BLOOMFIELD HILLS, MICH. — Arbor Commercial Funding LLC has funded 10 loans totaling $35.7 million in the Midwest under several of the company’s financing solutions. The loans included a $7.9 Fannie Mae DUS dedicated student housing loan for Americana on the River Apartments, a 90-unit multifamily property in East Lansing, Mich.; a $6.8 million Fannie Mae loan for a Michigan portfolio of 190-unit multifamily properties (Tree Top Meadows in Novi; Peppertree Park Townhomes in Lansing; and Maple Road Townes in Birmingham); a $5.6 million Fannie Mae loan for Bloomfield Hills Townhouses Cooperative, 283-unit multifamily property in Pontiac, Mich.; a $4 million FHA loan for Lexington Apartments, an 84-unit community in East Lansing; a $3 million Fannie Mae DUS Dedicated Student Housing loan for Haslett Arms Apartments, a 41-unit multifamily property in East Lansing; a $3.1 million Fannie Mae loan for Northcrest Apartments, a 151-unit multifamily property in Riverside, Mo.; a $3 million Fannie Mae loan for Greenway Villas Apartments, a 51-unit multifamily property in Raymore, Mo.; and a $2.1 million Fannie Mae loan for the 116-unit Rowanoake Apartments in Streetsboro, Ohio. Michael Jehle of Arbor’s Bloomfield Hills, Mich. office originated all the loans.
Multifamily
EDGEWATER, N.J. — Meridian Capital Group has arranged a $66 million loan on behalf of a funded managed by Cornerstone Real Estate Advisers LLC for the acquisition of St. Moritz Apartments in Edgewater. Built in 2005 by Fred Daibes, the 26-story luxury multifamily community offers 224 units at 100 Daibes Court. The property features a resort-style swimming pool, a coffee and juice bar, a spa with steam rooms and a fitness center. The seven-year loan, which was provided by NYS Teachers’ Retirement Systems, features a competitive fixed-rate and interest-only payments for the full-term. Abe Hirsch, Zev Karpel and Jacob Schmuckler of Meridian Capital’s New York City headquarters negotiated the transaction.
NEW YORK CITY —M&T Realty Capital Corp., a commercial mortgage banking subsidiary of M&T Bank, has provided a $34 million loan for the refinancing of co-op multifamily building in New York’s Greenwich Village neighborhood. Located at 250 Mercer St., the high-rise building features 256 residential units. Carole Stafford of M&T Realty Capital’s Baltimore office arranged the Freddie Mac loan transaction.
NEWARK, IRVINGTON, CARTERET AND UNION, N.J. — Gebroe-Hammer Associates has arranged three separate multifamily deals in Newark, Irvington and Carteret, as well as the sale of a three-unit retail center in Union. In the first transaction, 158-160 Second Avenue in Newark, an 18-unit apartment building, sold for $1.21 million. David Jarvis of Gebroe-Hammer represented the seller and identified the buyer in the transaction. In Irvington, David Oropeza of Gebroe-Hammer arranged the sale of the six-unit 444 Nye Avenue. Additionally, Joseph Brecher of Gebroe-Hammer brokered the $1.74 million sale of 7-11 Byron Street, an 18-unit apartment building in Carteret. Finally, Jarvis and Stephen Tragash brokered the sale of three commercial units at 1026, 1030 and 1036 Stuyvesant Ave. in Union.
HOUSTON — Embrey Partners LTD of San Antonio and Texas-based Stonelake Capital Partners LLC have opened a four-story apartment complex at the southwest corner of Highway 249 and Cypresswood Drive in northwest Houston. The project includes 336 units on 15.4 acres. Highpoint at Cypresswood consists of two, four-story buildings with six elevators. Rents on one- and two-bedroom units, which range from 574 to 1,188 square feet, start at $900 per month. The complex features a 6,500-square-foot clubhouse, pool, grilling areas, a dog park, bike station and fitness room.
