IRVING AND DALLAS — Arbor Commercial Funding, LLC, a wholly owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender have closed two loans in Texas totaling $4.4 million. The 132-unit North Oak Apartments complex in Irving received $3.4 million funded under the Fannie Mae DUS Multifamily Affordable Housing product line. The 10-year loan amortizes on a 30-year schedule. Also, the 176-unit Carlisle on the Creek complex in Dallas received $1 million funded under the Fannie Mae DUS Coterminous Supplemental Loan product line. The 5-year, 9-month refinance loan amortizes on a 30-year schedule. Anthony Tarter of Arbor's Plano office originated both loans.
Multifamily
PHOENIX – Marcus & Millichap Real Estate Investment Services has sold the 486-unit Northern Point and 214-unit Paseo del Sol apartment communities for $9,990,000. Marcus & Millichap’s Steve Gebing, Cliff David and Rich Butler, multifamily investment specialists out of the firm's Phoenix office, acted as the exclusive listing agents on behalf of the seller, a court-appointed Receiver.
BALTIMORE — Brick, N.J.-based Tryko Partners has purchased the 495-unit Loch Raven Village, located at 1711 Edgewood Rd. in Baltimore, for $26 million from GA Loch Raven Baltimore, LLC. The buyer will complete a $4 million renovation, including adding air conditioning to all units, upgrading landscaping and remodeling kitchens, bathrooms, entryways, common areas. CB Richard Ellis' Baltimore office represented the seller.
MEBANE, N.C. — Kevin Jenkins of NorthMarq’s Charlotte, N.C., office has arranged $10.78 million in first mortgage financing for 192-unit Ashbury Square Apartments, a multifamily property located in Mebane. Financing was secured by Arbor Commercial Funding DUS and based on a 10-year term with a 30-year amortization schedule.
BROOKLYN, N.Y. — The 104-unit, 550 Watkins St. in Brooklyn is now open. The $28.5 million project was co-developed by CPC Resources, Inc., the for-profit development arm of the Community Preservation Corp. and East Brooklyn Congregations, a local development corporation. The property was developed under Mayor Michael R. Bloomberg's New Housing Marketplace Plan, an $8.5 billion initiative to finance 165,000 units of affordable housing for 500,000 New York residents by 2014.
NEW YORK CITY — Washington Management Realty has sold the 20-unit apartment building located at 507 West 179th St. in New York City for $2.2 million. Moses Sioni of New York City-based Sioni & Partners represented the seller.
CHESTER, ILL. — Marcus & Millichap has brokered the sale of St. Ann's Healthcare Center, a 119-bed skilled nursing facility located in Chester. The property was constructed in 1937 and expanded in 1976. It traded between two undisclosed parties for $1.45 million. Mark Myers, senior director of Marcus & Millichap's National Seniors Housing Group, arranged the deal.
LAKELAND, FLA. —Marcus & Millichap has brokered the $14.15 million sale of the 300-unit Willowbrooke Apartments, located at 1100 Oakbridge Pkwy. in Lakeland. The property features a clubhouse, swimming pool, sundeck, fitness center and tennis and basketball courts. Casey Babb of Marcus & Millichap’s Tampa, Fla., office represented the Birmingham, Ala.-based Drummond Co., the seller, and the buyer, a Toronto-based investor, was self-represented.
MELBOURNE, SEBRING & ST. PETERSBURG, FLA. — J. Cary Monroe and Michael Giordano of Monroe & Giordano’s Tampa, Fla., office have arranged $12.5 million in financing for three manufactured home communities totaling 477-sites. The 112-site The Villages of Ponce de Leon in Melbourne received an acquisition loan of $5.8 million. The purchaser and seller formed a new joint venture. The 95-site Thunderbird Hill South in Sebring received $1.5 million in financing and the 270-site Palm Haven in St. Petersburg was refinanced with a conduit loan of $5.2 million.
WILTON MANORS, FLA. — Mark Grace of NorthMarq Capital’s Los Angeles office has arranged $8.5 million in first-mortgage financing for the 150-unit Wilton Tower Apartments. The financing was based on a 5-year fixed term with a 30-year amortization schedule. Financing was provided by AmeriSphere Multifamily Finance, a Fannie Mae DUS Lender.