WEATHERFORD, TEXAS — Clayton Wells of BMC Capital’s Dallas office has arranged a $1.5 million purchase loan for an apartment complex located in Weatherford. The property was constructed in December 2014. The loan features a 75 percent loan-to-value ratio, a five-year fixed-rate at 4.5 percent with a rate reset at five years, and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
LAWRENCE, KAN., AND CONWAY, ARK. — Colliers International Student Housing Group has arranged the sales of three major student-housing communities in Kansas and Arkansas. In two of the deals, Collegium Capital Partners LLC, an affiliate of Calidus Realty LLC, acquired The Grove at Lawrence in Kansas and The Grove at Conway. The properties which were previously owned by a joint venture between Campus Crest Communities and Harrison Street Real Estate Capital LLC. The Grove at Lawrence is a 500-bed, 172-unit property located approximately five miles from the University of Kansas. The Grove at Conway is a 504-bed, 180-unit property located a few miles from the University of Central Arkansas. The third sales transaction was for a 792-bed, 216-unit student housing community. The details of the transaction were undisclosed. Dorothy Jackman and Travis Prince of Colliers International Student Housing Group represented the seller and the buyer in all three transactions.
CLEVELAND — KeyBank Real Estate Capital has secured $66 million in debt financing on behalf of Pierce Education Properties for a five-property student housing apartment portfolio. Totaling 2,788 beds, the properties are located in four states across the Midwest and Southeast. KeyBank originally funded five on-balance sheet, three-year, non-recourse loans to finance the acquisition of the five properties in 2014. KeyBank refinanced the original bank loans with 10-year, interest-only floating rate debt with a loan-to-value ratio of 55 percent. Robert Prouty and Andrew Lucca of KeyBank’s Commercial Mortgage Group arranged the financing.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $9.5 million HUD 223(f) loan for the refinancing of Crosby Pointe Apartments, a 73-unit multifamily market rate apartment property located in St. Paul. The 35-year loan includes a 35-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crosby Pointe LLC. Real Estate Equities LLC manages Crosby Pointe Apartments. The property features an outdoor pool, fitness center and an underground parking garage. Units are currently undergoing renovations that include the addition of stainless steel appliances, granite countertops and new finishes.
CHICAGO RIDGE, ILL. — Marcus & Millichap has brokered the $4.5 million sale of Ridge Terrace Apartments, a 72-unit apartment property in Chicago Ridge. Ridge Terrace Apartments is located at 7030-40 West 100th and 9940 Nottingham. The three buildings include one-bedroom and two-bedroom units ranging in sze from 715 to 860 square feet. Each building features storage spaces, off-street parking and on-site laundry facilities. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company and the buyer, a private investor.
SOUTH PORTLAND, MAINE — Fantini & Gorga has arranged $6.6 million in permanent financing for a multifamily property located in South Portland. Originally built in 1943 as World War II housing, the property features 24 two-story buildings offer a total of 95 one-bedroom apartments. Derek Coulombe, Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing for the undisclosed borrower.
HAMMONTON, N.J. — Marcus & Millichap has brokered the sale of an apartment community located in Hammonton. The 72-unit Colonial Court Apartments sold for $5.1 million. The buyer, a New Jersey-based builder, plans to address and correct the property’s deferred maintenance and structural issues. Nat Gambuzza of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
LOS ANGELES — Freddie Mac Multifamily has provided an $878 million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast. HFF arranged the financing for borrower Prime Residential. Funding will be used to retire existing debt. Freddie Mac expects to securitize the loan through its K-Deal program. The 4,245-unit property is rent-controlled, with about 10 percent of the units having below market-rate rents. The community includes 18 high-rise towers and 175 garden-style apartment buildings on 144 acres. Approximately 10,000 residents live in the community. The apartment community includes 24-hour security patrol, courtyards, Wi-Fi cafes, fitness trails, a movie theater, hair salon and business and fitness centers. Originally built between 1944 and 1952, Park La Brea underwent renovations between 1995 and 2014. The 96.4-percent-leased complex is located at 6200 W. Third St., about seven miles west of downtown Los Angeles near the Miracle Mile district. Managing director Peter Smyslowski of HFF led and assembled the West Coast-based team that arranged the financing. The team included executive managing director Jody Thornton, senior managing directors Paul Brindley and Kevin MacKenzie and managing director Charles Halladay. Freddie Mac provides liquidity, stability and affordability to the nation’s residential …
LOS ANGELES — A joint venture between Bridge Investment Group Holdings and Starr Companies has acquired The Enclave, a 306-unit apartment complex in Paramount, for $61.1 million. The community is located at 13801 Paramount Blvd. in the Los Angeles submarket of Paramount. The Enclave was built in 1991. It is situated near four Metro lines. Notable employers in the area include the County of Los Angeles, RMI International, Kaiser Permanente, Bellflower Medical Center, St. Francis Medical Center and Lakewood Regional Medical Center. The seller, Kennedy Wilson, was represented by Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors.
WASHINGTON, D.C. — The Greysteel Co. has arranged $21.5 million to refinance a three-property, 193-unit multifamily portfolio located in Washington, D.C.’s Capitol Hill East neighborhood. Mark Bittenbender, Matthew Schwartz, Ari Firoozabadi and Paul Pierre of Greysteel arranged the loan through a conduit lender on behalf of the borrower, Capitol East Partners.