Deals
CBRE Arranges Refi for SC Community
Monica Newman of CBRE’s Denver team originated the $9.7 million loan through the company’s FHA lending platform on behalf of the borrower, Greenville Park West LP. Stonemark Management currently manages The Summits Apartments in Graniteville.
Beverly Hills Firm Enters NC Market With $37M Buy
Peter Sherman, Craig Cadwallader, Grant Linderman and Sam Chow with Avison Young represented Inco Montera, the buyer of Woodfield Glen Apartments in Raleigh. ARA Newmark worked on behalf of the seller, Grayco Inc.
JV Invests $148M in 2 Luxury AZ Assets
Bascom Arizona Ventures and Pacific Life Insurance Co. acquired Legend at Kierland and Tradition at Kierland, totaling 724 units. Quadrant Real Estate Advisors provided debt financing arranged by CBRE.
Jehovah’s Witnesses Sells Historic Brooklyn Asset
Formerly a hotel known as “the aristocrat of Brooklyn Heights,” the 295-unit The Towers will be redeveloped into Brooklyn’s first luxury senior housing community.
Gershman Closes Bridge Loan for Baton Rouge Property
Michael Thomas, vice president at Gershman Mortgage Denver, arranged financing for Pelican Bay Apartments in Louisiana, which features 152 affordable units.
Twin Cities Affordable Housing Portfolio Sells for $77M
Investors Aeon, the NOAH Impact Fund and Enterprise Community Investment purchased the 10 properties. The apartments will continue to welcome low-income renters.
Marcus & Millichap Closes $37M WI Community Deal
The portfolio comprises two properties, totaling nine buildings and 420 units, both of which present value-add opportunites and are located in high-profile areas in Madison, Wis.
Affordable NC Property Lands Fannie Mae Financing
Working on behalf of IPI Properties 11, a partnership between Berkeley Point Capital and Dougherty arranged a $1.2 million acquisition loan for Barden Ridge Apartments, a 48-unit community in Roxboro.
Newly Built FL Community Lands $43M Refi
The new loan assumes part of the original construction loan and provides additional financing to cover the stabilization of the property. Berkadia arranged the deal on behalf of the borrower.
FCP Buys $16M Charleston Apartments
The company purchased Gates at Summerville, a 232-unit garden-style community in the Summerville submarket of Charleston, and plans to add a dog park and sport court and improve the landscaping, common areas and curb appeal.