NASHVILLE, TENN., AND RALEIGH, N.C. — Charlotte, N.C.-based Grandbridge Real Estate Capital has funded a $96.8 million multifamily portfolio, inclusive of one property in Nashville and three properties in Raleigh, on behalf of New Dawn Companies, through its relationship with Freddie Mac. In Nashville, Lexington Apartments, a 598-unit, Class A complex, was funded at $45 million for a 7-year term. In Raleigh, Bridgeport Apartments, a 276-unit, 17-acre garden-style complex, was funded at $18.7 million for a 5-year term; Sailboat Apartments, a 192-unit, 17-acre property, was funded at $9.8 million for a 7-year term; and Duraleigh Woods Apartments, a 362-unit complex, was funded at $23 million for a 5-year term.
SPARTANBURG, S.C. — Revitalization Associates, a subsidiary of Johnson Development Associates, has opened Library Commons, a $7 million, 83,600-square-foot luxury condominium building in downtown Spartanburg, located at 155 East Broad St. The building features 48 one- and two-bedroom residences, ranging from 742 to 1,278 square feet, as well as street-level retail and office space. The project architect was Greenville, S.C.-based Allora. Construction began last April and completed this month.
WILLOW GROVE, PA. — Diamond-Elite Realtors, a Coldwell Banker Commercial affiliate based in Bethlehem, Pa., have completed the $5.5 million sale of a 20-unit multifamily complex in Willow Grove. The garden style development is located at 409 Easton Rd. and contains approximately 93,000 square feet. Henry Jacquelin of Diamond-Elite represented the seller 409 Easton Road Associates, and Rick Cassel and Lou Petro of Diamond-Elite represented the buyer, Steve Izzi, in the transaction.
DES MOINES, WASH. — FSC Saddlebrook Associates LLC has acquired Saddlebrook Apartments, a 223-unit apartment community located at 2100 S. 260th St. in Des Moines. Denver-based Simpson Housing LLLP sold the property for $28.3 million. The community consists of 22 three-story buildings offering studio, one-, two- and three-bedroom units averaging 850 square feet. Kenny Dudunakis of Hendricks & Partners Seattle office represented both parties in the transaction.
MIAMI BEACH, FLA. — A private Italian investor has acquired a 19-unit apartment building in Miami Beach, from Robert Cristoph, for $3.2 million. The property is located at 1450 Meridian Ave. and features 14 one-bedroom units, three two-bedroom units and two studios. Arthur Porosoff and Gregory Celentano of Marcus & Millichap’s Miami office represented both the buyer and the seller.
VILLA PARK, ILL. — The Chicago office of Holliday Fenoglio Fowler (HFF) has secured a $31 million loan for the refinancing of Lincoln at Ovaltine Court, a 344-unit multifamily property located at One Ovaltine Court in Villa Park. Part of the property consists of a redevelopment of the former Ovaltine headquarters; the four-story factory building was converted into 121 loft-style homes. The remaining space at the 14-acre site contains 223 residences and six commercial units. Individual units range from 673 to 1,318 square feet and feature 9- to 16-foot ceilings, balconies and patios, fireplaces, and direct-access garages. Community amenities include a fitness center, a business center, a resident clubroom, an outdoor swimming pool and a sundeck. Matthew Schoenfeldt and Mike Kavanau of HFF represented the borrower, a partnership between Lincoln Property Co. and the AFL-CIO Building Investment Trust. The loan is for a 5-year term with a 5.35 percent fixed interest rate, and was provided by Freddie Mac.
TEANECK, N.J. — Greg Pine of Gebroe-Hammer Associates has completed the $3.15 million sale of a garden apartment complex in Teaneck. The 24-unit facility is comprised of four two-story buildings with eight one-bedroom and 16 two-bedroom apartments. Located at 171-183 Ft. Lee Rd. between Beech and Woodbine streets, the facility was 99 percent occupied at the time of the sale. Pine represented the seller, Beech Lee Associates, and procured the buyer in the transaction.
DOWNEY, CALIF. — Wells Fargo & Co. has closed a $53 million Fannie Mae loan for the refinancing of Park Regency Club Apartments in Downey. The loan carries a 7-year term plus a 1-year extension option. The 460-unit community features two swimming pools, a heated spa, barbeque grills, tennis courts, two fitness centers, a children’s playground and a multi-level clubhouse. Phil Morse of Wells Fargo Multifamily Capital in McLean, Va., originated the loan, with Doug Thompson of HFS Capital Advisors Inc. as a correspondent. The borrower, an affiliate of Gehr Enterprises, plans to use the proceeds to diversity its real estate portfolio in the Manhattan, N.Y., hospitality market.
ALBUQUERQUE, N.M. — Philadelphia-based NWJ Albuquerque Investment Fund II LLC has purchased Theta Apartments, a 49-unit apartment community located in Albuquerque, for $2.3 million. Built in 1972, the five-building community consists of 48 two-bedroom/two-bath units and one one-bedroom/one-bath manager’s unit. At the time of acquisition, the property was 97 percent occupied. Kunal Chothani of Investment Property Advisors represented the buyer; Pat Frerkes of Sperry Van Ness/Pat Frerkes Investments LLC represented the seller, Littleton, Colo.-based SIDMAR LLC, in the transaction.
BIRMINGHAM, ALA. — Alpine Partners, a subsidiary of Minturn Properties, has acquired Alpine Village, a 160-unit multifamily complex, from an affiliate of Harbor Group International, for $7.2 million. The community features one-, two- and three-bedroom units, averaging 916 square feet. Amenities include a swimming pool, a tennis court, a fitness center and a playground. The property was 94 percent occupied at the time of sale. Meredith Ray and Robert Simon of Corporate Realty Advisors represented the buyer.