Kiser Group completed the sale of 5411 N. Winthrop, a four plus one multifamily property, for $17.4 million.

Kiser Group Advisors Jacob Price and Katie LeGrand led the sale process. “This transaction reflects the ongoing demand for renovated multifamily properties in Edgewater, especially those with scale and strong occupancy,” said LeGrand.

The fully renovated building features modern amenities and was sold to Chicago-based multifamily owner and operator Becovic Residential. Its current occupancy rate is approximately 99%.

“The buyer recognized the property’s value as a strategic addition to their portfolio, while the seller achieved a near-list price resulting in a highly competitive process.” added Price. Edgewater continues to benefit from strong multifamily market dynamics, supported by its appealing mix of affordability, proximity to downtown Chicago, and a desirable lakeside location.

Berkadia closed the sale and financing of Gardens of Annapolis, an active adult community located in the upscale coastal suburb of Annapolis, Maryland.

This 106-unit property is in close proximity to downtown Annapolis and the United States Naval Academy. Berkadia Seniors Housing & Healthcare facilitated both the investment sales and mortgage banking advisory for the transaction. Managing Directors Cody Tremper, Dave Fasano, Ross Sanders, and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale on behalf of Crow Holdings.

Managing Directors Austin Sacco and Steve Muth and Assistant Vice President Alec Rosenfeld of Berkadia Seniors Housing & Healthcare secured $17.47 million in acquisition financing through Fannie Mae on behalf of the buyer, a joint venture between Corten Real Estate and Real Asset Industries. The seven-year fixed rate loan features both an attractive interest rate and interest only period.

Built in 2002, Gardens of Annapolis offers a mix of 42 one-bedroom/one-bathroom units, 23 two-bedroom/one-bathroom units, and 41 two-bedroom/two-bathroom units.

IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), announced the $16,975,000 financing for the acquisition of a student housing property consisting of 62 units located adjacent to the University of Michigan’s main campus at 1700 Geddes Ave. in Ann Arbor, Michigan.

The Manhattan-based IPA Capital Markets team of Max Hulsh, Max Herzog, Marko Kazanjian, and Andrew Cohen secured the financing with A10 Capital on behalf of Havenly Ventures, a NYC-based real estate investment firm that specializes in value-add acquisitions primarily in the student housing sector.

“IPA Capital Markets successfully secured competitive bridge financing with a lender that provided maximum flexibility, allowing the borrower to execute their business plan,” said Hulsh. “The plan involves densifying the property’s oversized two-bedroom units into four-bedroom units by converting per-unit metering to bed-by-bed charging.”

Greystone Monticello has closed a $16.67 million bridge loan for the acquisition of a seniors housing property in Illinois. The financing was originated by Karina Davydov, a managing director for Greystone Monticello. The property comprises independent living, assisted living and memory care units.

“We are excited to deepen our relationship with a top-notch regional operator as it expands its footprint in the Midwest market,” said Davydov. “Greystone Monticello prides itself on its ability to provide custom solutions in the ever-evolving capital markets.”

The bridge financing closed by Greystone Monticello carries a two-year term with two six-month extensions. “The Greystone Monticello bridge platform is certainly ideal for seniors housing operators looking to transact during times of transition in the market, and we look to exceed their expectations over the long term,” added Joseph Borenstein, head of the healthcare sales desk at Greystone Monticello.

Merrimack Village LLC has acquired Merrimack Village Center, an 82,292-square-foot neighborhood shopping center in Merrimack, NH., from CP Merrimack LLC for $16.6 million.  

The center, constructed in 2006 on over 10 acres, is located adjacent to Everett Turnpike. The property was 99% occupied at the time of the sale, with tenants including Shaw’s, the State of New Hampshire liquor store, and McDonald’s. 

Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and facilitated the transaction with the buyer. “The property generates a risk-averse stream of revenue as 80% of the space is occupied by the Shaws grocery store, the State of New Hampshire liquor store and a McDonalds,” said Jim Koury, the IPA senior managing director who led the marketing process.