BOGOTA, N.J. — Marcus & Millichap has brokered the $1.08 million sale of 72 East Main Street, an 11-unit multifamily property in Bogota. Marcus & Millichap’s Nat Gambuzza and Lauren Federgreen represented the seller, Bogota Main Street Associates, and procured the buyer, an investor. The property consists of eight one-bedroom units and three two-bedroom units that all have separate entrances.
ATLANTA — The NorSouth Cos. has broken ground on the 121-unit Hearthside Brookleigh, a $15.7 million senior housing community in Atlanta. The facility is considered Phase III of the six-phase, mixed-use development Brookleigh, located near the intersection of Ashford Dunwoody and Johnson Ferry roads in Atlanta. Upon completion, the development will feature Hearthside Brookleigh, a retail village, luxury mid-rise apartments, single-family homes and condominiums. Completion for Phase III is slated for early 2012.
BLUFFTON, S.C. — Colliers International has negotiated the sale of 51 condo units in the 118-unit BridgePoint condominium community located in Bluffton. Seth Clark of the firm's Charleston, S.C., office represented the undisclosed seller. The buyer was Atlanta-based Equity Resource Partners.
KIRKWOOD, MO. — David Garfinkel of NorthMarq Capital's St. Louis, Mo., office has arranged a $25 million mortgage for the 412-unit Kirkwood Bluffs, located at 1157 Timerbrook Dr. in Kirkwood. The 10-year financing has a 25-year amortization schedule and was arranged through AmeriSphere Multifamily Finance.
MONTCLAIR AND UNION CITY, N.J. — Gebroe-Hammer Associates has arranged the sales of two multifamily properties totaling 57 units in Montclair and Union City for a combined $5.67 million. The 29-unit, four-story 28 Gates Ave. multifamily property sold for $3.45 million. Ken Uranowitz and David Jarvis of Gebroe-Hammer had the exclusive listing for the transaction. The 28-unit Union City property sold for $2.22 million.
SAN ANTONIO — Los Angeles-based City National Bank has sold Gardina Court, a 52-unit apartment community located at 1318 Gardina St. in San Antonio. Gardina Court was built in 1966 and renovated in 2000 and 2002. It features a mix of one- and two-bedroom units. Hendricks & Partners’ Mike Miller, Will Caruth and Chris Ross negotiated the transaction on City National Bank’s behalf.
MARINA DEL REY, FLA. — Archstone has acquired the 224-unit Villa Venetia in Marina del Rey for $44.8 million. The buyer plans to complete a $25 million renovation, which will include the addition of European-style kitchen cabinets, stainless steel appliances and slab granite or Caesar stone countertops. Upon completion, the complex will be renamed Archstone Breakwater at Marina del Rey.
JACKSONVILLE, FLA. — NorthMarq Capital has arranged $3.25 million in first mortgage financing for the 200-unit Sable Palms, located on Emerson Street in Jacksonville. Financing was based on a 10-year term with a 30-year amortization schedule and was secured through AmeriSphere Multifamily Finance.
INDIANAPOLIS, GREENSBURG AND WESTFIELD, IND. — Red Mortgage Capital has provided refinancings totaling $13.71 million for three senior housing properties located in Indiana on behalf of American Eagle LifeCare Corp. In Indianapolis, the 60-unit Home Place received a $2.25 million loan; in Greensburg, the 96-unit Morning Breeze received a $7.65 million loan; and in Westfield, the 111-unit Sanders Glen received a $3.81 million loan. Terms of the financing were undisclosed.
CENTRAILIA, ILL. — Cambridge Realty Capital Companies has secured a $8.6 million HUD Lean Loan to refinance the 120-unit Centralia Manor, a skilled care nursing home located at Centrailia. The 35-year, fully amortized loan was arranged for the owner, an Illinois-based limited liability company, through HUD's Section 223(a)(7) funding program.