CAMDEN, N.J. — Love Funding has secured a $17.5 million loan for Broadway Townhomes, a 175-unit townhouse community in Camden. The loan is the first of its kind to be approved under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program. The programs allows proven financing tools to be applied to preserve and upgrade at-rise public and assisted housing and provides for a long-term Section 8 rental assistance contract. The property will be renovated using tax-exempt bonds provided by the New Jersey Housing and Mortgage Finance Agency in combination with 4 percent low-income housing tax credits and the proceeds from the loan, which is being insured through HUD’s 221(d)(4) program. Leonard Lucas of Love’s Boston office arranged the transaction.
Multifamily
DENVER — One Dartmouth Place Apartments has sold to a joint venture between Oak Coast Properties and Redhill Realty Investors for $30.6 million. The 418-unit community is located at 11100 E. Dartmouth Ave. The JV plans to invest $2.6 million to upgrade the Class C community. These improvements are intended to augment the $3.6-million worth of unfinished enhancements that commenced in a few units and common areas prior to the sale. The seller was Angelo, Gordon & Co.
PORTLAND, ORE. — The Boathouse, a 133-unit apartment project in Portland, has received a $23.4-million construction loan. The community will be located on SW Boundary, east of Macadam, in Johns Landing along the Willamette River. Paradigm Properties is scheduled to break ground on the project this summer. The loan was provided by HomeStreet Bank Commercial Real Estate.
BOCA RATON, FLA. — ARA has arranged the $80.3 million sale of San Marco at Broken Sound, a 336-unit luxury villa and townhome community in Boca Raton. The asset was 96 percent occupied at the time of the sale. Hampton Beebe and Avery Klann of ARA represented the seller, Chicago-based Capri Capital Partners LLC, in the transaction. Marc deBaptiste and Richard Donnellan of ARA assisted in the sale. The buyer was Miami-based BC Property Investments.
NORCROSS, GA. — Pembrook Capital Management LLC has closed a $22 million bridge loan that will finance the renovation of two multifamily communities in Norcross, a suburb of Atlanta. The two properties, Centre at Peachtree Corners and Summit at Dawson, were constructed in 1972 and 1983, respectively, and include 434 units combined. Pembrook provided the loan to a joint venture between Audubon Communities and Five Mile Capital. The joint venture will utilize the loan for exterior and interior renovations at both apartment communities.
FORT WAYNE, IND. — Steadfast Income REIT Inc. has acquired Oak Crossing, a 222-unit apartment community in Fort Wayne, Ind., for $24.2 million. The Class A apartment community, built in 2013, consists of garden-style buildings with one-, two- and three-bedroom units. The average monthly in-place rent is $952. Apartment units include private balconies/patios, washer and dryers, walk-in closets and kitchen appliances. Select floor plans come with attached garages, and detached garages are available for rent. Oak Crossing is currently 94 percent occupied. Amenities at the complex include a fitness center, swimming pool, clubhouse with a stone fireplace, business center and grilling area. Oak Crossing is Steadfast Income REIT’s third property in Indiana. The REIT also owns the 268-unit Lodge at Trails Edge in Indianapolis and the 250-unit Sycamore Terrace in Terre Haute.
INDIANAPOLIS, IND. — Tikijian Associates has brokered the sale of Suncrest Apartments, a 140-unit community in western Indianapolis, to a Geneva, Ill.-based investment group. The sales price was undisclosed, but the property was listed for $4.5 million. The apartment community, built in 1986, is located near I-465 and the Indianapolis International Airport. The buyer plans to upgrade the kitchens and bathrooms to include granite counter and vanity tops, new flooring and appliances. Tikijian Associates represented the seller, JVM Realty Corp., an Oak Brook, Ill.-based privately held real estate investment and management firm.
HILLSIDE, ILL. — Marcus & Millichap has brokered the $670,000 sale of 25 & 29 North Hillside Ave., a 14-unit apartment property located in Hillside, a western suburb of Chicago. The property consists of one and two-bedroom units and features an on-site laundry room and off-street parking. Ryan Engle and Andrean Angelov of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and the buyer, another private investor.
BUFFALO, N.Y. — KeyBank has provided $16.3 million in financing for the construction of Mass Ave Community Homes, an affordable multifamily development in Buffalo. The community will include 46 units across a total of 16 scattered sites with nine newly constructed buildings and seven rehabilitated buildings. The buildings will feature one-, two-, three- and four-family residences. Additionally, the community will feature an on-site management office, community space, a computer lab, a laundry facility and a community kitchen. The development is slated for completion in third quarter 2015. The total development budget for Mass Ave Community Homes is $13.4 million. KeyBank provided approximately $10 million in Low Income Housing Tax Credit equity and $6.3 million in a construction loan. Project partners include PUSH Buffalo and Syracuse, N.Y.-based Housing Visions. When complete, the project will provide housing options to families with incomes ranging from 40 to 80 percent below the area median income.
BALDWINSVILLE, N.Y. — NorthMarq Capital has arranged an $11.58 million in refinancing of Center Point at Radisson, a 121-unit multifamily property located in Baldwinsville. The loan has a 10-year term and 30-year amortization schedule. Sam Berns of NorthMarq Capital’s Rochester, N.Y., office arranged the loan for the borrower through its seller/servicer relationship with Freddie Mac.