PHOENIX – Walker & Dunlop has provided a $3,380,000 acquisition loan for the 125-unit Mission Palms Apartments in Phoenix. It includes a 10-year term and a 30-year amortization schedule. The loan was underwritten to a 54 percent loan-to-value and a 1.30x debt-service coverage ratio. Mission Palms, which was built in 1975, was 85% leased at closing. Legacy Capital Advisors' Keaton Merrell originated the loan. Andrew Tapley, senior vice president of multifamily finance, led the Walker & Dunlop team.
SOUTHLAKE –– Isle of Watermere, a senior housing community owned by South Bay Partners, received $16 million in fixed-rate, permanent financing through the Fannie Mae DUS program by Oak Grove Capital. The Isle of Watermere is a 92-unit community and is managed by Life Care Services. Heidi Brunet of Oak Grove Capital originated the 10-year term loan with a 30-year amortization schedule.
CINCINNATI —CB Richard Ellis has arranged the sale of the 231-unit One Lytle Place, a multifamily property located at 621 E. Mehring Way in Cincinnati. The property also contains 32,000 square feet of commercial space. Indianapolis-Cincinnati Multihousing group of CBRE represented the seller in the transaction.
NEWARK, N.J. — Arbor Commercial Funding has funded a $40.7 million loan to refinance the 654-unit First King Apartments in Newark. The loan, a Fannie Mae Affordable Housing Loan DUS, is a 10-year product that amortizes on a 30-year schedule. Stephen York of Arbor’s New York City office originated the loan.
STAFFORD — Venterra Realty purchased Shadowbrooke and Silverbrooke, two multifamily communities totaling 552 units, in separate transactions. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry, all of Holliday Fenoglio Fowler L.P., represented the sellers: Shadowbrooke Apts, Ltd. and Shadowbrooke Partners, L.P. and CTDB Funding Co., a joint venture between Captec Financial Group and Drawbridge Special Opportunities Fund. In addition to representing the sellers, Cortney Cole of HFF helped secure a fixed-rate acquisition loan through PPM Finance, Inc. Shadowbrooke is located at 1025 Dullies Ave. and Silverbrooke is located at 1020 Brand Ln. in Stafford, about 18 miles southwest of downtown Houston.
LONG BEACH, CALIF. – Hendricks & Partners has sold the 30-unit Gotham City apartments in Long Beach for $2,425,000. It was purchased by Gotham Lofts, LLC. Hendricks & Partners' Robert Stepp represented the seller, Dorry H. Plotkin.
LAKEWOOD AND FAIRVIEW PARK, OHIO — Love Funding has refinanced two Ohio apartment communities through the Federal Housing Administration's 223(a)(7) program. Love secured a $6.37 million loan for Fedor Manor, a 145-unit community located in Lakewood, and a $2.95 million loan for Willowood, a 70-unit community located in Fairview Park. The loans carry fixed interest rates of 4.55 percent and 4.95 percent, respectively, as well as 40-year terms. Robert Smallwood of Love's Cleveland office secured the funding.
BATAVIA AND GOSHEN, OHIO — Beech Street Capital has arranged $7.7 million in Fannie Mae financing for the acquisition of two low-income housing communities in the Cincinnati area. Stonelick Woods is a 176-unit property located in Batavia, and Country Lake is a 128-unit community located in nearby Goshen. The fixed-rate financing has a 7-year term and a 30-year amortization schedule. The Beech Street team of Kanett Curtis and Nathan Burlingame arranged the deal, and Jacob Katz of Meridian Capital Group originated it.
BRONX, N.Y. — Bethesda, Md.-based Beech Street Capital has given a $5.8 million Fannie Mae conventional loan to refinance the 111-unit The Buckeye Apartments in the Bronx. Meridian Capital Group originated the transaction. The fixed-rate loan has a term of 7 years and a 30-year amortization schedule.
RENTON, WASH. – The 83-unit Borgata Apartment Homes in Renton has been sold to a joint venture between Grosvenor USA and MT Asset Management LLC for $13.2 million. MT Asset Management is a partnership between Mosaic Homes and Thrive Communities. The transaction was brokered by Philip Assouad and Giovanni Napoli of Kidder Mathews.