Multifamily

BEECH STREET ARRANGES $9M REFINANCING LOAN FOR BLOCK 2 LOFTS

by admin March 20, 2013

LITTLE ROCK, ARK. — Beech Street Capital has arranged a $9 million Fannie Mae loan for the refinancing of Block 2 Lofts, a 145-unit apartment property in downtown Little Rock. Built between 1921 and 1929, the property was converted to loft-style apartments in 2001. It includes 32,850 square feet of commercial space. Joel Mazur of Beech Street Capital originated the 15-year, fixed-rate loan, which includes a 30-year amortization schedule. The Block 2 Lofts consist of three buildings within blocks of the River Market District. The apartments were designed to attract Little Rock's business professionals.

March 20, 2013

ARBOR FUNDS $10.8M LOAN FOR APARTMENT COMMUNITY IN METRO DETROIT

by admin March 20, 2013

SHELBY TOWNSHIP, MICH. — Arbor Commercial Funding LLC, a wholly owned subsidiary of Arbor Commercial Mortgage LLC, has provided a $10.8 million Fannie Mae loan for the refinancing of Stoney Creek Village Apartments in Shelby Township, a northern suburb of Detroit. The 240-unit multifamily property includes one- and two-bedroom apartments and is located at 56965 Stoney Creek Drive. The 10-year loan includes a 30-year amortization schedule.

March 20, 2013

Multifamily Northeast

CONSTRUCTION FOR $11.7M APARTMENTS IN EWING TOWNSHIP, N.J. IS UNDER WAY

by admin March 20, 2013

EWING TOWNSHIP, N.J. — Construction for The Gardens at Birmingham, an $11.7 million, 48-unit affordable housing community in Ewing Township, is under way and is slated for completion in early September. Located at 1460 Parkway Ave., the multifamily property includes a mix of one-, two- and three-bedroom units, ranging from 650 square feet to 1,360 square feet. Each apartment home includes Energy Star appliances, ceramic tile bathrooms and a washing machine and dryer. Lawrenceville, N.J.-based Community Investment Strategies Inc. is the developer, and Community Investment Strategies Management Inc. will provide management services for the property.

March 20, 2013

Midwest Seniors Housing

DOUGHERTY ARRANGES $4.4M LOAN FOR ASSISTED LIVING FACILITY IN DES MOINES

by admin March 20, 2013

DES MOINES — Dougherty Mortgage LLC has arranged a $4.4 million refinancing loan for 3801 Grand Place, a 60-unit assisted living and dementia care facility located in Des Moines. The non-recourse HUD loan has an amortization of 373 months (approximately 31 years) and was arranged for 3801 Grand Associates LP by Dougherty’s Minneapolis office. The seniors housing facility is an existing HUD facility built in 1994 and managed by Newbury Management Co.

March 20, 2013

Multifamily Western

HILLSIDE TERRACE APARTMENTS IN HOLLYWOOD RECEIVES $10.5M REFINANCE

by admin March 19, 2013

LOS ANGELES – The 79-unit Hillside Terrace Apartments in Hollywood has received a $10.5-million refinance. The community is located at 7245 Hillside Ave. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Robert Hervey of NorthMarq’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.

March 19, 2013

Multifamily Western

CEDAR COURT APARTMENTS IN BURIEN SELLS FOR $1.4M

by admin March 19, 2013

BURIEN, WASH. – The 18-unit Cedar Court apartments in Burien has sold to a Pierce County apartment investor for $1.4 million. The community is located at 15621 4th Ave. South. The refinance and acquisition financing was provided by Marcus & Millichap Capital Corporation. The buyer was represented by Scott Morasch of Marcus & Millichap’s Seattle office.

March 19, 2013

Midwest Multifamily

GREYSTONE ORIGINATES $34.6M HUD LOAN FOR INDIANAPOLIS MULTIFAMILY PROPERTY

by admin March 19, 2013

INDIANAPOLIS — Greystone has originated a $34.6 million loan for Lake Castleton Apartments, a 1,261-unit multifamily apartment complex in Indianapolis. Greystone received a commitment from HUD insuring the Section 223(a)(7) FHA loan for Lake Castleton just 44 days from submission. The self-amortizing loan has a 35-year term. The property is located at 7601 Carlton Arms Drive. Josh Sasouness of Greystone’s New York City office originated the deal.

March 19, 2013

Multifamily Texas

M&M BROKERS SALE OF VILLA MONTERREY IN HOUSTON

by admin March 19, 2013

HOUSTON — Marcus & Millichap has arranged the sale of Villa Monterrey, a 268-unit apartment complex located at 9445 Concourse Drive in Houston. The hotel's list price was $4 million. Jeffrey Fript of Marcus & Millichap's Houston office, along with Evan Kristol and Still Hunter III of the firm's Fort Lauderdale, Fla. office, represented the seller, a partnership, in the transaction. Fript also secured and represented the buyer, a private investor. The buyer plans to renovate the interior and exterior of the apartment complex.

March 19, 2013

Multifamily Texas

NORTHMARQ ARRANGES $7.55M MORTGAGE FOR SPICE CREEK

by admin March 19, 2013

SAN ANTONIO — NorthMarq Capital has arranged $7.55 million in acquisition financing for Spice Creek, a 192-unit, Class B apartment complex located in San Antonio. Luke Donahue of NorthMarq's Phoenix office arranged the 10-year loan with 24 months interest-only payments and a 25-year amortization schedule through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.

March 19, 2013

Multifamily Western

HILLSIDE TERRACE APARTMENTS IN HOLLYWOOD RECEIVES $10.5M REFINANCE

by admin March 19, 2013

March 19, 2013

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