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.
MINNEAPOLIS — KBS Legacy Partners Apartment REIT has acquired Watertower Apartments, a 228-unit, Class A property in suburban Minneapolis. Watertown Apartments, located at 12300 Singletree Lane, is 95 percent occupied and units average 959 square feet. Amenities include a fitness center, business center, conference rooms, a sauna and courtyards with grills. The property also includes 100,000 square feet of retail space. HFF arranged a $25 million, five-year acquisition loan for the buyer through Allianz of America. Matthew Lawton, Sean Fogarty and Marty O'Connell led the HFF team that represented the seller in the transaction.
AUSTIN, TEXAS — ARA has secured the sale of the 309-unit Avanti Hills, an apartment community formerly known as Alexan Galleria, located at 12601 Bee Cave Parkway in Austin. The property is 96 percent occupied and features two resort-style swimming pools, remote-control limited entry gates, a fitness center and landscaping. Patton Jones of ARA's Austin office represented the seller, an undisclosed Fortune 500 bank, in the transaction. The buyer was an undisclosed private investor based in Austin.