TODAY’S DEALS: 132-Unit Apartment Community Sells Out of Receivership, and Other Transactions

By Anuradha Kher, Online News EditorAnderson, Ind.–Tikijian Associates has arranged the sale of Hilltop Apartments (pictured), a 132-unit community in Anderson, Ind. The listing price was $2,250,000 but sales price was not disclosed.Hilltop Apartments was formerly owned by Wextrust Capital LLC, a Chicago-based real estate investment firm that purchased the property in 2000. In 2008…

By Anuradha Kher, Online News EditorAnderson, Ind.–Tikijian Associates has arranged the sale of Hilltop Apartments (pictured), a 132-unit community in Anderson, Ind. The listing price was $2,250,000 but sales price was not disclosed.Hilltop Apartments was formerly owned by Wextrust Capital LLC, a Chicago-based real estate investment firm that purchased the property in 2000. In 2008 the two principals of Wextrust were arrested on federal fraud charges for allegedly conducting a $225 million Ponzi scheme and were later indicted on charges of securities fraud and conspiracy. Both men remain in jail. Indianapolis-based apartment owner and manager, Buckingham Cos., was named as the court appointed receiver to oversee the property’s operations until the time of a sale. Tikijian Associates was engaged to sell Hilltop, and after many months of marketing, the property was purchased by an entity formed by Ethan D Fernhaber, the principal of Renewing Properties. Major capital improvements are already underway at the property and include renovation of the swimming pool, all new windows and doors, complete remodeling of older units, painting and much more. As part of the renovation, Hilltop will now be known as Stonebrook Townhomes & Apartments.Meridian Arranges $3.3M Refi Loan for 36-Unit Rental CommunityEast Orange, N.J.–Meridian Capital Group recently arranged $3,300,000 for the refinance of a five-story multifamily building located in East Orange, N.J. The property features a total of 36 units and is located on South Maple Avenue. Meridian’s New Jersey office negotiated on behalf of the borrower to secure a five-year permanent non-recourse loan with no interest reserves.

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