AUSTIN — Muskin Commercial has arranged the sale of the 200-unit Meadowood Apartments, located at 9601 Middle Fiskville Road in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller in the transaction. Arbor Realty SR provided acquisition financing, and Legends Asset Management will manage the property.
MONCKS CORNER, S.C. — A 29-unit multifamily property, located on Gulledge Street on Moncks Corner, has sold for $1.05 million. David Ingle of NAI Avant's Charleston, S.C., office represented the seller in the transaction. Delaware-based DC Realty Advisors was the buyer.
SPOKANE, WASH. – The 210-unit Eagle Rock Apartments in Spokane has received a $10.3-million refinance. The 10-year loan features two years of interest only and a 30-year amortization schedule under Fannie Mae’s Early Rate Lock Program. It was underwritten to a 67 percent loan-to-value with a 1.42x debt-service coverage ratio. Financing was arranged by Jay Thomas of Walker & Dunlop.
PALO ALTO, CALIF. — Assisted living facility Palo Alto Commons has received $42 million in construction and permanent financing. The new financing will replace the property’s existing debt. It will also fund the development of a new 44-unit expansion wing. Financing was arranged by Jeff Wilcox of Newmark Realty Capital’s San Francisco office. It was secured through HUD’s LEAN 232 and underwritten and sourced through Prudential Huntoon Paige, LLC.
COLUMBIA, S.C. — Passco Cos. has purchased the 240-unit Broad River Trace, a Class A multifamily property located at 550 River Hill Circle in Columbia. Amenities include a resort-style pool, clubhouse with Wi-Fi service and a fishing pond. Sean Wood, Blake Okland, Dean Smith and John Heimburger with ARA represented Shoptaw Group, the seller, in the transaction and procured the buyer.
HIALEAH, FLA. — Marcus & Millichap has arranged the $1.27 million sale of the 13-unit Cordero Apartments, a multifamily property located at 405 W. 11th St. in Hialeah. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap represented the seller, a Miami Lakes, Fla.-based private investor, in the transaction, and procured the buyer, a Coral Gables, Fla.-based limited liability company.
CAMBRIDGE, MD. — Centerline Capital Group has provided a $2.46 million FHA 223(a)(7) loan for the 144-unit Bay Country Apartments, located at 515-630 Greenwood Ave. in Cambridge. The proceeds of the loan will be used to refinance the existing FHA 221(d)(4) loan. Centerline arranged the loan through Osprey Properties, a firm with which Centerline has an established equity relationship, on behalf of the borrower, Greenwood Avenue Development.
WORCESTER, MASS. — WinnDevelopment is redeveloping the former Worcester Vocational High School into 84 apartments, called Voke Lofts. The Boston-based firm recently broke ground on the 116,306-square-foot project at 34 Grove St. The project is reported to cost $32 million. Half of the units will be market-rate apartments, while the other half will provide discounted rates for low-income tenants. Amenities will include a computer center, fitness center and bike storage. The building's first units will be available to rent in the spring of 2014.
HOUSTON — Construction is under way on The Sovereign, a 21-story, 290-unit multifamily development located on the old Allen House Apartments site off Allen Parkway in Houston. The development is the first phase of Regent Square, a mixed-use development. Ziegler Cooper Architects designed The Sovereign to achieve LEED Silver certification with an efficient HVAC system, pedestrian-oriented street design, bicycle parking, usage of condenser water for irrigation, green and reflective roofs, low-energy glass, electric car charging stations, trash chutes and a cardboard bundler. Amenities will include a clubhouse, fitness center, yoga room, demonstration kitchen, private dining rooms, screening room, game lounge, bar/sports lounge, resident herb and vegetable garden, Zen garden, pet spa, massage room, library, cyber lounge and a business center. The development will be reimbursed for improvements to the public infrastructure through a development agreement from the City of Houston and Tax Increment Zone 5. The Sovereign is slated for a March 2014 completion.
HARRAH, SHAWNEE AND OKLAHOMA CITY, OKLA. — Boston Capital has invested in the construction of three affordable housing developments in Oklahoma. The properties include the 29-unit Cedar Hollow in Harrah, the 32-unit Cottage Park-Shawnee in Shawnee and the 44-unit Cross Creek Landing in Oklahoma City. The developments will be built with tax credit equity from the Low Income Housing Tax Credit program. Oklahoma City-based The Carland Group partnered with Boston Capital on the construction investment, which is expected to generate $10.2 million in local income and create approximately 155 jobs.
