FLAGSTAFF, ARIZ. – The 194-unit Alpine Ridge Apartments in Flagstaff has sold to Bascom Arizona Ventures, LLC for $13.5 million. The LLC worked on behalf of a fully discretionary fund. Alpine is the closest privately owned apartment community to Northern Arizona University. The seller was represented by Robert L. Chester of Quantum Realty Partners. Morrison, Ekre & Bart Management Services will manage the community.
WHEAT RIDGE, COLO. – The 308-unit Kipling Village Apartments in Wheat Ridge has received a $12.2-million refinance. Wheat Ridge is a Western suburb of Denver. The non-recourse, cash-out refinance loan was provided by George Smith Partners (GSP) on behalf of Kipling Village, LLC. It features a 3.96 percent fixed interest rate for 10 years with a 30-year amortization schedule. The loan was executed by Fannie Mae.
LAS VEGAS — Cohen Financial has secured $119 million in debt and equity financing for 427 condominium units at Veer Towers in Las Vegas. The 670-unit twin towers are located within CityCenter, a joint venture between MGM Resorts International and a subsidiary of Dubai World. The units were purchased last month from the developer. The structured financing was secured by Kevin O’Grady and Eric McGlynn of Cohen Financial’s Miami office. They worked on behalf of Pordes Residential and obtained financing from an affiliate of Ladder Capital Finance Holdings, LLLP.
ENCINO, CALIF. – A three-property multifamily portfolio that is located within Los Angeles’ San Fernando Valley has received a $25.8-million loan. The portfolio includes a 100-unit multifamily mid-rise property in North Hollywood that received an $11.1-million refinance; a 74-unit multifamily property in Sherman Oaks that received a $9.1-million refinance; and two 18-unit multifamily properties in Sherman Oaks that each received a $2.8-million refinance. The loan features a 30-year term, a 3.5 percent interest rate and a 30-year amortization schedule with a 75 percent loan-to-value. It was arranged by Danny Abergel of Marcus & Millichap Capital Corporation’s Encino office.
BETTENDORF, IOWA — McShane Construction has completed the new 316-unit Springs at Bettendorf apartment complex on the corner of 53rd Avenue and Devils Glen Road in Bettendorf. Continental Properties Inc. was the project developer. The 15-building, 357,000-square-foot complex includes units ranging in size from studios to three bedrooms. Amenities include a swimming pool, sun deck, clubhouse, Internet cafe and car wash. Charlan, Brock & Associates provided architectural services for the project.
KYLE, TEXAS — Block Funds has acquired The Settlement, a 396-unit luxury multifamily community located in Kyle, which is just south of Austin. The property was delivered in January 2012. Block Multifamily Group, a division of Block Real Estate Services, will manage the property.
LAS VEGAS — Cohen Financial has secured $119 million in debt and equity financing for 427 condominium units at Veer Towers in Las Vegas. The 670-unit twin towers are located within CityCenter, a joint venture between MGM Resorts International and a subsidiary of Dubai World. The units were purchased last month from the developer. The structured financing was secured by Kevin O’Grady and Eric McGlynn of Cohen Financial’s Miami office. They worked on behalf of Pordes Residential and obtained financing from an affiliate of Ladder Capital Finance Holdings, LLLP.
ENCINO, CALIF. – A three-property multifamily portfolio that is located within Los Angeles’ San Fernando Valley has received a $25.8-million loan. The portfolio includes a 100-unit multifamily mid-rise property in North Hollywood that received an $11.1-million refinance; a 74-unit multifamily property in Sherman Oaks that received a $9.1-million refinance; and two 18-unit multifamily properties in Sherman Oaks that each received a $2.8-million refinance. The loan features a 30-year term, a 3.5 percent interest rate and a 30-year amortization schedule with a 75 percent loan-to-value. It was arranged by Danny Abergel of Marcus & Millichap Capital Corporation’s Encino office.
SHEPHERDSTOWN AND PARSONS, W. VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities in West Virginia. The 24-unit Lowe Gardens Apartments in Shepherdstown and the 31-unit Tucker Manor Apartments in Parsons will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are affiliated with Maryland-based T.M. Associates Inc. along with the Telamon Corp., a non-profit organization based in North Carolina.
GLENDALE, CALIF. — MCREF Verdugo LLC, a joint venture sponsored by Mill Creek Residential Trust LLC, has purchased a 67,518-square-foot land parcel in Glendale. The company plans to develop 245 apartment units on the site, which is located at 610 N. Central Ave. Construction is set to commence in April. It should be completed by the first quarter of 2015. Craig Stevens and Tyler Stevens of Lee & Associates-LA North/Ventura represented both the buyer and the seller in this transaction.