ORANGE, CALIF. – An 11-property multifamily portfolio has received a $450-million refinance. The properties contain 3,369 total units. They are located throughout Dublin, Orange, San Ramon, San Diego and Vacaville, Calif.; Denver; Portland, Ore.; Chicago; and North Bergen and Wayne, N.J. The borrowers are 11 separate entities within a fund managed by UBS Global Asset Management. The 7-year and 10-year, fixed-rate loans carry a weighted average rate of 3.01 percent. They are not cross-collateralized or cross-defaulted. Financing was arranged by CBRE Capital Markets’ Debt & Equity Finance group. The team was led by Michael Riccio. Freddie Mac provided $218.2 million in financing, while Fannie Mae provided $231.7 million.
CHAPEL HILL, N.C. — Trinitas Ventures held a groundbreaking ceremony May 8 for the Bicycle Apartments in Chapel Hill, N.C., near the University of North Carolina. The 608-bed, 194-unit community will be available to students in August 2014. As the name implies, biking will be encouraged, and the community will feature storage for up to 400 bicycles. According to The Daily Tar Heel, a student newspaper for the university, the development costs approximately $20 million.
JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $7.5 million sale of The Columns, a 244-unit apartment complex in Jacksonville, for $7.5 million. The gated community features a clubhouse with leasing office, fitness center, three resort-style swimming pools, 24-hour clothes care center, recreation areas and 24-hour emergency maintenance. Tal Frydman, Daniel Cunningham, Derek Gibbs and Allan Holbrook of Marcus & Millichap represented the seller, a limited liability company. Frydman, Cunningham, Gibbs and Holbrook, also represented the buyer, a limited liability company.
JACKSON, MICH. — Bernard Financial Group has arranged a $7.6 million loan for Alpine Lake Apartments in Jackson. The property includes 34 two-story apartment buildings and 268 units. Alpine Lake LLC was the borrower. Pillar Capital Finance LLC was the lender. Kevin Kovachevich of Bernard Financial Group originated the loan.
FOREST LAKE, MINN. — Dougherty Mortgage LLC has closed a $4.6 million Fannie Mae loan for the refinancing of Mill Pond II Apartments in Forest Lake, located about 30 miles north of Minneapolis. The borrower was Mill Pond II LLC. The 10-year loan includes a 30-year amortization schedule. The recently constructed 60-unit multifamily affordable housing property is located at 525 4th St.
CORSICANA, TEXAS — Northshore Harbor Condominiums, located off South U.S. Highway 287 at the end of Spur 294 in Corsicana, has opened its doors. The Northshore Harbor Condos are located on Richland Chambers Lake just outside Corsicana, and it features the Harbor Inn Marina and the Harbor Inn Restaurant & Club. The 36 condominium units are priced in the $170,000 to $270,000 range and feature a private balcony or patio, granite countertops and stainless steel appliances. Amenities include a saltwater pool, clubhouse, fitness center, cyber cafe and private library.
AUSTIN, TEXAS — Texas Income Property has brokered the sale of the 88-unit Highland Cove Apartments, a multifamily community located in northeast Austin. Highland Cove was constructed in 1969 and the new owner is planning to renovate the property. Christopher Tucker of Texas Income Property represented the seller in the transaction. Tucker also arranged the sale of the 22-unit Lynridge Apartments, also in northeast Austin.
LOS ANGELES — Canyon Capital Realty Advisors and Citi have teamed up to launch Canyon Multifamily Impact Fund, a multifamily workforce housing fund that will focus on underserved communities in California, Texas and Illinois. The fund is positioned to acquire and manage up to $800 million in apartment communities. Individual investments will range from $20 million to $90 million for both individual properties and multisite portfolios.
ORANGE, CALIF. – An 11-property multifamily portfolio has received a $450-million refinance. The properties contain 3,369 total units. They are located throughout Dublin, Orange, San Ramon, San Diego and Vacaville, Calif.; Denver; Portland, Ore.; Chicago; and North Bergen and Wayne, N.J. The borrowers are 11 separate entities within a fund managed by UBS Global Asset Management. The 7-year and 10-year, fixed-rate loans carry a weighted average rate of 3.01 percent. They are not cross-collateralized or cross-defaulted. Financing was arranged by CBRE Capital Markets’ Debt & Equity Finance group. The team was led by Michael Riccio. Freddie Mac provided $218.2 million in financing, while Fannie Mae provided $231.7 million.
PLANT CITY, FLA. — NorthMarq has arranged a $6.2 million loan for the refinancing of Townsgate Apartments, a 265-unit multifamily property at 1211 Goldfinch Drive in Plant City. Lee Weaver of NorthMarq arranged the financing on behalf of the borrower, Baker's Pond Group, through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The 10-year loan features a 30-year amortization schedule.