ODESSA, TEXAS — Tremont Realty Capital has arranged $2.3 million in acquisition financing for Vista West, a 184-space manufactured home community in Odessa. Tom Lorenzini of Tremont's Chicago office arranged the 10-year, non-recourse loan through a CMBS lender. The property is 95 percent occupied and includes amenities such as a central office, clubhouse, swimming pool, tennis court and playground.
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.
BALTIMORE — CBRE Capital Markets has arranged $77.9 million in permanent financing for Spinnaker Bay Apartments and The Promenade at Harbor East in Baltimore. CBRE worked on behalf of H&S Properties Development Corp. to arrange two permanent loans through its Fannie Mae DUS program. Joe Donato led CBRE’s Washington, D.C., team in arranging the permanent financing. Spinnaker Bay is a 315-unit, Class A multifamily community at 707 S. President St. in Baltimore, and The Promenade at Harbor East is a 113-unit Class A multifamily community at 1001 Aliceanna St. in Baltimore.
BIRMINGHAM, ALA. — The Willows, a 170-unit apartment community in Birmingham, has sold for $5.2 million. David Oakley of Hendricks-Berkadia’s Alabama office represented the seller, Willows Partners LLC, an Alabama limited liability company. Willow United LLC purchased the multifamily property.
WICHITA, KAN. — NorthMarq Capital has arranged a $12.6 million loan for the refinancing of LaCrosse Apartments, a 176-unit Class A multifamily property, located at 7201 E. 37th St. in Wichita. John Bendon of NorthMarq arranged the 10-year loan through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The loan features a 30-year amortization schedule.
MCALLEN AND WESLACO, TEXAS — The Chicago office of Tremont Realty Capital has arranged two loans totaling $11.1 million for four manufactured home and RV communities in McAllen and Weslaco, Texas. The communities include The Homestead and Homestead Ranch in McAllen and Leisure World & Trails End in Weslaco. Tom Lorenzini of Tremont arranged the 10-year loans to both amortize during the next 30 years through a CMBS lender.
BEAVERTON, ORE. – The 288-unit Wyndham Park Apartments in Beaverton has received $20 million in acquisition financing. The 10-year loan carries two years of interest-only followed by a 30-year amortization schedule.Financing was arranged for Kl-Wyndham Park, LLC by Luke Donahue and John Kinser of NorthMarq’s Phoenix regional office through the firm’s seller-servicer relationship with Freddie Mac.
TIGARD, ORE. — The 192-unit Avalon Park Apartments in Tigard has sold to Tandem Development Corporation for $19.6 million. The value-add asset is located in a Westside suburban submarket of Portland. The seller, Hamilton Zanze and Company, was represented by HFO Investment Real Estate.
TUSCALOOSA, ALA. — HFF has arranged $19.6 million in financing for The Bluff at Waterworks Landing, a newly constructed off-campus student housing community serving the University of Alabama in Tuscaloosa. HFF worked exclusively on behalf of Ellis-Trick Multifamily to place a 10-year, fixed-rate loan through Freddie Mac’s CME Program. Loan proceeds were used to refinance the original construction debt on the 162-unit, 308-bed student housing property. The Bluff at Waterworks Landing is located less than one mile from the University of Alabama campus at 534 Seventh Ave. near the intersection of Jack Warner Parkway and McFarland Boulevard. Adam Herrin led the HFF team.
NEW YORK CITY — G&H Building Co. has sold three apartment buildings, constructed in the early 1900s, in the Jamaica section of Queens for $16.4 million. The deal includes two six-story apartment buildings and one four-story walk up building, totaling 159 units. The three properties, located at 153-19 89th Ave., 138-42 90th Ave. and 90-25 138th Place, total 164,900 square feet. Daniel Shragaei of GFI Realty Services represented the seller in the transaction. Yosef Katz, also of GFI, represented the buyer, a local investor.