TEXAS — Arbor Commercial Funding has arranged six loans totaling $33.47 million through Fannie Mae DUS and Fannie Mae DUS Affordable Housing Loan product lines for six multifamily properties. The communities include the 350-unit Park Village Apartments in Dallas, the 153-unit San Carlos Apartments in Dallas, the 50-unit Windsor Park Rental Homes in Fort Worth, the 309-unit Gardenview Apartments in Pasadena, the 122-unit Meadow Park Townhomes in Hewitt and the 140-unit Ridgeview Apartments in Sherman. Anthony Tarter of Arbor's Dallas originated the Fannie Mae loans for all six properties.
DALLAS — HFF has secured financing for three multifamily communities totaling 600 units, located in the Dallas suburbs of Grand Prairie, Arlington and Irving. The communities include the 154-unit Windscape Apartment Homes in Grand Prairie, the 236-unit Oakchase Apartment Homes in Arlington and the 210-unit Stoneleigh at Valley Ranch in Irving. Windscape is fully leased, Oakchase is 98 percent leased and Stoneleigh is 95 percent leased. John Brownlee of HFF arranged the financing through Freddie Mac's CME program on behalf of the borrower, Pure Multi-Family REIT LP.
CORVALLIS, ORE. – The 132-unit Witham Village Apartments in Corvallis has received a $5.7-million refinance. The 10-year, fixed-rate loan features a 4.24 percent interest rate and a 30-year amortization schedule. It was arranged by Dan Ross of Alliant Capital LLC.
LOS ANGELES — A 34,800-square-foot, three-parcel multifamily development site in Los Angeles’ Koreatown district has sold to a local owner/developer for $5.1 million. The lender-owned site is located at 660-680 South Berendo Street. The site was initially entitled for a 17-story, 150-unit tower in 2007. Paul Darrow and Ron Harris of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller, a private lender, in this transaction.
HOMESTEAD, FLA. — Deerfield Beach, Fla.-based SIKON Construction Co. has completed the $10 million, 99-unit Veranda Senior Apartments, a seniors housing facility located at 28355 SW 152nd Ave. in Homestead. HTG Veranda Senior Ltd. developed the property. Amenities include a leasing office/clubhouse and a swimming pool.
BOLINGBROOK, ILL. — The LaSalle Group has announced plans to build a $10.2 million memory care assisted living community at 351 Lily Cache Lane in Bolingbrook. The 26,000-square-foot Autumn Leaves of Bolingbrook will serve residents living with Alzheimer's and dementia. The LaSalle Group is partnering with RT Partners and local lender, BMO Harris Bank, on the project. The community is expected to open in the third quarter of 2013.
NEW YORK CITY — A portfolio of six multifamily buildings in Brooklyn has sold for $7.3 million. The buildings, which are all in or within close proximity to the Stuyvesant Heights Historic District, are located at 654 Putnam Ave.; 419-21 Marcus Garvey Blvd.; 319 Malcolm X Blvd.; and 804 and 814 Macon St. The portfolio consists of 47 apartments, 38 of which have been fully renovated with new kitchens and bathrooms. The properties total 37,950 square feet. Michael Amirkhanian of Massey Knakal represented both parties in the transaction.
PHILADELPHIA — Beech Street has arranged a $10.5 million Fannie Mae loan for the refinancing of Cricket Court Commons, a 228-unit Low-Income Housing Tax Credits apartment complex in Philadelphia. David Cohen and Ben Brown of Meridian Capital Group originated the 10-year loan. Cricket Court was built in the 1930s and underwent a major renovation in 2000. The property is located in the Germantown neighborhood, approximately six miles north of Philadelphia's Center City.
HOUSTON — Marcus & Millichap has arranged the sale of Buffalo Terrace, an apartment complex located near Montrose Boulevard and Allen Parkway in Houston. Sheri Carey of Marcus & Millichap's Houston office represented both the seller and buyer, both limited liability companies, in the transaction.
IRVING — Transwestern has brokered the sale of the 130-unit Tanner Place, an apartment community located at 3327 Willow Creek Drive in Irving. The complex includes eight two-story garden-style buildings. Mark Freeman, Taylor Snoddy and Philip Wiegand of Transwestern's Dallas office represented the seller, a special servicer client, in the transaction. HDC Agave Hill Country Equities was the buyer.