SAN ANTONIO — St. Paul, Minn.-based Oak Grove Capital has originated financing for the 144-unit Emeritus at Amber Oaks, a seniors housing facility located in San Antonio. The transaction is part of a $17.9 million refinancing for three properties in the U.S., including Emeritus at Amber Oaks. The 30-year loan was arranged through HUD's 232/223(f) financing program.
LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved a 50-year ground lease with EdR, allowing the company to proceed with the first phase of the university's on-campus housing renovation. Phase I, slated to break ground this spring, includes a $25.8 million, 601-bed freshman honors housing community at Haggin Field, which EdR will develop, construct and own. The living-learning community will include classroom and meeting space, and be available to occupancy by fall 2013. EdR and UK are in discussions regarding Phase II, which would include an expansion from 6,000 residence hall beds to 9,000 residence hall beds, as well as EdR assuming management of the student housing properties in fall 2013. If approved, EdR will systematically demolish most of the current on-campus dormitories and replace them with more modern and attractive living communities.
DORAL, FLA. — Related Development has purchased 33 acres of land, located at the intersection of Northwest 97th Avenue and the Dolphin Expressway in Doral, from Fontainebleau Lakes for $20.5 million. The company plans to build a 720-unit multifamily property on the site in two phases, each with 360 units. Amenities will include a resort-style pool, tennis courts, private garages, a fitness trail, wireless internet in public areas and a car wash. Construction is slated to begin in the third quarter of this year. Tere Blanca and Andres del Corral of Miami-based Blanca Commercial Real Estate represented the seller in the transaction.
CORAL GABLES, FLA. — The 42-unit Capri Apartments, located at 800-801 Capri St. in Coral Gables, has sold for $3.4 million. John Crotty of Colliers International's Miami office represented the seller, 800 and 801 Capri Street LLC, the seller, in the all cash transaction. The buyer was Capri Gables.
CHICAGO, ILL. — Oak Grove Capital has originated a $33 million Fannie Mae loan to refinance Fox Valley Villages, a 420-unit apartment community in Chicago. The adjustable-rate loan provides the borrower 75 percent leverage with one year of interest-only payments. The loan carries an interest rate that floats at a spread of 2.36 percent over LIBOR.
BOSTON — Beacon Hill Apts LLC has purchased two apartment buildings in Boston's Beacon Hill for an undisclosed amount. The buildings are located at 88 W. Cedar and 24 Joy St. Christopher Sower and Jason Weissman of Boston Realty Advisors represented the seller, Joy Boston LLC/88 West Cedar LLC in the transaction. The buyer was self-represented. East Boston Savings Bank provided the long-term financing.
HACKENSACK, N.J. — Hackensack Associates has acquired Franklin Garden Apartments, a 45-unit apartment property in Hackensack for $4.8 million. Thomas McConnell and Kevin McCrann of Marcus & Millichap's New Jersey office represented the seller, Franklin Apartments LLC. They also secured the buyer.
MIDLAND AND ODESSA — Dallas-based Metropolitan Capital Advisors (MCA) has closed a $4.8 million bridge loan for the 170-unit Southwest Oaks apartment complex and a $3.25 million bridge loan for the 127-unit Summerhill apartment complex. The 132,500-square-foot Southwest Oaks is located at 4651 Oakwood Dr. and 1465 John Ben Sheppard Pkwy. in Odessa. The 106,250-square-foot Summerhill is located at 3001 N. Midland Dr. in Midland. Todd McNeil of MCA arranged both transactions on 1-year terms.
PORT ORANGE AND CASSELBERRY, FLA. — Walker & Dunlop has arranged $30.3 million in acquisition financing for the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange, and the 336-unit Reflections, located at 100 Reflections Cir. in Casselberry. Will Baker of Walker & Dunlop's Bethesda, Md., office arranged the 10-year loans with 4-years interest only, followed by a 30-year amortization schedule, through Freddie Mac's CME program.
SODDY DAISY, TENN. — Beech Street Capital has secured $3.36 million in acquisition financing for the 69-unit Blackberry Creek Apartments, located at 9516 Dayton Pike in Soddy Daisy. Chad Hagwood of Beech Street Capital's Birmingham, Ala., office arranged the 10-year loan with a 9.5-year yield maintenance payable on a 30-year amortization schedule through Freddie Mac's CME program.