MILILANI, HAWAII — The 128-bed Plaza at Mililani senior housing community has received a $28.5-million refinance. It is located on the island of Oahu. The loan features a 10-year term and a 30-year amortization period. It was underwritten to a 67 percent loan-to-value with a 1.40x debt-service coverage ratio. The Fannie Mae loan was arranged by Russell Dey of Walker & Dunlop. It was sponsored by Stephen B. Metter of MW Group.
FITCHBURG, MASS. — WinnDevelopment has opened Fitchburg Place, a new 42,528-square-foot affordable seniors housing development in Fitchburg, following a $19 million redevelopment project. The property is located on the site of the former Groop Townview Towers, a public housing complex owned by the Fitchburg Housing Authority. Originally planned to be converted into an assisted living facility, the redevelopment sat idle due to financial trouble. WinnDevelopment acquired the property through a joint venture partnership last October and restructured the stalled project into 96 units for seniors age 62 and older. Fitchburg Place features Energy Star appliances, an upgraded HVAC system and an on-site management and leasing office. Amenities include a resident lounge, laundry facilities, fitness center, library and computer learning space.
MILILANI, HAWAII — The 128-bed Plaza at Mililani senior housing community has received a $28.5-million refinance. It is located on the island of Oahu. The loan features a 10-year term and a 30-year amortization period. It was underwritten to a 67 percent loan-to-value with a 1.40x debt-service coverage ratio. The Fannie Mae loan was arranged by Russell Dey of Walker & Dunlop. It was sponsored by Stephen B. Metter of MW Group.
LOS ANGELES — Capital Foresight has received a $23.8-million acquisition loan to purchase the 132-unit Santa Fe Lofts in Downtown Los Angeles. The total purchase price for the apartment community was $35 million. The seller was The Kor Group. The loan features an interest rate of 2.5 percent with two years of interest-only. It was arranged by Brian Eisendrath with CBRE’s Debt and Equity Finance group through Fannie Mae.
FAYETTEVILLE, N.C. — The 232-unit Abbotts Park and the 124-unit Abbotts Landing, two multifamily apartment communities in Fayetteville, received $20.25 million in refinancing. Capital Advisors’ Cooper Willis arranged the 10-year loan with a 30-year amortization schedule on behalf of Abbotts Fayetteville LLC through Jefferies LoanCore LLC. The two communities include one-, two- and three-bedroom garden-style apartments built in 2006. Abbotts Park is located at 6320 Abbotts Park Rd. and Abbotts Landing at 581 Abbotts Landing Cir. in Fayetteville.
JOLIET, ILL. — Marcus & Millichap has arranged the $1.7 million sale of Glenwood Apartments & Townhomes, a 30-unit property in Joliet. The property consists of five six-unit buildings adjacent to Provena St. Joseph Medical Center. James Clough of Marcus & Millichap represented the seller, a local apartment owner, in the transaction.
NEW HAVEN, CONN. — UOB Eagle Rock Multifamily Property Fund has acquired Wintergreen of Westville, a 294-unit apartment asset in New Haven. The newly developed community sold for $41.6 million, or approximately $141,000 per unit. The five-building community is located at 400 Blake St. and the average unit size is 1,100 square feet. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, SA Wintergreen LLC, in the transaction. They also represented the buyer.
SYRACUSE, N.Y. — The 256-unit Clarendon Heights Apartments, a community located near the Syracuse University campus, has sold. The garden-style property was originally built in the 1970s and renovated in the late 1980s. Tenants include graduate students from Syracuse University, Upstate Medical University and working professionals. The new ownership is from Cortland, N.Y. and has hired DLH Properties to manage the property. Louis Fournier of The Sutton Cos. and Gail McDonough of Colliers International represented the seller in the transaction.
GALVESTON — Coldwell Banker Commercial United, Realtors has arranged the sale of a 10-unit multifamily complex, located at 1927 Avenue M 1/2 in Galveston. Mike Chance of Coldwell Banker represented the seller, CMDS Commercial Investments, in the transaction. Lori Pederson of Shoal Point Properties represented the buyer, My Suncoast Properties.
LOS ANGELES — Capital Foresight has received a $23.8-million acquisition loan to purchase the 132-unit Santa Fe Lofts in Downtown Los Angeles. The total purchase price for the apartment community was $35 million. The seller was The Kor Group. The loan features an interest rate of 2.5 percent with two years of interest-only. It was arranged by Brian Eisendrath with CBRE’s Debt and Equity Finance group through Fannie Mae.