WINOOSKI, VT. — Redstone has arranged $12.2 million in financing for the new Riverhouse project under construction in Winooski. Riverhouse is a 72-unit luxury apartment building located along the Winooski River. The property is slated for completion in the summer of 2013. Doug Nedde of Redstone negotiated the loan through People's United Bank.
DALLAS — Marcus & Millichap has arranged the sale of the 798-unit Las Cascadas, a 599,160-square-foot apartment complex located at 9350 Skillman St. in northeast Dallas. Norman Eastwood and Tommy Lovell III of Marcus & Millichap's Dallas office represented the seller, a partnership based in California, in the transaction. Marcus & Millichap represented the buyer, a local partnership. The community features a swimming pool, sundeck, fitness center, picnic areas, playground and a sports court.
DALLAS — Beech Street Capital has originated $5.8 million in Fannie Mae DUS loans to refinance a two-property apartment portfolio in the Dallas MSA. The properties include Valley Creek and Living Oaks, which total 250 units combined. Larry Sneathern of Beech Street's Dallas office arranged the five-year loans with three years of interest-only payments.
RENO, NEV. — The View Apartments, a 308-unit multifamily community in Reno, has sold to RPM Company Management Group for $35 million. The two Class A complexes are located at 1195 and 1850 Selmi Drive. The seller, Fore Property Company, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors. Ken Blomsterberg of affiliated brokerage firm Marcus & Millichap Real Estate Investment Services also advised the seller.
STAUNTON AND TOANO, VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities including the 98-unit Gypsy Hill House Apartments in Staunton and the 22-unit Burnt Ordinary Village Apartments in Toano. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital has invested in approximately 13,000 affordable housing units in Virginia.
WILLISTON, N.D. — Marcus & Millichap has arranged the $2.1 million sale of 507 Reclamation Drive, an 18-unit apartment property in Williston. The property is fully leased and has recently undergone several large renovations. Mox Gunderson and Joe Cuskey of Marcus & Millichap represented the seller, a partnership, in the transaction.
PHILADELPHIA, PITTSBURGH AND WEST CHESTER, PA. — Walker & Dunlop has arranged a $70.2 million Fannie Mae loan for the refinancing of a portfolio of historic properties that were converted to multifamily buildings. Reinhold Residential is the borrower. The portfolio consists of seven garden-style apartment buildings totaling 628 units in Philadelphia, Pittsburgh and West Chester. Each of the 10-year loans feature a 25- to 30-year amortization schedule. Reinhold Residential plans to use funds from the closing to upgrade the properties over the next five years.
AUSTIN — AMLI Residential plans to develop a 279-unit apartment building in the new mixed-use town center in Austin's Mueller master-planned community. The property will include approximately 8,000 square feet of retail space and will be located adjacent to the upcoming Austin Children's Museum. Fifteen percent of the units will be included in the Mueller Affordable Homes Program. The new apartment community will feature a fitness studio, a conference center, Wi-Fi, club, gaming lounge, resort-style pool, private sundeck and a public paseo linking the lakefront with the apartments. AMLI is anticipating the project to achieve LEED certification. AMLI will break ground on the development in the first quarter of 2013, with the first units available in the third quarter of 2014.
SAN ANTONIO — Beech Street Capital has closed $39.2 million in Freddie Mac Capital Market Execution loans to refinance a three-property apartment portfolio totaling 942 units in San Antonio. The three properties include Sunset Canyon Apartments, Kenton Pace Apartments and Peppermill Apartments in San Antonio. Brian Sykes of Beech Street's Boston office originated the 10-year loans.
PHOENIX – The 224-unit Fountain Oaks apartments in Phoenix has sold to Summit Equity Investments for $8.3 million. It is located at 1225 North 40th Street. Summit Equity represented itself in the transaction, while the undisclosed seller was represented by Cindy Cooke, Brad Cooke and Carrie Burton of Colliers International’s Phoenix office.