PORT CHARLOTTE, FLA. —Marcus and Millichap has represented an undisclosed LLC in the sale of the 24,490-square-foot Courtyards of Horizon to a Port Charlotte-based doctor for $2.9 million. The senior housing facility, located at 2644 Rampart Blvd. in Port Charlotte, opened in 1989 and is licensed for 50 beds. The property was renovated in 2005 to fix damage brought on by Hurricane Charlie.
Multifamily
DEKALB, ILL. — Cambridge Realty Capital Cos. has provided a $6.5 million FHA-insured first mortgage loan for Pine Acres Care Center, a 119-bed skilled nursing home facility located at 1212 S. 2nd St. in Dekalb. The loan will be used to refinance the property and fund a 5,075-square-foot addition. The fully-amortized, 40-year HUD Section 232 healthcare loan was arranged for the company’s owner, an Illinois limited liability company, by Cambridge Realty Capital of Illinois. The interest rate was not disclosed.
JACKSONVILLE, FLA. — Houston-based The Morgan Group has broken ground on the first phase of the 270-unit Arelia James Island, expected to deliver next April. The apartment complex is located at the intersection of Gate Parkway and Burnt Mill Road in Jacksonville. Amenities include a pool with a cabana kitchen, a fitness center equipped with plasma televisions, a business center, a coffee bar and a high-speed Internet café. This is the company’s second project on Jacksonville’s south side.
SALT LAKE CITY — Jeff Davis of Salt Lake City-based Realty Pro represented the undisclosed buyer in the acquisition of Casa Grande Apartments in Salt Lake City. The 21-unit multifamily property sold for $1.11 million. Nathan Nelson of Marcus & Millichap represented the undisclosed seller in the transaction. The property is located at 1485 S. Roberta St.
FAYETTEVILLE, N.C., AND CHESAPEAKE, VA. — Uniondale, N.Y.-based Arbor Commercial Funding recently secured two loans in North Carolina and Virginia through the Fannie Mae DUS program. The company arranged $16.16 million to refinance the 216-unit Jamestown Commons apartment complex in Fayetteville. The 10-year loan comes with a rate of 6.41 percent and a 30-year amortization schedule. The 124-unit Commons at Churchland in Chesapeake received a $5.53 million loan under the Fannie Mae DUS MAH product line. The 5-year loan has a 5.02 percent rate and a 30-year amortization schedule.
LINCOLN, NEB. — The Dallas office of Holliday Fenoglio Fowler has arranged $38.7 million in financing for the Links at Lincoln, a 612-unit multifamily property located at 375 Fletcher Ave. in Lincoln. The 10-year fixed-rate loan was arranged through Freddie Mac. Brian Carlton of Holliday Fenoglio Fowler worked to secure financing on behalf of the borrower The Links at Lincoln LP and Fayetteville, Ark.-based Lindsey Management Co. The community, which is 97 percent leased, features one- and two-bedroom units. Residents at the community have access to a golf shop and unlimited golf privileges at the adjacent Links at Lincoln golf course, which is owned and managed by a Lindsey-affiliated company. Financing was used to retire the property’s construction loans.
MINNEAPOLIS — Colliers Turley Martin Tucker’s multifamily investment team has brokered the sale of Uptown City Apartments located at 714 and 1220 West Lake St. in the Uptown neighborhood of Minneapolis. The two-building mixed-use community includes 163 apartments, 222 enclosed parking spaces, a 59-car public parking garage and a 4,000-square-foot retail component. Invesco Real Estate has acquired the Class A urban infill property from Cornerstone Real Estate Advisors LLC and Village Green Cos. Gina Dingman, James McCaffrey and Julie Lux of Colliers Turley Martin Tucker represented the seller in the transaction. The acquisition price was not disclosed.
DENVER — American Realty Advisors has acquired ALARA® Greenwood Village, a 304-unit multifamily community located within Denver Technological Center in Denver. Built in 1995, the property comprises 36 two- and three-story buildings with townhome-style floorplans offering full-sized washer/dryers, private patios/balconies and direct access parking garages. Additionally, the community features a clubhouse, a fitness center, a racquetball court, a spa and sauna, a theater room and an outdoor area with a heated pool. The seller and acquisition price were not disclosed.
SUN CITY, ARIZ. — MC Companies has partnered with an investment group to acquire The Fountains at Sun City, a 182-unit apartment community located in Sun City. Terms of the transaction were not disclosed. This transaction is MC Companies’ third apartment acquisition within the last 150 days. Most recently, the company acquired Bay Harbour in Houston and Cooper’s Hill in Austin, Texas.
ENCINO, CALIF. — Newmark Realty Capital has arranged a $45 million construction loan for a fully entitled mixed-use development in Encino. Located along Ventura Boulevard, the property will consist of 125 Class A multifamily residential units and more than 17,000 square feet of ground-level retail space. The development is currently under construction and slated for completion in 2010. George Mitsanas of Newmark Realty Capital arranged the financing for the undisclosed borrower.