TODAY’S DEALS: Sperry Van Ness Closes $56M Sale of 450-Unit Luxury Rental Community, and Other Transactions
- Nov 26, 2008
By Erika Schnitzer, Associate EditorReno, Nev.—Sperry Van Ness recently completed a $56 million sale of Montebello at Summit Ridge, a 450-unit luxury apartment community.Michael Miyagishima, CCIM of Sperry Van Ness in San Francisco, and Dewey Struble, CCIM of Sperry Van Ness in Reno, Nev., represented the buyer, while Marcus & Millichap represented the seller, I & G LLC.Montebello at Summit Ridge, originally built in 1997, offers one-, two- and three-bedroom residences, many of which include one- or two-car attached garages. Monthly rents range from $950 to $1,739. Amenities include a pool and spa, a 9,000-sq.-ft. fitness center, clubhouse and business center. Boston Capital Finance Provides $8.7M in Loans for 56-Unit CommunityPhoenix—Boston Capital Finance recently provided a $7 million construction loan and a $1.1 million permanent loan to Amber Pointe Apartments, a 56-unit affordable senior housing development. The general partner is NRP Group LLC.Amber Pointe Apartments will offer 32 one-bedroom/one-bathroom and 24 two-bedroom/two-bathroom garden-style apartments. Residences will be available to seniors aged 62 and older with incomes at or below 40 to 50 percent of the area median income.Units will include dishwashers and washer and dryer hookups. Additional amenities include a community center, computer room and laundry facilities. Area Agency on Aging, Region One Inc. will provide senior services, including transportation and elder outreach and senior wellness programs. Marcus & Millichap Capital Corporation Arranges $3M Loan for 50-Unit Project Seattle—Marcus & Millichap Capital Corporation (MMCC) recently arranged a $3 million loan for the refinancing of Roosevelt Apartments, a 50-unit apartment building in Seattle.The loan amortizes on a 30-year schedule at a 5.85 percent fixed-rate for the first five years, then a five-year rollover to 280 basis points over the five-year Treasury. Loan-to-value was 40 percent.Glenn Gioseffi, a director at MMCC’s Seattle office, arranged the financing package.