CLEBURNE, TEXAS — Dougherty Mortgage LLC has arranged a $2.4 million Fannie Mae loan for the acquisition of Northridge Court Apartments, an 86-unit apartment complex in Cleburne. Dougherty’s Dallas office arranged the 10-year loan for DCP Skyline II LLC. The loan carries a 30-year amortization schedule. Dougherty Mortgage is based in Minneapolis with regional offices in California, Colorado, Maryland and Texas.
Multifamily
ORLANDO, FLA. — Berkadia Real Estate Advisors has arranged the $21.3 million sale of Arbour Apartments, a 292,000-square-foot multifamily community in Orlando. The property is located at 11000-11600 MacKay Blvd., which is within walking distance of the University of Central Florida. The apartment complex has two swimming pools, lighted tennis and basketball courts, a fitness center, billiard room and two 24-hour laundry centers. Cole Whitaker and Hal Warren of Berkadia, along with Robert Hold of Hold-Thyssen Inc., represented the seller, Arbour Apartments LLC, in the transaction. The buyer was New York-based BW Arbour Apartments LLC.
ANDERSON, S.C. — The RADCO Cos. has purchased two apartment communities totaling 316 units in Anderson for $11 million. The properties — the 180-unit Country Club and 136-unit Cobblestone — are RADCO’s first apartment acquisitions in South Carolina. The assets are both located off Clemson Boulevard across from Anderson Mall. RADCO plans to invest approximately $3 million to renovate the assets, as well as rebrand the properties as Ashford Pointe (formerly Country Club) and Ashford Village (formerly Cobblestone). RADCO’s portfolio now spans 6,600 units in six cities in the Southeast and Midwest. RADCO financed the acquisition through bridge debt from BBVA Compass and its own privately funded equity. The Atlanta-based multifamily investor purchased the assets from two unnamed limited liability companies.
DAVISON, MICH. — Bernard Financial Group has arranged an $18 million CMBS loan to refinance Lions Gate Luxury Apartments in Davison, located near Flint. The apartment community consists of 192 rental units within six, four-story buildings. Kevin Kovachevich of Bernard Financial Group arranged the loan on behalf of the borrower, Tshuva Roco Lions Gate LLC.
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.
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.