HOUSTON — Jamie Mullin of LMI Capital has placed permanent financing for the acquisition and refinance of two garden-style apartment complexes in the Houston area. In the first transaction, Mullin placed a $20 million, 10-year loan for a 1,000-unit asset located in south Houston. The loan was a refinance providing cash out proceeds to the borrower, and featured a fixed interest rate and a flexible prepayment structure. Working on behalf of the borrower in the second transaction, Mullin originated a $5 million, five-year loan for a 150-unit asset in Texas City. The acquisition financing included a fixed interest rate of 4.3 percent and proceeds of 75 percent of the purchase price.
WEST NEW YORK AND HOBOKEN, N.J. — Love Funding has closed $75.3 million in loans to refinance Parkview Towers and Clock Tower Apartments, two affordable apartment communities owned by Jefferson-Adams Rehab Co. Located in West New York, Parkview Towers features 684 Section 8 apartments and four market-rate units in two 24-story apartment buildings. Clock Tower Apartments, located in Hoboken, features 90 market-rate units, 68 Section 8 units and 14 special voucher units. Both properties are managed by Parkview Management Corp. Laura Saull-Smith of Love Funding secured the financing from the U.S. Department of Housing and Urban Development’s 223(a)(7) loan insurance program, which allows up to 12 years to be added to an existing HUD mortgage’s remaining term.
LEWIS CENTER, OHIO — NXT Capital has provided a $29 million acquisition loan for a 336-unit apartment property in Lewis Center, approximately 20 miles north of Columbus. Remington Woods is a Class A property that features amenities such as a heated swimming pool, business center, coffee bar, game room, walking trails, fitness center, movie theater and clubhouse. Built in 2014, Remington Woods offers one- and two-bedroom units. Chad Kiner of NXT Capital arranged the financing. The borrower and terms of the loan were not disclosed.
ST. CHARLES, ILL. — KeyBank Real Estate Capital has provided a $21.9 million Fannie Mae loan to refinance a 228-unit apartment property in St. Charles, approximately 40 miles west of Chicago. Prairie Point was built in two phases in 1972 and 1976. Prairie Point features amenities such as a clubhouse, fitness center, pool with sundeck and playground. Located at 1820 Wessel Court, the property offers one- and two-bedroom units. Todd Linehan of KeyBank arranged the loan for the undisclosed borrower.
BROWN DEER, WIS. — New Perspective Senior Living has opened New Perspective | Beaver Creek, a 158,712-square-foot seniors housing community in the Milwaukee suburb of Brown Deer. The community features 87 independent and assisted living units, and 48 memory care apartments, as well as a warm-water pool, fitness center, multiple dining options, computer labs and more. Other partners on the project included Harrison Street, RNT LLC, Tushie Montgomery and Design 2 Construct.
CHICAGO — Essex Realty Group Inc. has arranged the sale of a 12-unit apartment property for $3.2 million. Located at 3507-11 N. Elston Ave., the property consists of three contiguous buildings, which contain a mix of two-bedroom and three-bedroom units. The buildings were completed in 2015 and include 12 parking spaces. Matt Welke of Essex Realty Group brokered the transaction. Neither the buyer nor the seller was disclosed.
NEW YORK CITY — Eastern Consolidated has arranged the sales of three properties in Queens totaling $12 million. In the first transaction, a real estate investment group acquired a 16,470-square-foot multifamily property located at 45-50 48th St. in the Sunnyside area of Queens. A private investor sold the property for $6.8 million. Jacob Tzfanya and Ted Volynets of Eastern Consolidation represented the seller and procured the buyer. In the second deal, Christos Savvinidis of Eastern Consolidated represented a private investor in the sale of a development site consisting of two residential properties at 2577-2579 31st St. in the Astoria neighborhood of Queens. A real estate investment firm acquired the properties, which offer 50 feet of frontage and 21,538 buildable square feet. In the final transaction, Chad Sinsheimer and Ali Rossland of Eastern Consolidated represented the seller, a private investor, and the buyer, a private investor, in the sale of a vacant 1,728-square-foot building located at 12-07 40th Ave. in Long Island City for $1.1 million. The property offers 6,075 buildable square feet.
BELLEVILLE, N.J. — J.G. Petrucci Co., a design/build development firm, has acquired a multifamily property located at 256 Belleville Ave. in Belleville. A private investor sold the three-story, garden-style apartment building for an undisclosed price. First Choice Bank arranged acquisition financing for the transaction. Lauren Federgreen of Rose Real Estate represented the undisclosed seller in the deal. This transaction is the first multifamily acquisition for J.G. Petrucci.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use building located at 5617 Fifth Ave. in Brooklyn. An individual/personal trust purchased the 5,836-square-foot property from a private investor for $2.1 million. John Brennan of Marcus & Millichap represented the buyer and seller in the deal.
WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 10,780-square-foot tract of land located at 2027 Rhode Island Ave. N.E. in Washington, D.C. The site currently houses a 3,739-square-foot mixed-use property. An unnamed developer purchased the site for $1.9 million with plans to develop more than 30 multifamily residences. Benjamin Wilson, Ryan Smith and Josh Feldman of Marcus & Millichap represented the seller in the transaction. Wilson, Smith and Feldman, along with Cameron Webb of Marcus & Millichap’s Washington, D.C., office, secured the buyer.