ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $24.4 million loan for the acquisition, renovation and stabilization of an unnamed, 252-unit apartment complex in Arlington. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.
ASHLAND, VA. — Berkadia has arranged the $45.3 million sale of Ashland Towne Square, a 218-unit garden-style multifamily property in Ashland. David Hudgins, Carter Wood and Drew White of Berkadia represented the seller, a Virginia-based entity doing business as Ashland Apartment Associates LP. The buyer was Maryland-based Acento Real Estate Partners. Ashland Towne Square offers one-, two- and three-bedroom floorplans. Unit features include air conditioning, in-unit washer and dryer hookups and walk-in closets. Community amenities include a swimming pool, laundry facilities and a playground. Located at 204 Kings Arms St., the property is situated 19 miles north of Richmond and 26 miles from Richmond International Airport. The property is also near Route 1, Interstate 95 and the shops and restaurants along England Street.
FORT MILL, S.C. — Ready Capital has closed a $9 million acquisition loan for a 64-unit, unnamed multifamily property in Fort Mill, a South Carolina suburb of Charlotte. Upon acquisition, the unnamed sponsor will implement a capital improvement plan to renovate the common areas and unit interiors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.
UTICA, N.Y. — CBRE and Newmark have brokered the sale of Deerfield Place, a 156-unit apartment complex located in the upstate New York community of Utica. The property was built in 2016 and offers amenities such as a pool, resident lounge, fitness center, conference room and a dog park. Jeff Dunne and Eric Apfel of CBRE, in conjunction with Gene Pride and Jamie Thelwell of Newmark, represented the seller, New York-based United Group of Cos., in the transaction. The quartet also procured the buyer, an undisclosed, publicly traded REIT.
LAS VEGAS — Interwest Capital has completed the sale of The Lennox, a multifamily property located at 430 E. Cactus Road in Las Vegas’ Silverado Rancho submarket. An undisclosed buyer acquired the asset for $38.5 million, or $385,000 per unit. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction. Constructed in 2015, The Lennox features 100 units in a mix of one-, two- and three-bedroom and penthouse floor plans. The community offers a fitness center, resident clubhouse, Wi-Fi lounges, resort-style pool and luxury home finishes.
EVERETT, WASH. — New York-based Castle Lanterra Properties has completed the disposition of Lumen, a multifamily community in Everett. An undisclosed private investor acquired the asset for $36.7 million. Castle Lanterra originally purchased the property in 2018 for $22.6 million. The 108-unit property features fully equipped kitchens, upgraded cabinets/countertops, state-of-the-art appliances, washer/dryer connections and walk-in closets. Community amenities include a large rooftop deck, barbecue area, clubhouse, garage with ample parking and ground-floor retail space, which a Mexican restaurant currently occupies. Castle Lanterra completed interior renovations and unit upgrades, as well as an overhaul of the amenity space, which included adding a community room, expanding the fitness center and improving the rooftop deck.
LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able to capitalize on the low rate environment while also taking equity out of the property.”
SPOKANE VALLEY, WASH. — Ready Capital has closed $7.3 million in financing for the acquisition, renovation and stabilization of an apartment community in Spokane Valley’s Dishman Hills submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan curing deferred maintenance, renovating unit interiors and building exteriors while performing various common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
VANCOUVER, WASH. — SB Real Estate Partners has acquired Bridge Creek Apartments, a garden-style multifamily community in Vancouver. An undisclosed seller sold the property, which will be rebranded as Portola Bridge Creek, for $75 million. The community is located at 9211 NE 15th Ave. within the Hazel Dell North area of Vancouver, about 14 miles north of Portland, Ore. Built in multiple phases from 1984 and 1989, the property features 270 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 650 to 1,150 square feet. Community amenities include a swimming pool with poolside barbecue stations, a playground, dog parks, a fully automated Amazon package locker system and a 24-hour modern fitness center.
TEMPE, ARIZ. — Ready Capital has closed a $36.8 million loan for the acquisition, renovation and stabilization of a 197-unit apartment property in Tempe. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to perform interior, exterior and common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. The name of the property was not disclosed.