POMPANO BEACH, FLA. — CBRE has arranged a $10.4 million Freddie Mac loan for the refinancing of Palm Island Apartments, a 402-unit multifamily property at 401 N.W. 34th St. in Pompano Beach. The property was constructed in 1974 and is fully leased. The community consists of 13 two-story buildings and one clubhouse spanning 17 acres. Amenities include a laundry facility in each building, swimming pool, two tennis courts and a playground. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loan with a fixed interest rate below 4 percent on behalf of the borrower, Sample APTS LLC.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $28.6 million construction loan for the development of Kalorama West, a 117-unit apartment building in the Adams Morgan neighborhood of Washington, D.C. The borrower is a joint venture between Columbia General Corp. and Potomac Investment Properties. The sponsor developed and owned the adjacent 394-unit Dorchester House. Kalorama West is an expansion of the existing apartment building, which will be built on Dorchester House's surface parking lot. Construction of the five-story building is expected to begin next month, with completed slated for the first quarter of 2015. Andrew McAllister, Bruce Levin, Britton Browne and Nick Rubenstein led the MAC Realty team that arranged the loan through a national bank.
BLOOMINGTON, ILL. — Love Funding has arranged a $19.8 million HUD 223(f) loan for the refinancing of Wingover Apartments, a market-rate apartment community in Bloomington, located about 72 miles north of Springfield. The refinancing will allow the property owners to take on needed repairs and consolidate four separate mortgages into a non-recourse, fixed-rate loan with a term of 35 years. The ownership group includes Illinois State University graduate Darren Rogers and his business partners Donald Franke and Harold Hoeferle. Wingover Apartments was built in four stages between 2006 and 2009, and consists of 19 two- and three-story buildings and 250 apartment units. Love Funding Midwest regional director Bruce Gerhart secured the financing.
ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $10.48 million refinancing loan for Lowertown Commons, a seven-story, 112-unit multifamily building located in St. Paul. The borrower was REE Lowertown LLC. The HUD 223(f) non-recourse loan has a 30-year term and a 30-year amortization schedule. Constructed in 1905 as a facility for the St. Paul Rubber Co., the historic building was rehabbed and converted to apartment units in 1985. Approximately $1.2 million in renovations will be completed as part of the refinancing. Lowertown Commons is owned and managed by Real Estate Equities.
NEW YORK CITY — Prime East Realty has sold an apartment building at 539 E. 87th St. in Manhattan’s Upper East Side neighborhood, for $8 million. Far East 87 LLC purchased the five-story, 10,068-square-foot building. Each of the 10 units include high ceilings, oversized doors, oak strip flooring, A/C window units, aluminum kitchen appliances, exposed brick walls and a washer and dryer. The apartments also feature marble windowsills, countertops and bathrooms, as well as recessed lighting. Thomas Gammino of Massey Knakal brokered the transaction.
BOSTON — EagleBridge Capital has arranged $4.8 million in financing for three multifamily units in Boston on behalf of Neelon Properties. Ted Sidel and Brian Sheehan of EagleBridge arranged a $4 million mortgage for two units located at 251 Marlboro St. in the Back Bay neighborhood, plus an $820,000 mortgage for a unit located at 77 Worcester St. in the South End. The lenders were two leading financial institutions. The Marlboro Street units contain a total of 4,950 square feet on two floors. The two-story 77 Worcester Street is a 1,700-square-foot penthouse duplex. The interiors of Marlboro Street units and the Worcester Street unit are being completely rebuilt.
GLENDALE, COLO. — 341-unit Solana Cherry Creek development in Glendale has received joint venture equity through an institutional investor. The funds will finance the Class A community's construction. It is scheduled for completion in 2016. Pat Burger, Josh Simon, Jordan Robbins and Husayn Hasan of HFF arranged the financing on behalf of MKS Residential LLC.
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.
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.
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.