PORT ARTHUR — Walker & Dunlop has provided a $5.97 million loan under the U.S. Department of Housing and Urban Development (HUD) Section 223 (a)(7) program for Pebble Creek Apartments, a 208-unit garden style apartment complex in Port Arthur. The apartment complex features a swimming pool, playground and laundry center, and is currently 95 percent leased. Walker & Dunlop's Carolyn McMullen provided the loan for the borrower, The Itex Group, based on a 37-year term and a 37-year amortization schedule.
Multifamily
ORLANDO — ARA has negotiated the $31 million sale of the 366-unit Pine Harbour, located at 10600 Bloomfield Dr. in Orlando. Kevin Judd of ARA's Orlando office, Marc deBaptiste of ARA's Boca Raton, Fla., office and Patrick Dufour of ARA's Tampa, Fla., office represented the undisclosed institutional seller in the transaction. The buyer was Saint-Lambert, Canada-based L.S.R. Development.
RICHMOND, VA. — Gilbane Development Co. has completed the 540-bed 8 1/2 Canal Street, a student housing development at Virginia Commonwealth University in Richmond. The property is located across the street from VCU's recent $228 million Monroe Park Campus expansion. Amenities include a 24-hour fitness center, cyber cafe, gaming center and clubhouse.
WASHINGTON, D.C. — Washington, D.C.-based Urban Investment Partners (UIP) has purchased the 52-unit Meridian Hill, located at 2359-2401 Ontario Rd. in Washington, D.C., for $4.2 million. UIP will begin a $2.4 million renovation that will include upgrading, repairing and restoring common areas, as well as plumbing, heating, cooling and electrical systems. Ari Firoozabadi of Marcus & Millichap's Bethesda, Md., office represented Ontario Partners, the seller, in the transaction.
WEBSTER, N.Y. — NorthMarq Capital has arranged $2.18 million in first mortgage financing for Village Path Townhomes, a 21-unit multifamily property in Webster. Sam Berns of NorthMarq's upstate New York office arranged the financing based on a 10-year term and a 20-year amortization schedule.
DALLAS — Greensboro, N.C.-based Bell Partners Inc. has purchased The Ansley at Park Central Apartments, a 490-unit luxury apartment community that consists of midrise, townhome and garden-style apartments in Dallas, for $51.5 million. The Ansley also features 14,500 square feet of retail space and is currently 96 percent occupied. Bell Partners' purchase of The Ansley, along with a purchase of a Nashville apartment community called 1700 Midtown Apartments, is the first purchase for its Bell Fund IV.
TUSTIN, CALIF. — Jones Lang LaSalle’s Capital Markets experts have been selected by Nevis Homes to market the sale of Tustin Cottages, a 93-unit, Class A multifamily property in Tustin. Tustin Cottages contains 24 three- and four-story buildings. The 153,169-square-foot property is currently 82 percent occupied. Managing director Joe Leon and vice president Javier Rivera will lead the JLL team on this transaction.
TUCKER, NORCROSS, DUNWOODY AND CLARKSTON, GA. — Atlanta-based Cortland Partners, a multifamily real estate firm, has acquired five metro Atlanta apartment communities totaling more than 1,500 units for $37.5 million. Bethany Group, a national multifamily apartment owner, had owned the properties, which fell into receivership until acquired by Cortland Partners. The portfolio includes Somerset at the Crossing Apartments in Tucker, Steeple Chase Apartments and Sinclair Apartments in Norcross, LaCota Apartments in Dunwoody, and Alden Ridge Apartments in Clarkston.
FLINT, MICH. — Bruce Gerhart of Love Funding's Cleveland office has arranged $2.82 million in refinancing for the 180-unit Linden Lane Apartments, located at 3095 Linden Ln. in Flint. The 35-year, fully amortizing loan was provided by the FHA's 223 (f) loan insurance program.
NEW YORK CITY — The Community Preservation Corporation (CPC) has provided a $10.15 million construction loan in compliance with its Green Financing Initiative to rehabilitate the Cow Bay apartment complex in New York City's Long Island. Cow Bay is located at 2 Bay Green Ln. in Long Island's Port Washington hamlet, and consists of seven two-story garden apartment buildings housing a total 88 residential units. CPC's loan will go to replacing three boilers, new roof installation and reinforcing a retaining wall around the perimeter of the complex. The loan will also go to refinancing Cow Bay's outstanding loan on the property. Apollon Group LLC is the contractor for the complex's rehabilitation.