ORANGE, CALIF. — CBRE arranged the $1.6 million sale of a four-unit community located at 224 S. Oak St. in Orange. Dan Blackwell, Sean Farag and Amanda Fielder represented the Orange County-based 1031 exchange seller in the sale of the asset. The fourplex was built in 1957 on a 10,809-square-foot site. The property offers one- and two-bedroom units, as well as four garage parking spaces and four tandem spaces.
PHOENIX — CBRE has arranged the sale of Clarendon Park, a 138-unit community in Phoenix. WhiteHaven, a Phoenix-based private equity firm, purchased the property for $37 million. Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the seller. Anthony Valenzuela of CBRE Phoenix Debt & Structure Finance arranged the deal’s financing. Clarendon Park offers a one- and two-bedroom apartments. Community amenities include a recently renovated fitness center, remodeled clubhouse and leasing center, pool area, new package lockers and a dog park.
MELBOURNE, FLA. — PSRS has arranged the $15 million refinance of Harvard Apartments, a community in Melbourne. PSRS brokered a non-recourse loan featuring a 10-year term and 30-year amortization through a life insurance company on behalf of the undisclosed borrower. The property sits on more than 16 acres of land and comprises a total rentable square footage of 289,175. Harvard Apartments comprises 274 units across 32 buildings.
KISSIMMEEE, FLA. — PACE Loan Group arranged $13.8 million in financing to convert a 151-room hotel in Kissimmee into a workforce housing community. The Florida Development Finance Corp. provided a loan through its C-PACE Program, which allows property owners to obtain financing using a special assessment on their property tax bill as the repayment mechanism. The financing package also includes a $9.1 million loan from a regional bank. The borrower, Infiniti Loft Investors, acquired the property following a previous gutting of the interior due to a hurricane. The asset was …
DENVER — Avanti Residential has selected Richard Bennion as Managing Director. In this role, Bennion will be responsible for strategic growth and institutional capital relationships. Bennion most recently worked at PEF Advisors, where he led the capital formation of a $100 million fund focused on affordable housing and was a member of the company’s senior leadership team and investment committee. Prior to joining PEF Advisors, he worked at Carmel Partners. Bennion received a Bachelor of Science in Manufacturing Engineering from Brigham Young University and an MBA from Harvard Business School.
DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments. Rich Deptula and Steven Silverman represented both the seller and purchaser in the transaction. West River Apartments is 234-unit community in Dickinson, a city in Stark County, North Dakota. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park.
SALEM, ORE. — Hampstead Development Partners (Hampstead) has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credit, as well as arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at …
CHATTANOOGA, TENN. — Colliers Mortgage arranged a $26.6 million Fannie Mae loan for the refinance of Scenic Ridge Apartments, a 240-unit property in Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Colliers Mortgage’s Greenville, South Carolina team represented the borrower. The loan carries a 10-year term. Scenic Ridge Apartments offers one-, two- and three-bedroom units. Amenities include a pool, picnic and BBQ area, fitness center, basketball court, car wash station and clubhouse.
FORT LAUDERDALE, FLA. — Marcus & Millichap arranged the sale of Bahia Beach, a 35-unit property located in Fort Lauderdale. Evan Kristol, Brandon Rex, Austin Michels and David Altman of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller, a private investment group. A local developer and operator purchased the community for $5.5 million. Bahia Beach was constructed in 1966 on a 17,167-square-foot site. The property includes 21 parking spaces, onsite laundry and a courtyard with a pool.
MINNEAPOLIS — Northmarq arranged $21.7 million in refinancing for Oaks Minnehaha Longfellow, a 179-unit property in Minneapolis. Mike Padilla of Northmarq’s Minneapolis office led the debt and equity team that arranged the transaction. The transaction was structured on a 5-year term with 3 years interest, followed by a 35-year amortization schedule. Freddie Mac provided the loan. The borrower was not disclosed. Oaks Minnehaha Longfellow was built in 2020. Units include stainless steel appliances, quartz countertops, in-unit washers and dryers, balconies and patios, wood-style flooring, high speed internet access and intercom system.
