AURORA, COLO. – The 420-unit Sommerset Gardens in Aurora has received $31.6 million in acquisition financing. The Class B community is located at14304 E. Tennessee Ave. The community was built in two phases between 1981 and 1983. It has undergone minor renovations over the years. Sponsor Kennedy Wilson plans to invest $5 million to further upgrade the property. The loan features a 12-year term with five years interest-only at a fixed rate of 4.27 percent. Financing was provided by Berkeley Point Capital LLC under the Fannie Mae Delegated and Underwriting and Servicing (DUS) program.
WINTER PARK, FLA. — Resource Real Estate has acquired a distressed apartment community in the Orlando suburb of Winter Park on behalf of its Resource Real Estate Opportunity REIT for $10.1 million. Nob Hill Apartments consists of 192 units within 10 buildings on 10 acres of land. Amenities include a swimming pool, fitness center, club room, business center, theater, sauna, and tennis and shuffleboard courts. Resource plans to complete a capital improvements project that will include individual unit and common area repairs and renovations as well as new exterior painting and landscaping. Resource acquired the property from a financial institution that had previously foreclosed on it.
ORLANDO — Marcus & Millichap has brokered the sale of a multifamily community and a hotel in Orlando for a combined $7.6 million. Universal Suites is located at 1200 Holden Ave. The apartment community includes a 140 one- and two-bedroom units. It sold for $4.3 million. Tranquility Inn is a 110-room extended-stay hotel located at 4855 S. Orange Blossom Trail. It traded for $3.3 million. Nicholas Meoli, Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the local seller. John Keeler of Marcus & Millichap’s Orlando office represented the Colorado-based buyer.
WAUKEGAN, ILL. — NorthMarq’s Chicago regional office has arranged $32.9 million in first mortgage refinancing for Landings at Amhurst Lake, a 340-unit in Waukegan. The market-rate multifamily community is located at 1375 S. White Oak Drive, approximately 50 miles north of Chicago. The 10-year loan includes three years of interest-only payments and a 30-year amortization schedule. Sue Blumberg, senior vice president and managing director of NorthMarq arranged the financing for the borrower, Northern Crossing JV LLC, through its seller-servicer relationship with Freddie Mac.
WOODRIDGE, ILL. — Greystone has provided an $8.5 million FHA loan for Hawthorn Ridge Apartments, a multifamily complex in Woodridge, located about 30 miles west of Chicago. Hawthorn Ridge Apartments includes 176 units, a pool and a small park. Naftali Schuss of Greystone’s New York City office arranged the financing.
DALLAS AND HUMBLE, TEXAS — Walker & Dunlop Inc. has provided financing for two borrowers in Texas under its Interim Loan Program. The program offers floating-rate loans to experienced borrowers seeking to acquire or reposition multifamily, independent living and assisted living properties that do not currently qualify for permanent financing. The first financing is a $23.35 million acquisition loan for Bellaterra at Deerbrook, a 360-unit, garden-style apartment property located in Humble. The complex features one- and two-bedroom floor plans. This one-year, interest-only financing marks the first interim loan for borrower Priderock Capital Partners. Stephen Farnsworth, senior vice president, led the Walker & Dunlop team in the transaction. The second financing is an interest-only, nonrecourse loan for the 55-unit Shelby Apartments, a Class A multifamily property located on the Southern Methodist University campus in Dallas. The Prescott Group of Dallas and AREA Property Partners received the loan. Matt Wallach and Stephen Wes, vice presidents led the Walker & Dunlop team in the transaction.
HOUSTON — The Uptown Houston District has chosen Post Oak Central, a three-building office complex totaling 1.3 million square feet, as the hub for the management of its new projects, including the reconstruction and widening of Post Oak Boulevard. The project stems from the recent approval of the extension and expansion of Uptown Houston’s Tax Increment Reinvestment Zone. The Uptown Houston District will lease 7,900 square feet at Post Oak Central. The office is currently 95 percent leased with approximately 65,000 square feet still available. The property is LEED Gold certified. Enhancements are being made on the office complex including a new 20,000-square-foot health club, updated conference facility and improved retail and parking.
FORT WORTH, TEXAS — Caddis Partners LLC has begun construction on Eagle Mountain, a 96-bed Heartis-branded assisted living and memory care community located at Dalhart Drive and Boat Club Road in Fort Worth. The community spans 61,125 square feet, and will include 54 assisted living units with 61 beds, and a 35-bed memory care unit. Caddis Partners will act as developer and owner of Heartis Eagle Mountain. Good Neighbor Care will provide management. Architectural firm Katus and the Dallas office of MAPP Construction will lead development. Financing was provided by American National Bank of Texas. Caddis plans to invest more than $100 million in senior housing projects during the next two years. Heartis Eagle Mountain is set for a summer 2014 completion.
CHANDLER, ARIZ. – The 290-unit Villa Pallavicini in Chandler has sold to a company formed by Alliance Residential Co. for $37.5 million. The community is located at 635 South Ellis Street near the Price Corridor, which is known as one of the Southwest’s leading tech hubs. This corridor is home to Intel, eBay, PayPal, Orbital Sciences, Amkor Technology, Isagenix, Freescale Semiconductor, Microchip Technology and Motorola.
MONTGOMERY, ALA. — Brown Realty Advisors has brokered the sale of a Montgomery multifamily community for $6.7 million. Hillwood Apartments is a Class B property constructed in 1982. It features 118 units that average 1,419 square feet each. Brown Realty completed the sale of the property in conjunction with Auction.com. Starwood Mortgage Capital provided acquisition financing on behalf of the undisclosed buyer, which plans to complete a $1 million capital improvements program for the property.