UNIONDALE, N.Y. — Arbor Commercial Funding LLC, a wholly owned subsidiary of Arbor Commercial Mortgage LLC, has funded 13 loans totaling $43.7 million for multifamily communities in the Southeast. Stephen York of Arbor’s New York City office originated all of the loans, several of which were Fannie Mae loans. The financing included: · a three-year, $10.8 million acquisition loan for a 392-unit unnamed community in Montgomery, Ala. · a seven-year, $7.9 million acquisition loan for the 344-unit Sunrise Point Apartments in Birmingham, Ala. · a two-year, $4.6 million acquisition loan for an unnamed 172-unit property in Gainesville, Fla. · a 10-year, $2.1 million loan for the 48-unit 1720 Cleveland Street Apartments in Hollywood, Fla. · a 12-year, $2 million loan for the 30-unit Gardens at Stirling Apartments in Davie, Fla. · a 30-year, $1.4 million refinance loan for the 64-unit Winter Garden Apartments in Winter Garden, Fla. · a seven-year, $3.5 million loan for the 150-unit Keystone Landing Apartments in Memphis, Tenn. · a 10-year, $3.4 million refinance loan for the 58-unit Hearthstone Apartments in Blacksburg, Va. · a 10-year, $2.7 million loan for the 56-unit Colonial Point Apartments in Gloucester, Va. · a 10-year, $1.8 million refinance loan for …
Multifamily
EVANSTSON, ILL. — Sperry Van Ness has arranged the sale of 26 of 49 bulk condominium units in Evanston, a northern suburb of Chicago. The 26 units, which total 37,310 square feet, sold for $7.25 million. The condominium property is located at 1228 Emerson St. Jim Sears of Sperry Van Ness represented the seller, Bluewater Group. Reid Bennett also of Sperry Van Ness represented the undisclosed buyer.
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of a 49-unit apartment property in Chicago. The property is located at 4408-4414 S. Drexel Blvd. The building consists of studio, one- and two-bedroom apartment units. Greg Gonzalez of Marcus & Millichap represented the seller, a private investor as well as the buyer, a limited partnership.
NEW YORK CITY — Meridian Capital Group has arranged $58.6 million in acquisition financing for a multifamily property located in Manhattan’s Financial District. The borrower, San Francisco-based Carmel Partners, acquired 15 Cliff Street, an apartment building with 156 units and ground-floor retail space. The seven-year mortgage, which was provided by a regional balance sheet lender, features an interest-only component and a floating rate that was swapped to a fixed rate for a portion of the term. Aaron Birnbaum of Meridian’s New York office and Seth Grossman of the company’s Carlsbad, Calif., office negotiated the transaction.
IRVING, TEXAS — Full-service brokerage firm ARA has brokered the sale of Lincoln Las Colinas, a 784-unit multifamily property in Irving. Constructed in two phases in 2010 and 2013, the community includes one- to three-bedroom apartments averaging 922 square feet, as well as a swimming pool, dog park, coffee bar, fitness center and clubhouse. The complex was 96.3 percent occupied at the time of the sale, which was the largest multifamily transaction in Texas history, according to ARA. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. marketed the property on behalf of the sellers, Lincoln Property Co. and Sarofim Realty Advisors. The asset was acquired by institutional investors advised by J.P. Morgan Asset Management.
ALPHARETTA, GA. — Cassidy Turley has brokered the $83.5 million sale of Somerby of Alpharetta, a 282-unit seniors housing community in Alpharetta, an affluent northern suburb of Atlanta. The facility is comprised of 16 independent living villas, 187 independent living apartments, 56 assisted living units and 23 memory care units. The property was built in 2008 and has maintained occupancy in the mid-90 percent range. Allen McMurty represented the seller in the transaction. The buyer was a publicly traded REIT.
PORT ST. LUCIE, FLA. — Greystone has provided $32.5 million in HUD financing for Kitterman Woods, a 396-unit apartment community in Port St. Lucie. The property features two swimming pools, a fitness center, tennis court, basketball court, volleyball court and pet-friendly amenities. Reuben Dolny of Greystone originated the 35-year, fully amortizing loan on behalf of the borrower, K&J Residential Group.
TAMPA, FLA. — Marcus & Millichap has arranged the $12.4 million sale of Garden Isles Apartments, a 300-unit apartment community located at 6919 Bonair Drive in Tampa. The property, built in 1971, features gated access, laundry facilities, car wash station, playground, two swimming pools and a dog walking area. The property is located 10 minutes from the University of South Florida. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the unnamed buyer and seller in the transaction.
ST. PAUL, MINN. — Dougherty Mortgage LLC has originated a $5.5 million loan for the refinancing of a 90-unit multifamily affordable housing property in St. Paul. Joseph’s Pointe at Upper Landing is located at 200 Wilkin St. The property was constructed in 2004 with 100 percent of the units restricted at 60 percent or below the area median income. Dougherty Mortgage arranged the 35-year term, 35-year amortization loan for Chestnut Housing LP.
HOUSTON — HFF has brokered the sale of Colorado Club Apartments, a 300-unit multifamily property in east Houston. Located at 794 Normandy St., the community includes one- and two-bedroom apartments averaging 753 square feet each, plus amenities such as a swimming pool, fitness center and playground. The complex was 98 percent leased at the time of the sale. Chris Curry, Todd Marix, Todd Stewart and Tre Banks of HFF marketed the asset on behalf of the seller, Cleveland, Ohio-based Capital Equity Group. White Oak Partners LLC, based in Columbus, Ohio, purchased the property.