MALIBU, CALIF. – The 256-unit Paradise Cove Mobile Home Park in Malibu has received a $30-million first mortgage that will be used to refinance the property. The 10-year loan is structured under Fannie Mae’s DUS Manufactured Housing Community Loan Program. It features a 3.85 percent fixed rate, 9.5 years yield maintenance and a 30-year amortization schedule. The loan was arranged for The Kissel Company by Berkeley Point Capital LLC.
HYATTSVILLE, MD. — Federal Capital Partners has purchased the 234-unit Ager Road Station, an apartment complex located at 5720 29th Ave. in Hyattsville, in an off-market transaction for $14.75 million. Amenities include a playground, horse shoe pit, volleyball and barbecue and sheltered picnic areas. The buyer plans to invest $2.5 million in renovations for common areas and interior apartment upgrades. The property will be rebranded as North Pointe.
CLERMONT, FLA. — McCann Realty Partners has acquired the 276-unit Vista at Lost Lake Apartments, a garden-style community located at 2550 Citrus Tower Blvd. in Clermont. Pegasus Residential will manage the property. The acquisition was funded in part by a 7-year, fixed-rate Fannie Mae loan, originated by Beech Street Capital. The company also purchased a 16.4-acre parcel adjacent to the property to build an additional 192 apartments as a second phase within the next year.
BETHESDA, MD. — KeyBank Real Estate Capital has arranged $95 million in Fannie Mae financing for the 549-unit The Grand Apartments, a luxury high-rise apartment community located at 5803 Nicholson Lane in Bethesda. KeyBank secured the 10-year loan with 5 years of interest-only payments on behalf of the borrower, ForestCity Enterprises.
NEW YORK CITY — The Pratt Institute has purchased a development site at 131-137 Emerson Place, located off Myrtle Avenue in Brooklyn's Clinton Hill neighborhood, for $13 million. The property contains 176,600 buildable square feet. Approximately 88,300 square feet can be applied toward residential use and 88,300 square feet can be used for a community facility. Stephen Palmese and Winfield Clifford of Massey Knakal represented the buyer and seller in the transaction.
AUSTIN — Forestar Group has formed a multifamily venture with Canyon-Johnson Urban Funds for the development of the 257-unit Eleven, a six-story multifamily development that will be located on the southeast corner of East 11th Street and Interstate 35 in downtown Austin. Amenities will include a resort-style pool, rooftop deck, courtyard, upscale clubhouse, business center and fitness facilities. BGO Architects designed the property to obtain certification by the Austin Energy Green Building program, and Leslie Foster Interiors handled the property's interior design. Eleven is scheduled to break ground in the next 30 days.
AUSTIN — SBV Communities has purchased the 156-unit Summer Wind Apartments, located at 833 Fairfield Drive in Austin. SBV Communities, the multifamily division of Spectrum Business Ventures, now has nine Texas multifamily properties in its portfolio, but Summer Wind is the company's first venture in the Austin market.
CANOGA PARK, CALIF. — A 28-unit apartment building in Canoga Park has sold to Minas Properties, LLC for $3.06 million. It is located at 21700 Roscoe Blvd. The community was built in 1962 and was fully occupied at the time of sale. Minas was represented by Empire Estates Group. The seller, Roscoe Villa, L.P., was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
WASHINGTON, D.C. — Quadrangle Development Corp. and The Wilkes Company have broken ground on the 234-unit 440 K, a 14-floor residential building located at Mount Vernon Place, a mixed-use development in Washington, D.C. The building will include 9,000 square feet of ground-floor retail space and amenities such as a fitness center, tranquility garden with an outdoor fireplace and a rooftop terrace with a resort-style swimming pool, a fire pit, grilling areas and a community lounge. Completion is slated for the fourth quarter of 2013.
RALEIGH, N.C. — Blue Heron Capital has purchased the 216-unit Pine Winds Apartments, located at 1301 Pinewinds Drive in Raleigh, for $13.88 million. Amenities include a clubhouse with WiFi and coffee bar, fitness center, swimming pool with sun deck and a fishing pond. Don Waters of Drucker & Falk represented the buyer in the transaction.