MANVEL, TEXAS — Love Funding has closed a $10.1 million construction-to-permanent loan for the development of Orchard Park of Pearland, an assisted living and memory care facility under development in Manvel. Joshua Hausfeld of Love Funding secured the 40-year loan through HUD's Section 232 LEAN program for new construction of healthcare facilities. The borrowers, McFarlin Group and Stroud Development, plan to open the facility in 2014.
SILVER SPRING, MD. — Alliant Capital LLC has arranged a $45.3 million acquisition loan for Woodvale Apartments, a 376-unit multifamily property in Silver Spring. Mary Dee Clancy of Alliance originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule.
CLINTON TOWNSHIP, MICH. — Bernard Financial Group has arranged an $8.8 million loan for Green Valley Apartments, located at 42480 Green Valley Drive in Clinton Township, about 25 miles north of Detroit. The multifamily property includes 420 units. The borrower is Green Valley Apartment Complex LLC. Neil Gorosh of Bernard Financial originated the loan.
CHICAGO — A developer has acquired 6920 South Crandon Avenue, a 65-unit, 11-story affordable multifamily property in Chicago’s South Shore neighborhood.Scott Harris and Ryan Engle of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction. The property currently operates under a Housing Assistance Payment (HAP contract) administered by the Chicago HUD office. The HAP contract was recently renewed.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Oak Tree, a 20-unit apartment complex in Arlington. The community is located at 704 Lynda Lane within a half-mile of The University of Texas at Arlington. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Denninger also procured the buyer, a Canadian limited liability company.
LOS ANGELES — The Metro at Chinatown Senior Lofts, a 123-unit affordable senior housing property, has opened in Los Angeles’ Chinatown district. The $43-million property is located at 808 North Spring Street. The property contains two integrated structures, a seven-story building constructed in the 1920s, and a nine-story building constructed in 1916.The transit-oriented development is adjacent to Los Angeles County Metro’s gold line and it’s Chinatown Station. Leasing commenced this past January. The Metro is already 80 percent occupied. The property was developed by Meta Housing Corporation and Western Community Housing, which also served as the managing general partner.
DENVER — Consumer Capital Partners (CCP) has teamed with FrontRange Capital Partners to invest in the ownership and operation of 35,000 apartment units nationwide. Denver-based CCP is hoping this new partnership will diversify and strengthen its portfolio of brands and investments.CCP currently owns the successful Smashburger chain. FrontRange Capital’s specialty is owning, managing and repositioning apartment complexes.
NORTH POINT, FLA. — Symcor Capital Properties has acquired the Fountains at North Port, a 312-unit apartment community in North Port, for $19.7 million. The property, located at 1015 Panacea Blvd., is 95 percent occupied and units average 923 square feet. Community amenities include a clubhouse, computer center, fitness center and swimming pool and spa. Elliott Throne and Todd Adams of HFF arranged a 10-year, $14.6 million acquisition loan on behalf of the buyer through GE Capital Real Estate. Matt Mitchell and Jaret Turkell led the HFF team that represented the seller in the transaction.
BUFFALO AND SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $7.7 million first mortgage loan for two multifamily properties: Hidden Cove Apartments, an 84-unit apartment complex in Buffalo; and Meadowlawn Village, a 95-unit apartment complex in Sartell. Tony Carlson of Grandbridge originated the loan. Funding for the 10-year, fixed-rate loan was provided through Fannie Mae’s Delegated Underwriting and Servicing program and includes a 30-year amortization schedule. The loan required no personal guaranty and allowed the borrower to pay off the existing financing.
SUMMIT, N.J. — AIG Global Investment Group has sold Constantine Village, a 100-unit apartment complex in Summit, for $19 million to Constantine CXII LLC. Constantine Village is located at 26 Constantine Place, about 22 miles west of Manhattan. The multifamily property includes nine buildings, two-bedroom units and several large townhomes with private garages. The property, built in two phases in the early 1950s and late 1970s, is 96 percent leased. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller, AIG Global Investment Group, in the transaction.
