SAN FRANCISCO – Johnson Capital has arranged $50 million in financing secured by the 414-unit South Beach Marina Apartments in Downtown San Francisco. The non-recourse debt, which boasts a fixed interest rate and a 10-year term, was used to refinance tax-exempt bonds. Principal Life Insurance provided the loan for the complex, which is owned by a pension fund. Financing was arranged by Brent Lister and Eric Salveson, senior vice presidents out of Johnson Capital's Los Angeles office.
WAYNESBURG, PA. –– Love Funding has closed a $5.44 million loan for Rolling Meadows, a 63-room nursing facility in Waynesburg. Bruce Gerhart of Love Funding’s Cleveland office secured the 30-year loan through the Federal Housing Administration’s 232/223(f) loan insurance program.
SILVER SPRING, MD. — KBR Building Group’s Vienna, Va., office has been contracted by a joint venture sponsored by Priderock Capital Partners to construct the 210-unit The Heritage at Georgia Avenue in Silver Spring, a more than $30 million project. The property will be a nine-story structure connected to two existing buildings on the 1.88-acre property, one of which will be completely renovated under this same contract. The Preston Partnership is the architect of record. Construction is slated to begin immediately.
CHARLOTTE & RALEIGH, N.C. — Kevin Jenkins of NorthMarq Capital’s Charlotte office arranged combined refinancing totaling $11.58 million for three multifamily properties in North Carolina. The 132-unit Chase on Commonwealth, refinanced at $4.73 million, and the 125-unit The Landings on Farmhurst, refinanced for $3.7 million, are both located in Charlotte. The 88-unit The Oaks, located in Raleigh, was refinanced at $3.15 million. Financing was secured through Arbor Commercial Funding DUS and was based on a 10-year term and a 30-year amortization schedule.
ST. PETERSBURG, FLA. — Marcus & Millichap has brokered the $1.17 million sale of the 59-unit Courtyard Apartments, located at 2400 15th Ave. South in St. Petersburg. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa, Fla., office represented the seller, a limited liability company in St. Petersburg. Regan, Carriera and Nicholas Meoli of CBRE’s Tampa, Fla., office represented the buyer, a limited liability company.
MILWAUKEE — Wangard Partners has closed on HUD financing that will help start construction for a market-rate apartment project in Milwaukee. 1910 on Water will contain 68 units and be located at 1910 N. Water St. The six-story building will feature residences ranging in size from a 540-square-foot studio to a 1,100-square-foot two-bedroom. Amenities will include a private courtyard, a fitness center, a community room and two levels of enclosed parking. Demolition of the site's existing buildings will occur immediately, with occupancy expected in summer 2010. St. Paul, Minn.-based Oak Grove Capital arranged the construction financing on behalf of Wangard Partners.
KALAMAZOO, MICH. — Boston-based real estate investment firm Gross & Cohen has sponsored a student housing property acquisition in Kalamazoo. The 423-bed project, called Thirteen24, is located adjacent to Western Michigan University’s campus in Kalamazoo. Renovations for Thirteen24 will include construction of a 2,800-square-foot clubhouse, a state-of-the-art fitness center, a leasing office, a business center and a game room. Individual units will have complete interior renovations with hardwood flooring, updated kitchens and appliances, new bathrooms, and exterior painting and landscaping.
DIXON AND FREEPORT, ILL. — NAI Hiffman has brokered the sale of two multifamily buildings in northern Illinois. The properties include Dixon River Apartments, which is located at 624 Marclare St. in Dixon, and Kiwanis Manor, which is located at 3001 Loras Drive in Freeport. Each community contains 72 units and both were constructed in 1994. NAI's William Montana brokered the deal on behalf of the seller, Milwaukee-based AIMCO.
NEW YORK CITY –– Meridian Capital Group has negotiated a $10.6 million senior mortgage on behalf of Park Avenue South LLC to refinance the acquisition of a multifamily loft building located at 220 Park Ave. South in NYC. The five-year financing features a fixed-rate of 4 percent and an allowance of $2.2 million in mezzanine financing. Allan Lieberman of Meridian negotiated the financing. The property is nine stories tall with 38 loft-style units, and 2,650 square feet of ground level and retail space. Japanese restaurant Haru occupies the retail space.
RED OAK –– Boston Capital has invested in the rehabilitation of Red Oak Apartments, a 116-unit multifamily development for families earning 60 percent or less of the Area Median Income. The general partner in the transaction, Highland Property Development, has been working with Red Oak’s government to widen Red Oak Road, which is the access point for Red Oak Apartments. The property has been rehabilitated with tax credit equity from the Low Income Housing Tax Credit program. Boston Capital has invested in 20,679 units of affordable houses in Texas.