CARPENTERSVILLE, ILL. — Greystone has arranged a $4 million Fannie Mae loan for the acquisition of Spring Grove Apartments, a 108-unit community in Carpentersville. MCJ Spring Grove LLC acquired the property, located at 170 Golfview Lake, for $5.1 million. The property is 95 percent occupied. Sujal Parikh and Clint Darby of Greystone arranged the 10-year loan, which features a 4.2 percent interest rate and a 30-year amortization schedule.
MILWAUKEE — Love Funding has arranged a $7 million loan to convert a historic building in downtown Milwaukee into a 50-unit apartment property. Harry Cheatham of Love Funding negotiated the loan through the U.S. Department of Housing and Urban Development's 221(d)(4) loan program. The three-story project, which will be called Junior House Lofts, will be located at the corner of 3rd and Pierce streets in the city's Fifth Ward neighborhood. The building was originally constructed in the early 1990s and served as a clothing factory and warehouse. KBS Construction is the general contractor.
HEMPSTEAD, N. Y. — Metro 303, a new transit-oriented apartment community developed by Mill Creek Residential, has opened in Hempstead. The 166-unit property features one-, two- and three-bedroom layouts within a four-story building. The community was designed to achieve LEED Gold certification and amenities include a resident lounge, game area and outdoor pool. The property is also within walking distance of the County Life Press LIRR station in Garden City and the Hempstead LIRR and bus station in Hempstead.
HOUSTON — Birmingham, Ala.-based Equity Resources has acquired the 276-unit Waterstone Apartments, located in Houston just outside of The Woodlands. The property was built in 2012 and is currently in lease-up. The community's amenities include a resort-style saltwater pool with a sundeck, a fitness center, poolside gourmet grilling area, Wi-Fi computer lounge, clubhouse/entertainment area, garages and privacy gates.
HOUSTON — HFF has secured a construction loan for the development of 2929 Weslayan, a 254-unit, high-rise multifamily development located on the northeast corner of Weslayan and West Alabama streets in Houston. The 40-story property includes 12,156 square feet of ground-floor retail space and a 547-space parking garage. The community will feature a fitness center, pool lounge, fire pit and an adjoining restaurant offering room service for residents. Whitaker Johnson, Rob Rizzi and Cameron Cureton of HFF arranged the loan through Pacific Life on behalf of the borrower, a partnership between PM Realty Group and the INDURE Fund, which is managed by National Real Estate Advisors.
EVERETT, WASH. – An affiliate of the Goldman Sachs Group and East Rock Capital, LLChave received $35 million in acquisition financing for Fulton’s Crossing in Everett. The 504-unit apartment community was built in two separate phases in 1986 and 1991. The five-year loan was secured by Mike Bryant and Jon Wooton of CBRE Capital Markets Dallas Debt & Equity Finance Group under the Freddie Mac Capped ARM program.
TUCSON, ARIZ. — The District on 5th Avenue, a new 208-unit student housing community near the University of Arizona, has sold to Education Realty Trust for $67 million. It is located at 550 North Fifth Ave. The seller, Residential Housing, was represented by Peter Katz of Institutional Property Advisors.
WASHINGTON, D.C. — Federal Capital Partners (FCP) has sold the 297-unit Allegro, a high-rise community at 3460 14th St. in Washington, D.C., to Prudential Real Estate Investors on behalf of one of its client funds. The multifamily property was built in 2009 and features studio, one- and two-bedroom units averaging 740 square feet. David Nachison, Alan Davis and Brenden Flood of HFF represented Washington, D.C.-based Federal Capital Partners.
PHILADELPHIA — Pennrose Properties and dmhFund have broken ground on a $19.5 million LGBT-friendly senior housing project in Philadelphia. The six-story affordable housing project will feature 56 one-bedroom units and multi-purpose public spaces. The project is slated for completion in 2013. Funding for the development stems from a Philadelphia HOME grant, Pennsylvania Redevelopment Assistance Capital Program funds and Low-Income Housing Tax Credits. Mark Segal, president of dmhFund and a well-known gay rights activist, is spearheading the project.
PLAINFIELD, N.J. — Treetop Development has acquired a 108-unit HUD apartment complex in Plainfield for $9.8 million. The garden-style apartment buildings are located at 825 E. Front St. Treetop plans to add new landscaping, new roofs and will complete interior apartment renovations. The acquisition is part of the company's ongoing strategy to add more than 3,000 units to its portfolio in cities such as Newark, East Orange and Jersey City.