NEW YORK CITY— Arbor Commercial Funding has arranged a $26.9 million loan for the refinancing of 424 Bedford Ave., a 66-unit multifamily property in Brooklyn. Arbor secured the 10-year loan through Fannie Mae. The financing includes a 30-year amortization schedule.
LEWISVILLE, TEXAS — Huffines Communities has kicked off construction of Phase II for Hebron 121 Station, a 90-acre in-fill, multifamily community located in Lewisville along Interstate 35 East and State Highway 121. The property is also adjacent to the Denton County Transit Authority Rail Station. Phase II will include adding 444 residential units, a resort-style pool complex, 14,000-square-foot clubhouse, village greens and an expansion on the existing lakefront boardwalk. Phase I of the development is currently 98 percent occupied. The project is scheduled for a late summer 2014 completion. Full completion of Hebron 121 Station is slated for 2018. Additionally, the City of Lewisville will fund and construct a bridge to form the main entrance to the community. The City will be reimbursed by the 427-acre Tax Increment Financing (TIF) zone that includes Hebron 121 Station. MUSA Financial d/b/a Mortgages USA has provided financing for the project through the HUD 221(d)(4) Multifamily Mortgage Insurance program, in addition to the Government National Mortgage Association Mortgage-Backed Securities program. Other firms involved in the development of Hebron 121 Station include Humphreys and Partners, Graham Associates, TBG Landscape Partners, Jordan Skala Engineering, Integrity Structural, HPA Design, CF Jordan Construction and Pinnacle Property Management.
RIVERSIDE, CALIF. – The 588-unit Esplanade at Riverwalk in Riverside has received $63.9 million in first-mortgage refinancing. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams of NorthMarq’s San Francisco regional office on behalf of Sequoia Equities through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS lender.
DENVER — MIG Real Estate, LLChas purchased the 168-unit Churchill Downs apartments in Denver for an undisclosed sum. The unnamed seller was represented by Doug Andrews, Jeff Hawks, Terrance Hunt, Shane Ozment and Jason Wine ofApartment Realty Advisors(ARA). MIG represented itself in this transaction. The property will be managed by Alliance Residential.
SPARKS, NEV. — The Waterford Apartments, a 240-unit apartment community in Sparks, has sold to a California-based apartment investment firm for $17.1 million. The community is located at 800 Nichols Blvd. The selling group was led by Silverwing Development’s J. Carter Witt III and represented by Kenneth Blomsterberg of Marcus & Millichap.
CHARLOTTE, N.C. — Passco Cos. LLC, a real estate investment firm specializing in the tenant-in-common structure, has acquired The Enclave at Rivergate in Charlotte for $24.8 million. The 216-unit Class A apartment complex is located at 12400 Toscana Way and includes one-, two- and three-bedroom units. Irvine, Calif.-based Passco Cos. received a $13.64 million Fannie Mae loan to finance the acquisition. Southeast Apartment Partners represented the unlisted seller.
CHICAGO — An eight-unit apartment property, located at 3801 West Wrightwood Ave., in Chicago has sold for $555,000. The multifamily building, located in the Logan Square neighborhood, is all brick and comprised of eight two-bedroom units. Ryan Engle and James Ziegler of Marcus & Millichap represented the seller, an individual trust. The buyer, a limited liability company, was also represented by Engle and Ziegler.
CHELMSFORD, MASS. — Beech Street Capital has arranged an $11.3 million Fannie Mae loan for the acquisition of the Carriage House and Coach House Apartments in Chelmsford. Built in the 1960s, the properties are 88 percent occupied and total 149 units. Briar Cliff Management oversees the property. Mike Edelman of Beech Street arranged the 10-year, fixed-rate loan that includes a 30-year amortization schedule.
DENVER — MIG Real Estate, LLC has purchased the 168-unit Churchill Downs apartments in Denver for an undisclosed sum. The unnamed seller was represented by Doug Andrews, Jeff Hawks, Terrance Hunt, Shane Ozment and Jason Wine of Apartment Realty Advisors (ARA). MIG represented itself in this transaction. The property will be managed by Alliance Residential.
SPARKS, NEV. — The Waterford Apartments, a 240-unit apartment community in Sparks, has sold to a California-based apartment investment firm for $17.1 million. The community is located at 800 Nichols Blvd. The selling group was led by Silverwing Development’s J. Carter Witt III and represented by Kenneth Blomsterberg of Marcus & Millichap.