LOS ANGELES – Arbor Commercial Funding has closed three loans under the Fannie Mae DUS® Small Loan product line totaling $7.5 million. The 102-unit Hartford Hills Apartments received $3,645,000; the 50-unit 232 Union Place Apartments received $2,700,000; and the 16-unit 2352 Glendale Boulevard received $1,186,000. The Hartford and Glendale apartments were refinance loans, while Union Place was an acquisition loan. All three loans carry seven-year terms and 30-year amortization schedules.
BALTIMORE — Harbor Group International (HGI) has purchased a six-property multifamily portfolio in Baltimore from Sawyer Realty Holdings for $190 million. The portfolio includes: the 808-unit Crosswinds at Rolling Road, the 92-unit Diamond Ridge, the 270-unit The Glens at Rolling Road, the 264-unit Granite Run, the 280-unit Rolling Wind and the 270-unit Stratton Meadows. HGI will invest $7.75 million in capital improvements. Al Cissel and Scott Melnick of Jones Lang LaSalle's Bethesda, Md., office represented the seller in the transaction.
CHICAGO — Chicago-based Essex Realty Group has arranged the $2.15 million sale of the 38-unit Columbia Gardens, a condominium conversion project located at 1615-25 W. Columbia in Chicago. Seven of the units had been sold and the remaining 31 units were sold in bulk in this deal. Jim Darrow and Jordan Gottlieb of Essex were the sole brokers in the transaction.
WEBSTER GROVES, MO. — ARCO Construction Co. has been selected to build the $18 million, 80-unit Provision Living at Webster Groves, a senior housing project located at 45 E. Lockwood in Webster Groves. On-site amenities will include medical, rehabilitation, wellness and retail space. Completion is slated for summer 2012.
LARGO, FLA. — Marcus & Millichap has brokered the $14.3 million, lender-approved short sale of the 444-unit Chaparral Apartments located at 601 E. Rosery Rd. in Largo, Fla., for $14.3 million to a Massachusetts-based partnership. Norman Eastwood of Marcus & Millichap's Dallas office and Tal Frydman of the firm's Fort Lauderdale, Fla., office represented the seller, a Houston-based partnership.
CHICAGO — Chicago-based general contractors Safeway Construction and Weis Builders have completed construction on the 45-unit King Legacy Apartments, an affordable apartment complex in Chicago. The three-story complex contains six retail units on the first floor. The Martin Luther King Fair Housing Exhibit Center is the main retail tenant.
CHESTER, PA. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the $8.5 million sale of 386 units of multifamily property in Chester. The property includes: St. James Gardens, a nine-building, 228-unit garden apartment complex at 314 East 224th St. Renshaw Terrace Apartments, a three-building, 78-unit garden apartment complex at 1300 Renshaw Rd. Willow Gardens, a seven-building, 80-unit garden apartment complex at 1101 Dorian Dr. Joseph Brecher and Eli Kessler of Gebroe-Hammer represented the buyer in the transaction.
NEW YORK CITY — A walk-up apartment building in the Fordham/Little Italy neighborhood in north Bronx sold for $1.325 million. The 14,400-square-foot multifamily property is located at 2503 Hughes Ave. The building features 21 units; all but three have been recently renovated. The sales price was $92 per square foot. Karl Brumback of Massey Knakal had the property listing.
DALLAS — Phoenix-based Hendricks & Partners has facilitated the sale of Lochwood, a 190,000-square-foot multifamily property, at 11117 Lochwood Blvd. in Dallas. Lochwood is a garden-style community built in 1958 and includes 200 units. McKinney-based Live Oak Lochwood bought the property from JPMorgan Chase & Co./En Quernus Holding Corp. Peter Hartnett and Chuck LaBenz of Hendricks & Partners represented the seller.
DENVER – ARA has sold the 40-unit Boulevard Gardens in Southwest Denver to an undisclosed buyer for $2,534,000. The transaction was financed through the Neighborhood Stabilization Program 2. The community was completely renovated and remediated in 2009. Boulevard Gardens is now leasing.