TODAY’S DEALS: Hendricks & Partners Completes Sale of 120-Unit Seniors Community for over $6M, and Other Transactions
- Oct 17, 2008
By Anuradha Kher, Online News EditorSacramento, Calif.–Hendricks & Partners recently completed the sale of Broadway Seniors Center, located at 5200 Broadway in Sacramento, Calif. The 120-unit senior housing community was sold for $6,850,000.Steven A. Nelson and Al R. Inouye in the Sacramento office of Hendricks & Partners negotiuated the transaction on behalf of the buyer.Arbor Closes $4M Fannie Mae Co-op Loan for 267-Unit Rental PropertyWayne, Mich.–Arbor Commercial Funding LLC has recently completed funding of a $4 million loan under the Fannie Mae Co-op product line to refinance the 267-unit complex known as Hickory Hollow Cooperative Townhouses in Wayne, Mich.The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.14 percent.“The members of this cooperative have big plans for many capital improvements to their property,” says Michael Jehle, director in Arbor’s Michigan lending office, who closed the deal. “By decoupling their HUD 236 mortgage, Arbor was able to provide, in part, these renovation funds with a long-term, attractive fixed rate loan.”PEAK Cos. Acquires 71 Rental Properties in ChicagoChicago–The PEAK Cos. LLC, based in Chicago, recently completed the acquisition of 71 residential apartments in multiple properties located across the north side neighborhoods of Chicago. According to Motew, plans for the various properties include extensive gut renovations such as installation of new mechanical systems, windows, and remodeled interiors. Each property is located within walking distance of public transportation, retail and restaurant districts, and in neighborhoods with proven rental growth.The renovation of all 71 apartments is expected to be complete in 2009.