NGKF Capital Markets Completes Phoenix Sale
- Jul 30, 2013
Phoenix—Newmark Grubb Knight Frank has brokered the $10.3 million sale of Vista Ventana Apartments, a 16-building, 275-unit apartment community located at 3221 W. El Camino Drive in Phoenix. NGKF Capital Markets managing directors Karl Abert, Sally Schwenn and Brad Pickering represented the seller El Camino Vista and the buyer B.H. Vista Ventana.
The REO sale of the 1982-built property closed in less than 21 days. Amenities include controlled access, two swimming pools, gas barbecues, covered parking and a stand-alone rental office. The past-six months also brought a unit-by-unit rehab to the asset.
“The buyer plans on continuing the repositioning project and will hold the property as a long-term investment in its portfolio,” says Schwenn. “This stabilized community is in a great location within a strong employment corridor.”
UC Funding structures $9.9M acquisition bridge loan
Norfolk, Va.—UC Funding has structured and funded a $9.9 million bridge loan in Norfolk, Va., that will be used to fund the renovation and conversion of two properties known as The James Madison building and Franklin apartments. The borrower is one of the preeminent developers in the Norfolk market.
The James Madison building will be converted from an office to a 77-unit, Class A apartment building. Franklin apartments will contain 19 rental units upon completion.
“We are very excited about these two great projects and our new partnership with a Class A developer,” says Domenico Manago, who originated the transaction.
Alliant Capital provides $28.4M FHA 223(f) loan
Alpharetta, Ga.—Alliant Capital LLC, a national debt financier for the multifamily and healthcare industries, announced the closing of a $28.4 million refinance loan on Godley Station Apartments, a 380-unit garden-style apartment community located in Pooler, Ga. This transaction was originated by Betty Kavanaugh, Alliant’s senior vice president, in the Alpharetta, Ga., office.
Alliant Capital structured the loan under Federal Housing Administration’s 223(f) program with 35-year, fully amortized, fixed-rate term.