ROCHESTER, MICH. — Oakland University has broken ground on a new 500-bed student housing facility, which is slated for completion in 2014. The Ann V. Nicholson Student Apartments will be financed with bonds by the university. According to CBS affiliate WWJ in Detroit, the project will be Phase I of a plan to house 5,000 students on campus. The next phase will include four different facilities containing 540 apartments each. The report also states that the university considered a private development partner, but opted to finance the project with its own balance sheet. Oakland University is located in the metropolitan Detroit area. It was founded in 1959 and has a current enrollment of approximately 18,000 students.
HOUSTON AND SAN ANTONIO — Berkadia Commercial Mortgage LLC's Austin office has closed a portfolio of loans totaling $56.5 million in financing for four multifamily properties in metro Houston and San Antonio. Brant Smith of Berkadia arranged the financing through the firm's Freddie Mac program on behalf of the borrower, Concierge Asset Management. The four transactions include: A $20.5 million, seven-year loan with a 30-year amortization schedule for the 656-unit Aberdeen Apartments, located at 3400 Woodchase Drive in southwest Houston. A $9.5 million loan for the 324-unit El Dorado Ranch Apartments, located at 265 El Dorado Ranch Apartments in Webster, a Houston suburb. The 10-year loan amortizes over 30 years. A $12 million, seven-year loan for the 333-unit Sable Ridge Apartments, located at 330 Kitty Hawk Road in Universal City. The loan amortizes over 30 years. A $14.5 million, 10-year loan for the 208-unit Sunrise Canyon Apartments, located at 502 Sunrise Canyon Drive in Universal City. The loan amortizes over 30 years.
WALNUT CREEK, CALIF. — Arbor Commercial Funding has provided a total of $53.5 million in financing to six multifamily properties throughout Northern California. The properties included the 152-unit Creekside Glen Apartments; the 107-unit Carmel House Apartments; and the 99-unit Cypress Creek Apartments in Walnut Creek, as well as the 144-unit Briarwood Apartments in Turlock; the 105-unit Coaling Station B Apartments in Coalinga; and the 48-unit Village Ceres Apartments in Ceres. The loans were funded under the Fannie Mae Delegated Underwriting & Servicing (DUS) Loan, Fannie Mae DUSSmall Loan and Fannie Mae DUSARM 7/6 product lines. They were originated by Jay Porterfield in Arbor’s Plano, Tex., office.
GREENSBORO, N.C. — BB&T has sold YorkTowne Apartments, a 314-unit apartment complex in Greensboro, for $10 million. Built in 1973, the 37-building property is located at 3601 Lynhaven Drive, near I-85 and I-40. Amenities include a swimming pool, two lighted tennis courts and a covered picnic area. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap represented the seller in the transaction. The buyer is a Connecticut-based private investment group.
ATLANTA — American Realty Advisors has closed the sale of ALARA State Bridge, a 224-unit apartment community in Johns Creek, and ALARA Highland Park, a 188-unit apartment community in Sandy Springs. The properties sold within four months of coming to market. ALARA State Bridge is located at 10840 State Bridge Road and caters to family-oriented residents. ALARA Highland Park is located at 100 Highland Park Trail and tends to attract young professionals, due to its proximity to nightlife venues in downtown Roswell and Dunwoody Village. David Gutting and Derrick Bloom led the Jones Lang LaSalle team that represented the seller in the transaction.
BOSTON — Boston Capital has closed on Boston Capital Tax Credit Fund XXXVII, a nationally diversified portfolio of 25 affordable apartment properties in 16 states with a fund size of $130 million in equity. The properties acquired by Corporate Fund XXXVII add an additional 1,350 apartment units to Boston Capital's holdings. The Fund includes nine developments for senior citizens and 16 properties for families across the United States. Fund XXXVII will result in the creation of nearly 1,400 local jobs and will generate nearly $104 million in local income.
SOMERS POINT, UNION CITY AND TRENTON, N.J. — Eastern Union Funding has arranged approximately $21 million in financing for multifamily properties in New Jersey. A 171-unit multifamily property in Somers Point received $9.5 million in refinancing. The 10-year loan holds a 4 percent interest rate with a 30-year amortization schedule. A 45-unit multifamily property in Union City received $3.5 million in refinancing. The three-year loan holds a 3.5 interest rate with a 30-year amortization schedule. The last loan was for a 73-unit multifamily property in Trenton, which received $2.2 million in refinancing. The 10-year loan holds a 3.8 interest rate with a 30-year amortization schedule.
CHICAGO — Chicago Mayor Rahm Emanuel has proposed incentives that would support the development of a $19.4 million, 72-unit affordable seniors housing apartment building in Chicago’s Humboldt Park. North and Pulaski Elderly Limited Partnership Corp., would develop the five-story building to include a mix of one- and two-bedroom apartments, as well as an exercise room, laundry facilities and management offices. The complex, proposed for the long-vacant southeast corner of North Avenue and Pulaski Road, would include apartments for seniors aged 55 and older earning up to 80 percent of area median income. The city would provide $4 million in Tax Increment Financing, a $3.5 million loan and $1 million in Low Income Housing Tax Credits that would generate $10.1 million in equity for the project. The development partnership includes U.S. Bancorp Community Development Corp. and Hispanic Housing Development Corp.
SAN ANTONIO — The LaSalle Group plans to build the $10.7 million Autumn Leaves of Stone Oak, a memory care community located at 20272 Stone Oak Parkway in San Antonio. The 30,000-square-foot community is The LaSalle Group's first memory care community in San Antonio and will care for approximately 50 residents. The project is the result of a partnership between The LaSalle Group, Frost Bank and Dallas-based MedProperties Investment Partners LP. The property is expected to open in the spring of 2014.
MISSOURI CITY, TEXAS — The Kalikow Group, on behalf of KEP Hampton ALF LLC, has appointed Grand Lux Senior Living as the manager of the new Oyster Creek Manor in Missouri City. The property is located at Hampton Drive and Murphy Road and features a memory care unit. The facility will also include a 24-hour healthcare staff, restaurant, social activity centers, walking trails, activity stations and a beauty salon.