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.
Multifamily
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.
CHARLOTTE, N.C. — PNC Real Estate has provided a $14.2 million Fannie Mae loan to Vestecor to refinance the 386-bed The Flats at Mallard Creek Apartments, a student housing community at the University of North Carolina at Charlotte. The 10-year loan was originated by PNC's Charlotte office and used to refinance an existing construction loan.
PERRYSBURG, OHIO — Love Funding has arranged $4.23 million refinancing for the 132-unit Louisiana House Apartments, located at 129 Doctor McAuleys Ct. in Perrysburg. Robert Smallwood of Love Funding's Cleveland office secured the 30-year loan through the FHA's 223(a)(7) loan program.
SCARSDALE, N.Y. — A Tudor-style apartment building at 155 Garth Rd. in Scarsdale has been sold for $10.38 million. The 59,783-square-foot property is five stories and features new kitchens, new bathrooms and working fireplaces in all 39 units. Massey Knakal's John Barrett, Darragh Clarke and Swain Weiner represented the seller, Laurel Capital, and procured the buyer. The property consists of three one-bedroom units, 26 two-bedroom units and 10 three-bedroom units.
MERIDEN, CONN. — Meetinghouse Village Apartments, a 296-unit apartment community comprised of 228,570 square feet of residential space and a 13,000-square-foot retail center in Meriden, has sold for $16.25 million. Gary Witten, Victor Nolleti and Steve Witten of Marcus & Millichap Real Estate Services' New Haven, Conn., office represented the seller, MHV Realty, and the buyer was represented by Allan Hammer of Branch Eichler. The multifamily property includes a clubhouse with a fitness center, tennis courts and a swimming pool.
PHOENIX – The 214-unit Palazzo Townhomes has obtained a $16.3-million loan to replace its existing loan, which was scheduled to mature this year. The long-term, fixed-rate loan was arranged by CBRE Capital Markets Debt & Equity Finance team with Fannie Mae at a competitive interest rate through its Delegated Underwriting and Servicing (DUS) platform. The financing was secured by CBRE’s Rocco Mandala, Brad Miner and Brett Behnke. Mandala also secured the original financing when the property was acquired in 2004. The borrower was a tenant-in-common real estate investment group led by Carolyn Kutzke of Signature Properties.
LOS ANGELES — Love Funding has arranged a $4.54-million loan refinancing for the 62-unit Hollywood Gardens apartments in Los Angeles. The loan was arranged by Tammy Tate, a vice president out of Love’s Knoxville, Tenn., office, who utilized the Federal Housing Administration’s 223(a)(7) loan program. This enabled the owners to lock in a lower, fixed interest rate and extend the terms of its nonrecourse loan to 35 years, generating more than $50,000 in annual debt service savings.The Section 8 apartment complex was originally built in 1929 and underwent a major renovation in the 1980s.
MIDDLETOWN, MD. — Potomac, Md.-based Vanguard Realty Group's investment sales division has negotiated the $6.94 million sale of the 84-unit Chesterbrook Apartments, located at 312 Broad St. in Middletown, from a Rockville, Md.-based private investor to a Virginia-based private company. Rick Struse and Cullen O'Grady of Vanguard represented both parties in the transaction.
YPSILANTI, MICH. — Kaftan Communities has purchased the 112-unit Bryn Mawr Apartments, located at 2277 S. Grove in Ypsilanti, for $2.35 million from Bryn Mawr Apartments, LP. Amenities include an outdoor pool, washer/dryer hookup in each apartment, private balconies and more. ICI Property Consultants represented both parties in the transaction.