AUSTIN, TEXAS — Marcus & Millichap Real Estate Investment Services has brokered the sale of Raintree, a 34-unit apartment property located at 8806 Redfield Lane in Austin. Kent Myers, Joe James and Hector Granado of Marcus & Millichap’s Austin office represented the seller, a partnership, and secured the buyer, a limited liability company, in the transaction.
LOS ANGELES – The 67-unit Universal Lofts in the Los Angeles submarket of Studio City has received $37.2 million in bridge and mezzanine debt. The live-work loft condominium community is located at 450 Cahuenga Blvd. W. The senior debt was funded by East West Bank and the mezzanine portion was funded by Pembrook Capital. The loans carry three-year terms and will allow the borrower to market and sell the units as condominiums. Financing was arranged by Dekel Capital.
ENGLEWOOD, COLO. – The 88-unit Lincoln Pointe Lofts II in Englewood has received a $6-million refinance. The community is located at 9781-9783 Pyramid Court. The loan features a 10-year term and a 9.5-year yield maintenance. It was arranged for Lincoln Pointe Lofts TWO LLLP by Dougherty Mortgage LLC’s Denver office.
HONOLULU — The 406-unit Oasis at Waipahu has received a $59.2-million refinance. The community is located at 94-207 Waipahu Street in Honolulu.Waipahu was formerly home to a sugar plantation. The 18-acre complex is owned by a joint venture between The Bascom Group, LLC and Morgan Stanley Real Estate Investing. Bascom has been involved in the property’s ownership for almost 10 years. Oasis at Waipahu has undergone significant renovations as the JV upgrades both the public spaces and individual units. The loan was originated by Jason Bressler of Mesa West Capital.
LAKELAND, FLA. — Franklin Street Real Estate Partners has brokered the sale of Woodlake Gardens, a 188-unit apartment community located at 1475 Woodlake Drive in Lakeland, for $7.2 million. Constructed in 1975, the property contains a mix of one- through three-bedroom units. The buyer, a local investor, plans to reposition the property in the near term. The Franklin Street team of Darron Kattan, Kevin Kelleher, Robert Goldfinger and Zach Ames represented the buyer as well as the seller, an out-of-state investor.
PANAMA CITY BEACH, FLA. — Forman Capital has funded a $26 million first mortgage for 280 units at the Shores of Panama, a 709-unit condominium community located in Panama City Beach. The undisclosed borrower plans to use the proceeds to refinance existing bridge debt. Terms of the deal were not disclosed.
GLEN ALLEN, VA. —Dougherty Mortgage has secured a $5.8 million loan for the refinance of The Atlantic at Twin Hickory Apartments, a 110-unit affordable housing property located in Glen Allen. The loan carries a 10-year term with 9.5 years of yield maintenance. Doughtery’s Austin Texas, office arranged the loan on behalf of the borrower, Twin Hickory Senior Associates LP.
ALEXANDRIA, VA. — Boston Capital is investing in the development of an affordable housing community in Alexandria. Old Town Commons Phase V will contain 40 two-bedroom units and 14 three-bedroom units in 10 three- and four-story buildings. All units will be EarthCraft certified. The project’s developers are EYA and the Alexandria Redevelopment & Housing Authority, who are working in partnership with the Virginia Housing Development Authority.
HONOLULU — The 406-unit Oasis at Waipahu has received a $59.2-million refinance. The community is located at 94-207 Waipahu Street in Honolulu.Waipahu was formerly home to a sugar plantation. The 18-acre complex is owned by a joint venture between The Bascom Group, LLC and Morgan Stanley Real Estate Investing. Bascom has been involved in the property’s ownership for almost 10 years. Oasis at Waipahu has undergone significant renovations as the JV upgrades both the public spaces and individual units. The loan was originated by Jason Bressler of Mesa West Capital.
OAKLAND, CALIF. – A 48-unit apartment building that is located at 200-220 East 15th Street in Oakland has sold to Cohen Rojas Capital Partners for $5.1 million. The four-building community was built in 1955. It recently underwent renovations to make the property more eco-friendly. Cohen was represented by David Wolfe and Eli Davidson of Marcus & Millichap’s Oakland office. The seller was not named.