SOMERS POINT, N.J. — Joshua Lipsey of Marcus & Millichap Capital Corp.'s New Jersey office secured a $7.5 million refinancing loan for a 214-unit multifamily property in Somers Point. The 10-year loan has a fixed-interest rate and a 30-year amortization.
LEWISVILLE — The Praedium Group, based in New York City, and Dallas-based Price Realty Corp. have acquired the 362-unit Hidden Creek, located at 1200 College Pkwy. in Lewisville. Hidden Creek offers studio, one-, two- and three-bedroom units as well as a resort-style pool with gazebo and heated spa, a club house, a volleyball court, a fitness center, a billiard room and a business center. John Brownlee of HFF represented the lender, Freddie Mac, in direct negotiations with Praedium and Price Realty.
BELLEVUE, WASH. — Walker & Dunlop has provided an $18,150,000 permanent loan for the 195-unit Edgewood Park apartment community. The loan is a Freddie Mac capped adjustable-rate mortgage with a seven-year term and a 30-year amortization. It was underwritten to a 60 percent loan-to-value with a 1.15x debt-service coverage ratio. Michael Taylor of Newmark Realty Capital originated the loan. Jay Thomas, a vice president at Walker & Dunlop and a member of the firm’s multifamily finance underwriting department, headed up the Walker & Dunlop team.
DECATUR, ILL. — Marcus & Millichap's National Seniors Housing Group has brokered the sale of Lincoln Manor, a 140-bed senior housing property in Decatur, for $6.5 million. Situated within a half-mile of Decatur Memorial Hospital, the property recently under went a substantial renovation. Mark Myers of Marcus & Millichap's Chicago office arranged the deal. The buyer and seller were undisclosed.
ST. GEORGE, UTAH — Marcus & Millichap Capital Corporation has arranged a $7,451,409 construction loan and long-term commitment for an assisted living facility. This is a two-year construction loan with a 75 percent loan-to-value, long-term loan that should commence upon occupancy. The St. George area has not had a new assisted living facility open for many years, according to Jeffrey Meierhofer, an associate director in Marcus & Millichap’s Salt Lake City office, who helped arrange the financing.
LA JOLLA, CALIF. — Love Funding has closed a $3.83-million loan refinancing for Seasons at La Jolla, an assisted living facility. The transaction was secured through the FHA’s 223(a)(7) LEAN loan program, which is a streamlined refinance of an existing HUD loan. With this type of financing in place, the borrower was able to secure a 4.75 percent, fixed interest rate with a 32-year term. Artin Anvar, a vice president at Washington, D.C.-based Love Funding, secured the transaction for the 27-bed facility.
BRONX, N.Y. — The 56-unit, six-story Fordham Village, located at 355 East 194th St. in the Bronx, is now open. The affordable housing development is for veterans who are homeless or at a risk of homelessness. Amenities include a glass-walled community room, garden, computer center and access to trained staff who will provide professional counseling services. This is the first phase in The Jericho Project's Veterans Initiative that will eventually serve 200 veterans. The NYC Department of Housing Preservation and Development provided $7.84 million through it's Supportive Housing Loan Program and an additional $6 million through Low-Income Housing Tax Credit Equity. The New York State Energy Research and Development Authority provided $106,000, and $118,000 in developer equity was provided by Jericho.
HOUSTON — Hudson Realty Capital LLC has completed a $9.1 million first mortgage loan involving Glendale Park Apartments, an 810-unit, 49-building apartment complex in southwest Houston. The loan was utilized for the acquisition and renovation of the property. Located in the Braeswood submarket of Houston, the complex is comprised of one-, two- and three-bedroom units and 20 floor plans. Planned exterior renovations include remodeling the clubhouse and recreational space, swimming pool upgrades and landscaping upgrades.
FORESTVILLE AND CHEVERLY, MD. — Transwestern's Bethesda, Md.-based Mid-Atlantic Multifamily Group, led by Dean Sigmon and Robin Williams, has arranged the sale of the four-property, 1,107-unit United Investors Portfolio for $72 million. The properties include the 404-unit Pennbrooke Terrace and the 147-unit Valleybrook Apartments in Forestville, and the 366-unit Cheverly Terrace and the 190-unit Hanson Arms in Cheverly. Transwestern represented the seller, United Investors Management Corp. The buyer was a joint venture between Foulger-Pratt Cos. and DLJ Real Estate Capital Partners, with DLJ providing equity capital for the transaction.
MELROSE, MASS. — Wood Partners is developing the 212-unit Alta Stone Place, a renovated mill and podium-style project in Melrose. The project involves the redevelopment and renovation of the four-story brick and wood beam building that was formerly the Boston Rubber Shoe Company facility, as well as the construction of two new four-story, wood-frame buildings and a three-story building containing a 6,500-square-foot clubhouse. Bargmann Hendrie + Archetype is the architect for the project and Allen & Major Associates is the civil engineer. Construction will begin in June with the first units ready by next spring.