WAPPINGERS FALLS, N.Y. — Sterling Properties is constructing Riverbend at Wappingers Falls II, a 54-unit apartment community in Wappingers Falls. The property is located minutes from the original RiverBend at Wappingers Falls, developed by Sterling in 2007. The community will feature 9-foot ceilings, stainless steel appliances, ceramic baths and one-car garages. Community amenities will include a club room and fitness studio.
MIDLOTHIAN — Berkadia Commercial Mortgage has secured $13 million in permanent financing for the 180-unit Timber Oaks Apartments, located in Midlothian. The property is 95 percent occupied and features a pool and a 24-hour fitness center. Greg Golden and John Koeijmans of Berkadia arranged the 10-year, fixed-rate loan that will amortize over 30 years through Fannie Mae on behalf of the borrower, Midlothian Timber Oaks LP.
DENVER – Pembrook Capital Management LLC has provided financing totaling $44.1 million to four Western-based properties. This includes three multifamily properties and one retail property. The 345-unit Villas at Parker Apartments (formerly Windsor Court Apartments) in Denver received $18.3 million in first-mortgage bridge financing; the 218-unit Meridian Apartments project in San Jose, Calif., received $16.5 million in preferred equity investment that will fund its construction; and the 218-unit Lotus Landing Apartments (formerly Azure Park) in Sacramento, Calif., received $5.35 million in first-mortgage bridge financing to fund its acquisition from the court-appointed receiver and to carry out its planned repositioning. The Fashion Outlets of Santa Fe in Santa Fe, N. Mex., also received a $4-million mezzanine loan for recapitalization.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartments in Holladay, a Salt Lake City suburb, has sold to Kennedy Wilson for $43.5 million. The firm plans to invest $5 million to reposition the property. “Holladay is considered one of the most affluent communities in the Salt Lake County MSA, and the property is in close proximity to major freeways, the Downtown Central Business District, Salt Lake City International Airport and Park City, as well as some of the best schools and largest employers in the area,” says Bob Hart, president of KW Multifamily Management Group.
LITTLETON, COLO. – The 277-unit Columbine Meadows apartments in Littleton has received $25 million in financing. The funds were arranged for Ken Caryl Wadsworth Development Company by Charlie Williams of KeyBank’s Multifamily Production Group. The 10-year Freddie Mac loan will allow Ken Caryl to refinance the community back to the original principal balance.It features a fixed interest rate and a 30-year amortization schedule.
PORTLAND, ORE. – The 38-unit Elysian Gardens apartments in Portland has sold to Eberle-Sandalwood LLC for $3.9 million. It is located at 2651 NW Upshur Street. Eberle-Sandalwood was represented by Tyler Johnson of Marcus & Millichap’s Portland office.
SEATTLE – The 27-unit Eagle Court apartments in Seattle has sold to a private investor for $3.6 million. The community is located at 2121 East Jefferson Street. The buyer was represented by Daniel Chan and Timothy McKay of Marcus & Millichap’s Seattle office.
SAN DIEGO – An 18-unit apartment building located at 4626 Bancroft Street in San Diego has sold to Blue Corner Capital LLC for $2.2 million. The community resides within the Normal Heights neighborhood. Blue Corner was represented by Rita Lancaster-Hannah of Colliers International.The seller, Casa Del Rio LLC, was represented by William R. Anderson of ACRE.
OCOEE, FLA. — Unicorp National Developments Inc. has broken ground on the $18 million Casa Mirella Apartments, a 216-unit multifamily property located at Maguire and Roberson roads in Ocoee. The apartment complex is slated for completion in December 2013 and amenities will include seven garage buildings, a clubhouse and swimming pool. Altamonte Springs, Fla.-based Roger B. Kennedy Inc. is the construction manager and Slocum Platts Architects P.A., Winter Park is the project architect.
OXFORD, OHIO — Morris, Smith & Feyh Inc. has arranged $2.8 million in first mortgage permanent financing for a 76-unit apartment complex in Oxford. Jeffrey Morris of Morris, Smith & Feyh negotiate the 10-year loan, which will amortize over 25 years, through a life insurance company. The borrower is Miller-Valentine Group.