UTICA, MICH. — Love Funding has arranged a $12.9 million loan for the construction and permanent financing of Encore Townhomes, an 80-unit, market-rate apartment community in the Detroit suburb of Utica. Bruce Gerhart of Love Funding secured the loan for the borrower, Tiburon Investments Utica LLC, through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Using the program allows borrowers to obtain low fixed-rate, non-recourse financing for a 40-year term, in addition to the initial 17-month construction period. The project includes 13 garden-style, two-story buildings situated next to a newly built luxury condominium development. Residents of Encore Townhomes will share access to the condominium’s clubhouse, outdoor pool, fitness room, business center and other amenities at no additional cost to their rent. Tiburon Investments Utica is developing the project. Fairview Construction Inc. is building the project and Progressive Associates Inc. is providing architectural services.
Multifamily
TEMPE, ARIZ. – The Elliot’s Crossing apartment complex in Tempe has received $16.7 million in financing. The community is located at7250 S. Kyrene Road. The seven-year Freddie Mac loan was provided to Real Estate Opportunity Capital Fund II LP by Alex Buecking and James Endrizzi of KeyBank Real Estate Capital.
LAS VEGAS — KCD Martin LLC has purchased 20 condo units at The Martin in Las Vegas. The 372-unitresidential tower is located at 4471 Dean Martin Drive. The Martin was originally part of the three-building Panorama Towers complex that was completed as Las Vegas’ condo market collapsed in 2009. This tower was rebranded as The Martin. The seller, iStar Financial, foreclosed on The Martin and took over its daily operations in 2009 after it provided the original construction loan. The operations were managed by its subsidiary, iStar Residential. The 20 units have never been occupied. They were the last remaining developer-owned units. KCD plans to resell them to foreign investors. The acquisition was financed with a $4-million short-term loan. Bridge financing was provided by Felix Gutnikovof Thorofare Capital. The loan was placed with Thorofare’s third discretionary investment vehicle, Thorofare Asset Based Lending Fund III, L.P.
GALVESTON, TEXAS — Hunt Cos. and Texas A&M at Galveston have entered into agreements for the design, development and construction of a proposed 612-bed, $45 million on-campus Maritime Academy Cadet Residence Hall. This is the first project Hunt and Texas A&M have developed together. Hunt is serving as the master developer, while Hunt affiliate Moss & Associates will operate as the design-build contractor for the residence hall. Construction is slated for completion in the fall of 2015.
PASADENA, MD. — A joint venture between The Dolben Co. and Klein Enterprises, named Stoney Creek Phase I LLC, has purchased The Reserve at Stoney Creek, a 90-unit, Class A apartment community in Pasadena, for $15 million. The property is located near the intersection of Maryland Route 100 and Maryland Route 10. Construction on Phase II of The Reserve at Stoney Creek will begin in the third quarter.
ST. MARYS, GA. — Ackerman & Co. has arranged the $10 million sale of Harbor Pines Apartments, a 200-unit multifamily community located in St. Marys, roughly 38 miles north of Jacksonville, Fla. The asset was 94 percent occupied at the time of the sale. Chitra Subbarayan and Andy Sutton of Ackerman & Co. represented the seller, Harbor Pines Partnership Inc., in the transaction. The buyer was a private investment firm based in New York.
OXNARD, CALIF. – The 385-unit Paz Mar Reserve apartment community in Oxnard has received a $55-million loan. The waterfront community is located at 3100 Peninsula Road in Channel Islands Harbor. Paz Mar was 97 percent leased at the time of sale. Community amenities include a swimming pool, spa, fitness center, lounge and business center. The 10-year, fixed-rate loan will replace an existing floating-rate loan that was through a national lender. It will also allow the owner, Prime Residential, to carry out an extensive renovation on the property. Financing was arranged by HFF’s Peter Smyslowski through the Guardian Life Insurance Company of America.
VENTURA, CALIF. – A former Wonder Bread bakery site in downtown Ventura has sold to Moeller Development Company LLC for $1 million. The property is located at 72 W. Santa Clara Street. The Wonder Bread facility was razed to make way for a narrow blacktop parking lot. The new owner plans to build a 24-unit apartment complex on the site. The LLC is a joint venture between Dansk Investment Group and the Daly Group. Jesse Munoz of Colliers represented both the buyer and the seller, United American Properties Inc., in this transaction.
HOUSTON — Hunt Mortgage Group has provided two Fannie Mae loans totaling $12.5 million for the refinancing of two apartment complexes in Houston. The borrower is a Texas limited partnership. The properties include Hammerly Villa Apartments and Eagle Hollow Apartments. Hammerly Villa is a 174-unit complex in west Houston with a mix of one-, two- and three-bedroom units. It is comprised of 13 apartment buildings, plus a leasing office and two laundry rooms. After its acquisition in 2000, the owners made improvements to the units totaling $850,000. The property was built in 1972 and the loan amount was $4 million. Eagle Hollow contains 350 units and was refinanced with an $8.5 million loan. Hunt Mortgage is a subsidiary of Hunt Companies, formerly Centerline Capital Group.
HOUSTON — The Morgan Group Inc. has started construction on its latest Pearl luxury apartment project along with co-developer LCB Holdings Inc. The midrise property, which will be called Pearl Washington, is located on 3.1 acres at the corner of Washington Avenue and T.C. Jester Boulevard in Houston. Wells Fargo is providing financing, and the architect is Dwell Design Studio. The project, which is scheduled to open in spring 2016, will rise five stories and include 322 one-, two- and three-bedroom units. Units will range from 652 to 1,443 square feet. Amenities include a swimming pool, business center, gym, dog park and a bocce ball court.