TODAY’S DEALS: Hendricks & Partners Arranges $17M Sale, and Other Transactions

By Anuradha Kher, Online News EditorLexington, Ky.–Hendricks & Partners arranged the sale of Chinoe Creek, located at 3522 Creekwood Dr. in Lexington, Ky., for $17 million. The 356-unit apartment community was constructed in 1985 and features 19 three-story, garden-style buildings situated on 22 acres. The property offers four floor plans of one- and two-bedroom apartments…

By Anuradha Kher, Online News EditorLexington, Ky.–Hendricks & Partners arranged the sale of Chinoe Creek, located at 3522 Creekwood Dr. in Lexington, Ky., for $17 million. The 356-unit apartment community was constructed in 1985 and features 19 three-story, garden-style buildings situated on 22 acres. The property offers four floor plans of one- and two-bedroom apartments ranging in size from 676 square feet to 1,000 square feet with an average unit size of 843 square feet. Units feature private patios/balconies with additional storage, laundry room, private entrance, walk-in closets, and fully equipped kitchen with dishwasher and disposal while select units feature fireplaces and dens. Community amenities include a resort-style clubhouse with a full kitchen, fireplace, bar, exercise room with tanning bed, outdoor swimming pool with sundeck, two tennis courts, garages and a hospitality suite for guests. The seller was Resource Real Estate Inc. of Philadelphia and the buyer was PRG Real Estate who assumed a below market loan and was able to complete the assumption of the debt and close within 75 days.NorthMarq Capital Arranged $12,179,750 Mortgage for Alexan Paradise Lane Apartments Peoria, Ariz. –NorthMarq Capital recently arranged first mortgage financing of $12,179,750 for Alexan Paradise Lane Apartments, a 240-unit multifamily complex, located in Peoria, Ariz. Financing was based on a five-year term and a 30-year amortization schedule with the first two years interest only and was arranged for the borrower, a Midwest-based apartment owner and manager, by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.

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