CAMPBELL, CALIF. – The 225-unit Kirkwood Village Apartments in Campbell has received a $25-million refinance. The fully leased community was built in the early 1960s. It is located at 1630 W Campbell Ave. in the San Jose suburb. The long-term, fixed-rate loan was secured by Kenneth M. Fox in Cohen Financial’s San Francisco office on behalf of the local real estate investor/owner/developer. It was funded by Lincoln Financial Group.
Multifamily
ITHACA, N.Y. — Walker & Dunlop Inc. has provided $70 million in bridge financing for Collegetown Terrace Apartments, a newly constructed off-campus student housing property located a half mile from Cornell University in Ithaca. Walker & Dunlop funded the loan through a subsidiary in conjunction with an institutional investor. The student housing community is being built in four phases. Once complete, the property will offer 1,177 beds in more than 800 units. The community will contain approximately 9 percent of Cornell University's off-campus student housing, according to Walker & Dunlop. Brendan Coleman of Walker & Dunlop led the team that structured the two-year interest-only bridge loan. Daniel Monte of Rose Hill Group originated the loan.
LAKEWOOD, COLO. — The Lodge at Denver West has received a $40.5-million mezzanine construction loan. The 252-unit development is located within the Denver West Business Park in Lakewood, which is southwest of Denver. The Lodge will be the final multi-housing phase for the Denver West master-planned development. Upon completion, the 800-acre, mixed-use project will contain about 2 million square feet of office space, nearly 2 million square feet of retail and 575 existing multi-housing units. The Lodge is slated for completion in 2015. The seven-year loan has a fixed interest rate of 5.5 percent with interest-only during the 24-month construction term. It was arranged at 89 percent of cost by HFF’s Wally Reid and Josh Simon on behalf of a joint venture between the Greystone Group and the Stevinson Family.
LAKEWOOD, COLO. – The 318-unit Belmar Villas in Lakewood has sold to Seagate Properties for an undisclosed sum. The community is located at 700 S. Reed Court. It was 97 percent occupied at the time of closing. Seagate plans to renovate the property. The unnamed seller was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
ORLANDO, FLA. — CBRE Capital Markets has arranged acquisition financing for Northgate Lakes, a 710-bed student housing community located adjacent to the University of Central Florida in Orlando. Steve Roth and Ben Roelke of CBRE Capital Markets arranged the loan through a life insurance company on behalf of the borrower, Campus 150 Venture LLC, a joint venture between principals of Campus Advantage and a state pension fund. CBRE also arranged acquisition financing for VUE on University in Fort Worth, Texas, and refinancing for Zaragon Place in Ann Arbor, Mich. The three loans totaled more than $64.6 million.
TOLEDO, OHIO — Reichle Klein Group has arranged the sale of Pinetree Apartments, a 90-unit multifamily property in Toledo, for $2.7 million. Located at 1435 Bernath Parkway, the apartment community offers one-, two- and three-bedroom options. Harlan Reichle and Walter Plath of Reichle Klein represented the seller, Pine Tree Apartments LLC.
CHICAGO — McShane Construction Co. has completed the rehabilitation and renovation of Borinquen Bella Apartments in Chicago’s Humboldt Park neighborhood. The work included both exterior and interior improvements for a total of 47 units and 62,896 square feet across four buildings, all owned by the Latin United Community Housing Association. Funding for the project, which was planned by Landon Bone Baker Architects, was made possible in part through Low-Income Housing Tax Credits and Housing and Urban Development funds.
LAKEWOOD, COLO. — The Lodge at Denver West has received a $40.5-million mezzanine construction loan. The 252-unit development is located within the Denver West Business Park in Lakewood, which is southwest of Denver. The Lodge will be the final multi-housing phase for the Denver West master-planned development. Upon completion, the 800-acre, mixed-use project will contain about 2 million square feet of office space, nearly 2 million square feet of retail and 575 existing multi-housing units. The Lodge is slated for completion in 2015. The seven-year loan has a fixed interest rate of 5.5 percent with interest-only during the 24-month construction term. It was arranged at 89 percent of cost by HFF’s Wally Reid and Josh Simon on behalf of a joint venture between the Greystone Group and the Stevinson Family.
LAKEWOOD, COLO. – The 318-unit Belmar Villas in Lakewood has sold to Seagate Properties for an undisclosed sum. The community is located at 700 S. Reed Court. It was 97 percent occupied at the time of closing. Seagate plans to renovate the property. The unnamed seller was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
SANTA CLARA, CALIF. – The 1,000-unit Mansion Grove in Santa Clara has received $188 million in first-mortgage refinancing. The community is located at 502 Mansion Park Drive. It was 98 percent leased at the time of closing. Financing was based on a 10-year term and a 30-year amortization schedule.Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office arranged the financing on behalf of an affiliate of Prometheus Real Estate Group. It was arranged through the firm’s relationship with Teachers Insurance and Annuity Association of America (TIAA-CREF) and Allstate Life Insurance Company.