W. Northern Pkwy. in Baltimore, from an undisclosed seller for $26.1 million. The buyer plans to invest an additional $2.6 million into exterior and interior renovations, including the completion of unit interior upgrades that were started by the seller. Bill Roohan, Mike Muldowney and Brian Margerum of CBRE's Baltimore office represented the seller in the transaction.
TALLAHASSEE, FLA. — ARA has arranged the $21.7 million sale of the 242-unit Jackson Square Apartments, located at 1767 Hermitage Blvd. in Tallahassee. Kevin Judd of ARA's Jacksonville, Fla., office and Matt WIlcox of ARA's Tampa, Fla., office represented the seller, a TIC, and procured the buyer, Tribridge Residential, in the transaction.
SANFORD, FLA. — Hilton Head Island, S.C.-based Coastal Apartment Advisors has negotiated the $12.45 million sale of the 256-unit Sailpointe at Lake Monroe, located at 401 W. Seminole Blvd. in Sanford. Coastal Apartment Advisors represented the seller, LNR Partners, and procured the buyer, Robbins Property Associates, in the transaction.
CALEDONIA, WIS. — The 40-unit Maplewood Apartments, located at 3017 Six Mile Rd. & 6900 Middle Rd. in Caledonia, has sold for $2.25 million. Gordon Steimle and Susan Sardina of Milwaukee-based Ogden & Co. represented Maplewood Associates, the buyer, in the transaction.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged $5.28 million in first mortgage financing for the 136-unit Bremerton Park, located at 6313 W. 75th St. in Overland Park. Greg Duvall of NorthMarq's Kansas City, Kan., office closed the 10-year loan with a 30-year amortization schedule through Freddie Mac.
NEW YORK CITY — Concern for Independent Living, a nonprofit supportive housing provider, has opened the 65-unit Rochester Avenue Apartments in the Crown Heights section of Brooklyn in New York City. The nonprofit repositioned the former St. Mary's Hospital facility to house the apartment community. The cost to redevelop the property was $24.56 million, and the property's financing included $10 million in federal low-income housing tax credits, a $13 million NYS Office of Mental Health grant, a $900,000 grant from the Federal Home Loan Bank of New York in partnership with Astoria Federal Savings, a $6.5 million Bank of America Merrill Lynch construction loan and $13 million in permanent financing from CPC.
