RIVERSIDE, CALIF. – The 120-unit Canyon Shadows in Riverside has sold to Arlington 8405 LP for $4.5 million. The apartment complex was built in 1971 and is located at 8405-8505 Arlington Ave. Alex Mogharebi of Hendricks & Partners’ Ontario, Calif., office represented the seller, AIMCO/Canyon Shadows.
CHARLOTTE, N.C. — Proffitt Dixon Partners has started construction on the $26.2 million, 208-unit Fountains at New Bern Station, located at 122 New Bern St. in Charlotte at the New Bern Light Rail station. The property is designed to achieve NAHB Green certification. Amenities will include a saltwater swimming pool with a lap lane, a multi-level sun deck, grilling area, fire pit, courtyard, fitness center, rooftop Zen lounge, and a 6,000-square-foot clubhouse with Wi-Fi, a demonstration kitchen and an entertainment area, which will include billiards, gaming and fireside indoor lounging. Completion is slated for spring 2013.
GREENWOOD, S.C. — Marcus & Millichap has arranged the $1.4 million sale of the 100-unit Pinetree Apartments, located at 106 Barkwood Dr. in Greenwood. Mark Boyce of Marcus & Millichap's Charleston, S.C., office represented the buyer, a private individual, in the transaction. Andy Daitch of Marcus & Millichap's Detroit office represented the seller.
ST. CHARLES, ILL. — Love Funding has secured a $12.5 million loan to refinance Covington Court Apartments, a 208-unit apartment community in St. Charles. Jon Wagenknecht of the Chicago office of Love Funding arranged the 35-year loan through a U.S. Department of Housing and Urban Development program. Covington is one of six multifamily units owned by Shodeen interests in the tri-city area of Illinois, which includes Geneva, St. Charles and Batavia.
BROOKLYN PARK, MINN. — Marcus & Millichap Capital Corp. has arranged $9.1 million for the refinancing of a 171-unit apartment property in Brooklyn Park, the second-largest suburb in the Twin Cities. John Mulcahey of Marcus & Millichap's Minneapolis office arranged the loan. The 10-year loan has a 30-year amortization schedule.
NORMAN, OKLA. — Memphis, Tenn.-based EdR has purchased the 612-bed The Reserve on Stinson, a student housing community located near the University of Oklahoma at 730 Stinson Dr. in Norman. EdR purchased its joint venture partner's 90 percent interest based on the total property value of $22.9 million. The community is 97.5 percent occupied and features a pool, a fitness center, covered parking and shuttle services to campus.
PLANO — Columbus, Ohio-based Red Mortgage Capital has provided $14.97 million in acquisition financing and refinancing for the 286-unit The Park at Fox Trails, an apartment community located at 6300 Roundrock Trail in Plano. Aventura, Fla.-based Trade Street Property Fund is sponsoring the borrower and the loan was through Fannie Mae Dus' ARM 7-6 program.
NEWPORT BEACH, CALIF. – The Bayshore Apartments and Marina in Newport Beach has been refinanced for $6,975,000. The property is located at 2800 and 2850 Bayshore Drive and contains 40 multifamily units and a 55-slip marina. It was 50 percent leased at the time of closing. Bayshore was built in 1962 and is undergoing a major renovation. The property’s owner, Palmo Investments, plans to hold the asset as a long-term investment. It intends to lease the renovated units. Financing was arranged by Nick Viscount and Scott Pierson of Keystone Mortgage Corporation.
LOS ANGELES – A 45-unit multifamily complex in Los Angeles has received a $5,475,000 interest-only refinancing. The loan features a 4.5 percent fixed interest rate for five years, a 30-year amortization schedule and a 75 percent loan to value. Financing was arranged by Sharone Sabar of Marcus & Millichap Capital Corporation’s Encino, Calif., office.
DELRAY BEACH, FLA. — ARA has arranged the sale of a two-property multifamily portfolio, located in Delray Beach. The properties include the 149-unit The Fountains at Delray Beach, located at 14401 S. Military Trl., and the 148-unit Water's Edge, located at 500 N. Congress. Each property is currently 94.6 percent leased. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton, Fla., office represented the seller, Irving, Texas-based Archon Group, in the transaction. The buyer was Acumen Real Estate.