SAN DIEGO — Pathfinder Partners has acquired 16 of the unsold units within the Aragon townhome community, which resides within the San Diego submarket of La Mesa. The transaction included an adjacent land parcel that can hold an additional 10 townhomes. The community is located at 7705, 7715, 7725 and 7745 El Cajon Blvd. The 48-unit, attached-home community was developed by Barratt American in 2005. The company sold 32 units to individual homeowners between 2005 and 2007. Pathfinder represented itself in this transaction, while the seller was represented by Allen Chitayat and David Andrews at Hendricks and Partners.
RIVERSIDE, CALIF. — The Paseos at Magnolia Luxury Apartment Community will soon debut in Riverside. The $30-million project features 168 residential units located at 11520 Magnolia Ave. The first group of residents will move in this July. The project’s ultimate completion is scheduled for fall 2013. It was developed by Hutton Companies and designed by KTGY Group.
PALM SPRINGS, CALIF. – The 175-unit Andalucia Apartments in Palm Springs has sold to the Bascom Group for an undisclosed sum. The community is located at 311 S. Sunrise Way. This is Bascom’s 16th acquisition in the past 12 months. Financing was arranged by CBRE’s Brian Eisendrath.
YPSILANTI AND PITTSFIELD TOWNSHIP, MICH. — The Detroit office of Berkadia Commercial Mortgage LLC has originated $29.3 million for two multifamily properties in Ypsilanti and Pittsfield Township, located near Ann Arbor. Ernie Katai, Pete Benedetto and Colin Callaghan, senior vice presidents for Berkadia, worked with borrower McKinley, a commercial real estate investment and management firm, to secure the loans through Berkadia’s FHA/HUD program. The 477-unit Evergreen Pointe Apartments, which is located at 3089 Woodland Hills Drive in Pittsfield Township, received an $18.1 million loan. The 35-year, fixed-rate loan will be used to refinance existing debt on the property. The 228-unit Roundtree Apartments, which is located at 2835 Roundtree Boulevard in Ypsilanti, received an $11.2 million loan. The 35-year loan, which will be used to refinance the property, includes a 2.9 percent fixed interest rate.
CLEVELAND, OHIO — KeyBank (NYSE:KEY) has closed a transaction to provide New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development, a mixed-use and student housing project in Cleveland. The NMTC program, which was established in 2000 as part of the Community Renewal Tax Relief Act 2000, provides tax credit incentives to investors for equity investments in low-income communities. Keybank provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development. The second phase of the development will include retail and 50 dorm spaces for the Cleveland Institute of Art, providing nearly 130 beds for students. The property will also provide 40 additional units of traditional student housing and more than 20,000 square feet or ground-level retail space, including a new Corner Alley bowling. MRN Ltd. is developing the second phase, which is currently under construction.
HOUSTON — KeyBank Real Estate Capital has closed two Fannie Mae multifamily deals totaling $57.5 million in the Houston area. The two loans include $29.3 million for the 336-unit Century Westway and $28.2 million for the 223-unit Century Galleria Lofts. Jane Harrison and Joe Fadus of KeyBank arranged the acquisition financing on behalf of the borrower, Centennial Holding Co. LLC.
RIVERSIDE, CALIF. — The Paseos at Magnolia Luxury Apartment Community will soon debut in Riverside. The $30-million project features 168 residential units located at 11520 Magnolia Ave. The first group of residents will move in this July. The project’s ultimate completion is scheduled for fall 2013. It was developed by Hutton Companies and designed by KTGY Group.
PALM SPRINGS, CALIF. – The 175-unit Andalucia Apartments in Palm Springs has sold to the Bascom Group for an undisclosed sum. The community is located at 311 S. Sunrise Way. This is Bascom’s 16th acquisition in the past 12 months. Financing was arranged by CBRE’s Brian Eisendrath.
IRVINE, CALIF. – WNC has closed WNC Institutional Tax Credit Fund X, California Series 11. This is a $46-million institutional low-income housing tax credit (LIHTC) fund that will be used to acquire 10 properties throughout five California counties. The acquisition will include senior and family housing. It will fund the development of two new affordable housing projects, as well as the rehabilitation of eight existing communities. This is the Irvine-based company's 11th institutional fund since 2001 that has focused exclusively on California.
MIAMI — Terra Group has broken ground for the development of the Grove at Grand Bay luxury residential condominium project. Located at 2675 S. Bayshore Drive in Miami’s Coconut Grove submarket, the project consists of two 20-story towers containing 98 units. Resident balconies are each 12 feet tall and 12 feet deep with hurricane-proof sliders. Building amenities include a multi-lingual butler, on-site chef, curator-maintained art gallery, a gym, a spa, a pet spa and four swimming pools. Units are priced from $3 million. Terra Group is the developer of Grove at Grand Bay. Bjarke Ingels Group is the project architect. More than 90 percent of the units in the North Tower have already been sold.