SAN FRANCISCO — NorthMarq Capital has arranged a $70 million refinancing for an apartment project in Silicon Valley. The recently completed property required a short-term bridge loan structured with an interest-only feature. NorthMarq’s John Kerslake arranged financing for the borrower through a life insurance company relationship.
LONG BEACH, CALIF. — An unnamed buyer has purchased the 127-unit Patio Garden Apartments in Long Beach for $35.3 million. The community is located at 4874 E. Los Coyotes Diagonal in the Long Beach Traffic Circle neighborhood. Patio Garden is less than two miles from California State University, Long Beach. It was built in 1958. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone represented both the buyer and the seller in this transaction.
HOUSTON — Jamie Mullin of LMI Capital has placed permanent financing for the acquisition and refinancing of two garden-style apartment complexes in Houston. Mullin placed a 10-year loan exceeding $24.5 million for a 650-unit asset in southwest Houston. The agency loan was a refinance that provided cash-out proceeds to the borrower and featured a fixed 4.1 percent interest rate and five years of interest-only payments. The borrower will use the excess proceeds to return capital, make ongoing improvements to the property and fund future acquisitions. The second transaction for Mullin pertained to a 250-unit property in Houston’s Brookhollow submarket. The acquisition financing included a 10-year term, five-year interest-only period, fixed 3.9 percent interest rate and leverage exceeding 73 percent of the purchase price. The borrower plans to complete a capital improvement plan, the funds for which will be provided by the lender.
HOUSTON — Allied Orion Group has been selected to manage Tree Tops at Post Oak, a 112-unit apartment community located in Houston’s Galleria area. Located inside the 610 Loop at 4510 Briar Hollow Place, the three-story apartment community includes 13 floor plans with one- and two-bedroom options. Owned by Nimes Capital, Tree Tops at Post Oak Apartments features ceramic tile floors, ceiling fans, nine- and 10-foot ceilings, crown molding, walk-in closets and balconies/patios. Residents have access to amenities including a business center with high-speed internet, 24-hour fitness center, pool, outdoor gas grills, covered parking and laundry centers on every floor.
MALDEN, MASS. — Fantini & Gorga has arranged an $18 million construction loan for the conversion of a historical building in downtown Malden into Residences @ Malden Station 138, an apartment building with amenity retail space. Located at 126-150 Pleasant St., the property will feature 71 residences, indoor parking, a fitness center, furnished roof deck, fireplace, meeting rooms, open seating areas furnished with televisions and a café station. Derek Coulombe, John Gorga and Despina Hatzipetrou arranged the financing for the undisclosed borrower through a regional bank.
GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $22 million refinance loan for a portfolio of three student housing communities located near the University of Florida campus in Gainesville. Paul Ahmed of Walker & Dunlop arranged the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, Trimark Properties. The portfolio of properties includes Solaria II, Tuscana and Savion Park. Altogether, the three properties comprise 114 units and 157,000 square feet. Community amenities at the properties include private balconies, internal courtyards, parks with jogging paths, electric wine chillers and 24-hour concierge services.
WALNUT CREEK, CALIF. — JCH Seniors Housing Group has brokered the $1 million sale of Heatherwood Alzheimer’s Assisted Living, a 32-bed memory care community in Walnut Creek, located approximately 25 miles northeast of San Francisco. Next Level Skilled Nursing purchased the community from Alzheimer Program Development Corp. Heatherwood was built in 1964 and has undergone numerous renovations since that time. Shep Roylance and Chris Harmon of JCH facilitated the transaction.
ALLSTON, MASS. — The Davis Companies has broken ground on Telford 180, a condominium building in Allston. The six-story building will feature 85 condos in a mix of studio, one-, two- and three-bedroom layouts. Each residence will include large windows, high ceilings, a washer/dryer, and a kitchen with an open layout. On-site amenities include a first-floor lobby; rowing room; bike storage area with lounge and dog wash; an outdoor courtyard with grills, a fire pit and green space; private conference rooms and a fitness center with an outdoor wellness retreat area. The project is slated for completion in early fall 2017. CUBE3 with Stantec is serving as project architect and Ryan Associates is providing landscape design services.
WEST DEPTFORD, N.J. — WinnCompanies has acquired and repositioned a market-rate apartment community located in West Deptford. Rebranded as Cove at RiverWinds, the property features 199 units for adults who are age 55 and older. Built in 2009, the two-building community features an underground parking garage, a community room, an outdoor courtyard, on-site management office and a mix of 74 one-bedroom apartments, 121 two-bedroom units and four penthouse suites. Managed by WinnResidential, the property was formerly known as Rivercove Apartments. WinnCompanies acquired the property in April for an undisclosed sum. The name of the seller was not released.
MAPLEWOOD, MINN. — Dougherty Mortgage LLC has closed a $4.5 million Fannie Mae loan to refinance Sibley Cove Apartments, an 81-unit affordable housing complex in Maplewood, five miles north of St. Paul. Units include washers and dryers, walk-in closets and kitchen appliances. Community amenities include a heated underground parking garage, playground, fitness center and a car wash station. The adjustable-rate loan features a seven-year term and 30-year amortization schedule. The borrower is Sibley Cove LP.