TODAY’S DEALS: Hendricks & Partners Completes Sale of Rental Community for $19M, and Other Transactions
- Jan 28, 2009
By Anuradha Kher, Online News EditorNorth Olmsted, Ohio–Hendricks & Partners recently arranged the sale of Madison at Butternut Ridge (pictured), located at 5800 Great Northern Blvd. in North Olmsted, Ohio. The 261-unit apartment community was sold for $19 million.Constructed in 1992, the property features 102 one-bedroom/one-bath units, 119 two-bedroom/two-bath units and 40 three-bedroom/two-bath units. The units feature fully-equipped kitchens, washer/dryer hookups or washer/dryer-in-units, cable television/internet ready connections, air conditioning, ceiling fans, vaulted ceilings and walk-in-closets. Community amenities include a contemporary clubhouse with business center on-site, indoor fitness center, as well as a racquetball/activity court, swimming pool, a playground, garages and car-wash park.The buyer, JVM Butternut Apartments LLC, plans to invest over $1 million in exterior improvements.NorthMarq Capital Arranges $18.9M Mortgage for 208-Unit Rental CommunityLenexa, Kan.–NorthMarq Capital recently arranged first mortgage financing of $18.9 million for Dunes at Falcon Valley, a 208-unit multifamily property, located in Lenexa, Kan. NorthMarq placed the loan with one of its life insurance correspondents for the borrower, Dunes at Falcon Valley LLC,Dickinson Logan Todd and Barber Close Over $3M in First Mortgage FinancingGreensboro, NC –Dickinson Logan Todd and Barber Inc. recently closed a $3.550 million first mortgage financing for Sedgefield Square, a 124-unit Class B multifamily complex, located in Greensboro, N.C.The mortgagee funded the loan under the Fannie Mae DUS Early Rate Lock program.Constructed in 1988, Sedgefield Square features eight two- or three-story buildings on 12.23 acres. Other property amenities include a clubhouse, tennis courts and swimming pool.