NEW YORK CITY — United Realty Trust Inc. has acquired Tilden House, a 117-unit multifamily property in Brooklyn, through a joint venture with the seller for $22.9 million. Completed in 2007, Tilden House is a nine-story, 86,360-square-foot building, with community facility space and indoor and outdoor parking. The property is located at 2520 Tilden Ave. in the East Flatbush area of Brooklyn. Tilden House is leased to a community development corporation, which has entered into a services agreement with the city of New York to provide transitional housing for families in need.
BEDFORD AND DOVER, N.H. — Fantini & Gorga has arranged $3.5 million in long-term financing for two New Hampshire properties — $2.1 million for Briston Manor West in Bedford and $1.4 million for 90 Washington St. in Dover. The 15-year, fixed-rate financing was placed with a major insurance company. Briston Manor West is a 70-unit, age-restricted (55+) multifamily property, which includes six buildings. The five-story, mixed-use building, located at 90 Washington St., spans 29,000 square feet. Tim O’Donnell and Mark Whelan of Fantini & Gorga arranged the loan.
ARLINGTON, GALVESTON AND CONROE, TEXAS — Venture West Funding Inc. (VWF), a mortgage company headquartered in El Segundo, Calif., has arranged three loans totaling $16 million for the refinance of three apartment buildings. The buildings total 405 units and are located in Arlington, Galveston and Conroe. Houston-based Centra Partners manages the three properties. Matt Douglas of VWF arranged the Freddie Mac loans through Berkadia Commercial Mortgage LLC. The loans are secured at a 10-year fixed rate with rates as low as 3.82 percent.
AMORY, MISS. — Love Funding has arranged three loans totaling $15 million to refinance a portfolio of skilled nursing facilities in Mississippi. Laura Saull-Smith of Love Funding obtained the loans through the U.S. Department of Housing and Urban Development's Section 232/223(a)(7) LEAN program. The properties include the River Place Nursing Center in Amory, The Nichols Center in Madison and The Carrington Nursing Center in Starkville. All three facilities are operated by Briar Hill Management LLC and include 105 units.
CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.
CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.
SAN DIEGO – The 60-unit Prospect 400 apartment community in the San Diego submarket of La Jolla has sold to unnamed buyers for $29 million. The community is located at 400 Prospect Street. The site used to serve as the summer home to famous newspaperman and La Jolla Beach and Tennis Clubdeveloper Frederick William Kellogg and his wife Florence Scripps before it was redeveloped in 1970. The seller, The Carolyn M. Holmer Irrevocable Trust, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego. The buyers represented themselves in this transaction.
LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.
MINNEAPOLIS — HFF has arranged $44 million in construction financing and joint venture equity for Metro Park East, a 194-unit, 551-bed, campus-adjacent student housing development at the University of Minnesota – Twin Cities in Minneapolis. Adam Herrin of HFF worked on behalf of the developer, Fountain Residential Partners LLC, to secure a $29.5 million construction loan through American Bank of Texas. In addition, HFF assisted in securing $11.56 million in joint venture equity with an institutional capital partner. Metro Park East is located at 2635 SE. 4th St. in the Stadium Village neighborhood directly adjacent to the East Bank campus of the university. Due for completion for fall semester 2014 occupancy, the project will be built to LEED Silver standards and will include one-, two-, three- and four-bedroom apartment units.
REVERE AND MALDEN, MASS. — Mack-Cali Realty Corp. has closed on the acquisition of Alterra at Overlook Ridge IB in metro Boston for $88 million. The acquisition was pursuant to a signed contract in January, when Mack-Cali purchased the sister building — Alterra at Overlook Ridge IA — for $61.3 million. The luxury multifamily property, located in the master planned community of Overlook Ridge in Revere and Malden, includes 412 rental units. The property was 96.1 percent leased at the time of sale. Similar to its acquisition of Alterra 1A, this property was acquired from a Prudential Insurance Co. of America joint venture. Roseland, a subsidiary of Mack-Cali, developed Alterra 1B and has managed the property since its completion.