DENVER – A venture managed by TruAmerica Multifamily has purchased a three-property multifamily portfolio in Colorado and Washington for $229 million. The portfolio contains a total of 1,514 units. The acquisition includes Berkshires at Lowry, located at 240 South Monaco Parkway in Denver; Ponderosa Villas at 1539 South Galena Way in Aurora, Colo.; and Carriages at Fairwood Downs, located at 15030 SE 179th Street in Renton, Wash. TruAmerica and its partners plan to spend between $25 million to $30 million renovating the properties, which were built in the 1970s and ‘80s. The seller, Berkshire Group, was represented by Kevin Geiger and Malcolm McComb of CBRE Capital Markets’ Institutional Properties. Other local CBRE personnel assisted with the Colorado and Washington transactions. CBRE Capital Markets’ Debt & Structured Finance team also secured a $168.8-million loan for the portfolio’s acquisition. The properties received fixed-rate, full-term, interest-only loans ranging from five to seven years.
MIAMI — Co-developers Carrfour Supportive Housing and Pinnacle Housing Group have opened Amistad Apartments, a $24 million affordable housing community. The 89-unit property is located at 517 S.W. 9th St. in Miami’s Little Havana neighborhood. The community is designated for formerly homeless and low-income residents. More than 1,500 people filled out resident applications to live in the new community, and a lottery was held to select from those applications.
LAWRENCEVILLE, GA. — The RADCO Cos. has sold Ashford Way, a 98-unit apartment property in the Atlanta suburb of Lawrenceville, for $5 million. KENCO Apartment Communities purchased the asset for approximately $51,02 per unit. The community features one- and two-bedroom floor plans averaging 752 square feet. ARA brokered the transaction. RADCO originally purchased the asset in December 2012 out of receivership for $29,000 per unit. After implementing a $1 million capital improvement plan, RADCO raised the occupancy rate from 71 percent to 97 percent.
PORTAGE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated a $20.7 million FHA/HUD loan for the acquisition and rehabilitation of Milham Meadows Apartments, a 300-unit multifamily property in Portage, approximately seven miles south of Kalamazoo. The fully leased property is located at the corner of Milham Road and Oakland Drive. The borrower, Integra Property Group, is utilizing Pillar’s acquisition loan and proceeds from the sale of low-income housing tax credits to purchase the property and to rehabilitate a number of elements, including a substantial renovation of energy and unit upgrades, as well as capital systems upgrades. The community will remain fully tenanted through the rehabilitation. Peter Nichol, of Pillar’s San Francisco office originated the transaction working closely with Mark Wiedelman and Nancy Ludwick of Pillar’s FHA lending team based in Bloomfield Hills, Mich. The affordable housing team secured a construction and permanent mortgage loan to facilitate the substantial rehabilitation of the property with short-term tax-exempt bonds and 4 percent tax credits.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a three-lot land assemblage in the Rockefeller Center area of Midtown Manhattan. HID Acquisition Group, affiliated with Hidrock Realty, acquired the property, which is targeted for residential condo development, for $47 million or $522 per buildable square foot. The assemblage consists of three 25-foot-wide lots: 12 East 48th Street, 14 East 48th Street and 13 East 47th Street. The assemblage allows for 75,300 residential buildable square feet as of right and a total buildable residential envelope of approximately 90,000 square feet if the development is in compliance with the recreation facility bonus in the zoning district. HID Acquisition plans to raze the three existing vacant office buildings and develop a 31-story residential tower on the East 48th Street entrance. The project will include a mix of studio units, one- and two-bedroom apartments and amenities, specifically targeting the international pied-a-terre market. R. Stuart Gross of Eastern Consolidated represented both the buyer and the seller, East 47th Street LLC (City Centre Properties), in the transaction. Morris Missry of Wachtel Missry LLP was the attorney for the buyer, and Peter Koffler of Venable LLP was the attorney for the seller.