AUSTIN — Berkadia Commercial Mortgage originated $19.89 million in construction financing through its HUD/FHA program for Lotus Village Apartments, a 222-unit apartment community that will be located at 300 Ferguson Dr. in Austin. The community will consist of 10 three- or four-story buildings with an average 922 square feet per unit. Berkadia’s Steve Mentesana and Tim Nunan originated the 4.4 percent fixed interest loan on a 40-year term with a 40-year amortization schedule.
Multifamily
SAN FRANCISCO – The 61-unit Pacific View Apartments was purchased by a single-asset entity controlled by a private Bay Area partnership for $11.3 million. The apartment community is located in Pacifica, Calif., which is in San Mateo County. The private partnership acted on its own behalf, while Nathan Blair and Ryan Wagner of Arroyo & Company represented the seller.
BATON ROUGE & LAFAYETTE, LA. — Stirling Properties has purchased four Louisiana apartment communities in separate transactions for a total of $16.8 million. In Baton Rouge, the 108-unit Coventry Terrace was purchased for $5.1 million. In Lafayette, the 92-unit Acadian Gardens was acquired for $4.2 million, the 60-unit South College Gardens was bought for $2.5 million, and the 110-unit Willow Gardens was purchased for $5 million. For all transactions the buyer was represented by Ryan Lange of Stirling's Baton Rouge office. The sellers were undisclosed.
LITTLE ROCK, ARK. — A joint venture between Dallas-based Prescott Realty Group and Bedrock Commercial Partners has planned to build the 260-unit Autumn Woods on the Divide, located in the Chenal Parkway area of west Little Rock. The joint venture received a HUD 221(d)(4) construction loan for the project. VCC is the general contractor for the development, which is scheduled for completion in the spring of 2012.
ATLANTA — Salt Lake City-based SilverLeaf Financial has acquired six non-performing notes secured by various apartment complexes in the metro Atlanta area for $16.61 million. The properties total 751 units, and the subject loans originated between 2002 and 2008 for the purpose of acquiring the complexes.
SAN ANTONIO — CB Richard Ellis has arranged the loan refinance of Promontory Pointe, a 596-unit apartment community located at 4114 Medical Dr. in San Antonio. CBRE’s Charles Foschini, Christian Lee, Tracy Kennedy and Christopher Apone arranged the financing through Freddie Mac on behalf of Advenir@Promontory, LLC, which owns Promontory Pointe. The loan has a 10-year term with an extended interest-only financing period at 80 percent loan-to-value. The apartment community was built in 1995 and features two swimming pools and two tennis courts.
HOUSTON — LMI Capital has arranged $38 million in acquisition financing for nine apartment communities totaling 2,364 units in Houston. The loans were a mix of bridge and permanent funding through nine different lenders, including Fannie Mae. LMI Capital’s Jamie Mullin and Brandon Brown arranged the financing for the properties, including Applewood Townhomes, Bellestone Villas, Colony Oaks, Indigo Falls, Madison Bear Creek, Palm Bluffs, Trails of Woodlake, Water Mill and Westheimer Terrace.
NORCROSS, GA. — Marcus & Millichap has negotiated the $6.5 million sale of the 318-unit Adelaide Park, located on Beaver Ruin Road in Norcross. Paul Vetter and Andrew Mays of Marcus & Millichap's Atlanta office represented the seller, Houston-based CNC Investments, and the buyer, Audubon Communities. The property is currently 30 percent leased.
WASHINGTON, D.C. — Walker & Dunlop has secured a $14 million refinance loan for a 32-unit student housing apartment building, located at 2807 Connecticut Ave. in Washington, D.C. Ted Hermes of Walker & Dunlop's Bethesda, Md., office arranged the 5-year loan with a 25-year amortization schedule through Cardinal Bank.
MILWAUKEE — Wangard Partners has broken ground on the 68-unit 1910 On Water, a luxury apartment community located at 1910 N. Water St. in Milwaukee. St. Paul, Minn.-based Oak Grove Capital arranged a loan through HUD for the development. Amenities will include a green roof courtyard, fitness center, bike storage, concierge services and more. Completion is slated for the summer of 2012.