ARLINGTON, TEXAS — Dougherty Mortgage LLC has arranged a $3.4 million loan for the acquisition of Arbor Terrace Apartment Homes, a 143-unit multifamily property in Arlington. The complex includes efficiency, one- and two-bedroom apartments, as well as a swimming pool and gazebo. The Dallas office of Dougherty Mortgage arranged the 10-year loan on behalf of AT Apartments LP.
Multifamily
SALEM, ORE. — Vista Pointe Luxury Apartments in Salem has received a $4.1-million refinance. The community is located at 1830 Wiltsey Road SE. The loan has a low fixed interest rate and a 30-year amortization schedule. It was arranged for the local borrower by Blake Hering, Jr. and Matt Illias of NBS Financial Services. NBS will also service the loan for the lender, life insurance company Genworth Financial.
WASHINGTON, D.C. — MAC has arranged $50 million in construction financing for two urban-infill sites in Washington, D.C., that will fund the construction of 133 new multifamily units. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC arranged one of the loans through a regional bank on behalf of an unnamed developer. The developer will acquire a site at 1600 Pennsylvania Ave. S.E. in Washington’s Capitol Hill neighborhood for a five-story, 77-unit property. Caren Garfield of MAC, along with McAllister, Levin and Lazarus, arranged the second loan on behalf of an unnamed developer based in Washington, D.C., through a regional bank. The developer will acquire an existing property at 1921 14th St. N.W. and construct a nine-story high-rise apartment building offering 56 units and 13,000 square feet of retail space. Construction of the second project will kick off in June and wrap up in early 2016.
DUNEDIN, FLA. — Franklin Street Real Estate Services has arranged the $10 million sale of Windemere Apartments, a 180-unit complex located at 1763 Main St. in downtown Dunedin. The buyer, Chicago-based Dunedin LLC, purchased the asset from Windemere Ltd., a Florida-based limited liability partnership that had owned the property since 1977. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zach Ames of Franklin Street represented both the buyer and seller in the transaction. The complex, which was 93 percent leased at the time of the sale, was built in 1974 and will undergo capital improvements upon closing of the transaction.
NEW YORK CITY — Madison Realty Capital has closed a $13 million loan to finance the acquisition and redevelopment of a townhouse located at 39 East 72nd Street in New York’s Upper East Side neighborhood. The undisclosed borrower plans to reposition the five-story townhouse as a residential development. Architect and developer Robert B. Lynd constructed the building in 1881 as his personal residence. A mix of commercial tenants, including two art galleries, currently occupies the building.
GREAT NECK, N.Y. — The Nassau County Industrial Development Agency has approved an economic development package, including tax breaks, for AvalonBay Communities’ proposed apartment community in Great Neck. The company will construct a multifamily project on a now-defunct petroleum storage facility located at 240 E. Shore Road, which will generate $56.4 million in local economic benefits to the community. The project will offer 191 apartment units with 10 percent of the units designated as affordable workforce housing. Construction is slated to start in December, with completion scheduled for January 2016.
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of two multifamily properties in Amarillo, the 195-unit Lighthouse Apartments and the 216-unit Canyon Ranch. Lighthouse Apartments is located at 4515 S. Virginia St., and Canyon Ranch is located at 4615 S. Virginia St., both in proximity to I-27, I-40, Amarillo College and West Texas A&M University. Both complexes are of garden-style construction and offer one- and two-bedroom residences. Tommy Lovell III and Kim Westcott of Marcus & Millichap marketed the assets on behalf of the seller, a financial institution. Lovell and Westcott also procured the buyer, a limited liability company.
RENTON, WASH. — TruAmerica Multifamily has acquired the 174-unit Montclair Heights apartment complex in Renton for $28.6 million. The community is located at 2223 Benson Road S. It was built in 1990. TruAmerica plans to make improvements to the property. The seller was Braddock & Logan. The transaction was executed by David Mortensen of Turning Point Realty Advisors and Dave Schumacher and Dylan Simon of Colliers International. TruAmerica has purchased nearly $110 million dollars of apartments in the Seattle area in the past five months.
DALLAS — Presbyterian Village North, a continuing care retirement community (CCRC) in north Dallas, is expanding with the construction of two new independent living buildings, a fitness center and transitional care unit, as well as an addition to its existing assisted living building. The project, valued at $93 million, will add approximately 350,000 square feet to the campus, allowing Presbyterian Village North to house and serve the needs of about 200 more seniors each year. The independent living buildings will include the 48-unit Leonard Rose Villas and the 56-unit Martins Landing. The fitness center will feature a swimming pool, spa, locker rooms and café. The 60-bed transitional care unit will connect to the existing rehab unit. Joyce Hall, the assisted living building, will expand with 71 new apartments. Construction is slated to begin in June. Presbyterian Village North is a development of faith-based nonprofit organization Presbyterian Communities and Services.
BEAVER, PA. — Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap, has arranged the sale of Friendship Ridge, a 605-bed nursing home in Beaver, a suburb of Pittsburgh. A private consortium of owners and investors based in New York and New Jersey purchased the property for $33.5 million from Beaver County, Pa. Situated on 25 acres at 246 Friendship Circle, the nursing home facility has been in operation since 1959. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia office, represented the seller in the transaction.