WEST CHICAGO, ILL. — Hendricks & Partners (H&P) has arranged the sale of Aspen Ridge, a 253-unit apartment community located at 1440 S. Neltnor Blvd. in West Chicago. The property is situated on approximately 11.5 acres, and comprises 10 two- and three-story buildings. Ralph DePasquale and Bill Montana of H&P’s Chicago office represented the seller, Omaha, Neb.-based Marina Partners. The property was acquired by a private LaGrange, Ill.-based investor for an undisclosed amount.
Multifamily
SKOKIE, ILL. — Cambridge Realty Capital has provided a $13.6 million FHA-insured HUD loan to refinance Skokie Meadows Nursing Center in Skokie. The property is a 224-bed intermediate care facility. The fully amortized, 35-year term first mortgage was arranged for the owner, an Illinois limited liability company.
HOUSTON — LMI Capital, a financial advisory company based in The Woodlands, Texas, has arranged approximately $7.59 million in fixed-rate debt for the acquisition of the 425-unit Bellfort South West III Apartments located 6400 W. Bellfort St. in Houston. The borrower was Cypress Club Investors LP. Brandon Brown of LMI secured the permanent financing through one of LMI Capital’s portfoliolending sources.
HOUSTON — PM Realty Group (PMRG) has broken ground on the Rice Village Apartment complex located at 2410 Shakespeare St. in Houston. Upon completion, the four-story, 118,900-square-foot development will provide housing for Rice University graduate students. The property comprises 137 units with various one-and two-bedroom floor plans, and offers amenities such as a lobby, offices, a TV room, and a laundry room and interior storage for up to 100 bicycles. The complex is scheduled for completion in February 2009.
THORNTON, COLO. — Holland Residential has acquired Brittany Downs Apartments in Thornton from Brittany Apartments LLC and New York City-based Brittany Phase II Apartments LLC for $33.62 million. The 325,376-square-foot property is situated on 18 acres at 8849 Pearl St. It features 22 two- and three-story buildings, and 464 units. Dave Potarf and Dan Woodward of Marcus & Millichap’s Denver office represented both parties in the transaction.
MYRTLE BEACH, S.C., AND ORLANDO, FLA — Coldwell Banker Commercial (CBC) has arranged two sales, totaling $9.5 million, in Myrtle Beach and Orlando. Gary Roberts of Myrtle Beach-based Chicora Real Estate, a CBC affiliate, negotiated the $4.2 million sale of 20 acres of land, located in the Withers Preserve mixed-use development, on behalf of the seller, Myrtle Beach Property Development. AWP Apartments, the buyer, an affiliate of Trammell Crow Residential, was represented in-house. The site is approved for the development of 200 luxury apartments. Also, Peoples First Community Bank acquired an office/retail property, located at 101 & 115 East Colonial Dr. in downtown Orlando, from GS Realty for $5.3 million. Jeff Tanner and Kim Brackett of CBC’s Maitland Fla., office were the sole brokers in the transaction.
EVANSTON, ILL. — Holliday Fenoglio Fowler (HFF) has brokered the purchase of The Park Evanston, a 24-story multifamily tower located at 1630 Chicago Ave. in Evanston. The building comprises 283 units and 39,000 square feet of retail space, and was 97 percent occupied at the time of closing. Property amenities include covered parking, a rooftop swimming pool and sundeck, a fitness center, a business center and a community room. The retail portion of the building is occupied by Whole Foods, among other tenants. Matthew Lawton, Marty O’Connell, Sean Fogarty and Janice Sellis of HFF’s Chicago office represented the seller, The John Buck Company. The property was acquired by TIAA-CREF for an undisclosed amount.
NEW YORK CITY — Wrightwood Capital has provided $17.5 million in construction financing for the redevelopment of two vacant buildings comprising 45,000 square feet of space. Located at 44 Berry St., the property is situated in the Williamsburg neighborhood of Brooklyn, New York City. The borrower, Cayuga Capital Management plans to convert the two building into 42 residential units with 13,600 square feet of retail space.
DALLAS — Hendricks & Partners has finalized the sale of Park Dale Garden, an apartment complex located at 9701 Dale Crest in Dallas. Torrance, Calif.-based Windsor Exchange Corp. purchased the 224-unit property, which was built in 1974, from New York, N.Y.-based Park Dale Gardens National Corp. for an undisclosed amount. Tom Warren and Christopher Thomson of Hendricks & Partners’ Dallas office, and Ed Cummins and Jim Hearn of the company’s Houston office, represented the seller in the transaction. Copelan Group represented the buyer.
SOUTH GATE, CALIF. — Golden Boy Partners has broken ground on a 107-unit multifamily community in South Gate. Tierra del Rey will be situated on 5 acres at Firestone Boulevard and Calden Avenue, and will offer two- and three-bedroom townhomes. Golden Boy Partners is a real estate development company formed by Oscar De La Hoya and John Long, CEO of Highridge Partners. Tierra del Rey is scheduled for completion in March 2009.