GRAND BLANC, MICH. — Boston-based UC Funding has closed on a $4.3 million bridge financing loan on the 455-unit Maplebook Village Apartments in Grand Blanc. The proceeds of the loan will be used to purchase the property, fund repairs, fund an interest reserve and fund an escrow for taxes and insurance. The borrower is Michael O'Lynnger, owner of Erie Investments No. 10.
NEW YORK CITY — Meridian Capital Group has arranged $114 million in loans to refinance a New York City multifamily portfolio. The portfolio includes 34 properties containing 982 apartment units and eight retail spaces that are located in the boroughs of Brooklyn, Queens and Manhattan. The loans carry 5-year terms and 4.75 percent fixed interest rates. The lender was a local savings bank. Scott Assouline and David Farhadian of Meridian arranged the deal for the borrower, a joint venture between The Dermot Company and Principal Real Estate Investors.
ANAHEIM, CALIF. — The 286-unit Mariposa Apartments, located in Anaheim, has sold for $43 million to an Orange County, Calif.-based private property owner and investor.The 11.5-acre property contains amenities such as swimming pools, fitness centers and recreation areas. Deutsche Bank provided 10-year, fixed-rate financing for the acquisition. Tustin, Calif.-based Greenwood & McKenzie represented the buyer in the transaction. Robin Ossenbeck and Shane Scafer of Phoenix-based Hendricks & Partners represented the seller, Beverly Hills, Calif.-based Kennedy Wilson.
SAN FRANCISCO — Two residential sites in San Francisco called Block 5 and Block 11, located on 3.84 acres in the Mission Bay neighborhood, have sold for $41.4 million. Block 5 and Block 11 represented the last two market-rate residential development sites available in Mission Bay. The buyer was San Francisco-based BRE Properties. Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors' Palo Alto, Calif., office represented the seller, San Francisco-based FOCIL-MB, in the transaction.
RENO, NEV. — Bethesda, Md.-based Walker & Dunlop has arranged an $8.53 million refinance loan through Fannie Mae on behalf of ERG Properties for the 232-unit Sierra Sage, a garden style apartment community in Reno. The 10-year loan has a 30-year amortization schedule and was underwritten with a 1.25x debt-service coverage ratio. The property was 98 percent leased at closing.
PHOENIX — The 213-unit Terrace Park, located at 8130 West Indian School Rd. in Phoenix, has sold for $5.77 million. The seller, West Palm Beach, Fla.-based Blue Valley Apartments, a special servicer, was represented by Mark Forrester, Ric Holway and Chuck LaBenz of Hendricks & Partners Phoenix office. The buyer was Minnesota-based Phoenix Leased Housing Associates I, LP.
COLORADO SPRINGS, CO. — Greg Duvall of NorthMarq Capital's Kansas City, Mo., office arranged first mortgage financing of $4.5 million for the 148-unit Skyway Village Apartments, located at 864 Oxford Lane in Colorado Springs. Financing was based on a 10-year term with 2 years interest followed by a 30-year amortization schedule. NorthMarq arranged the loan through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
FORESTVILLE, MD. — The 599-unit Regency Pointe, an apartment community located on 24.6 acres inside the Washington Beltway in Forestville, has been purchased for $20 million by a joint venture between Rockville, Md.-based The Donaldson Group and New York-based Angelo, Gordon & Co. The partnership plans to invest an additional $16 million to renovate the property, including full renovation on 77 units that are currently unable to be occupied due to fire and other damage. In June 2010, the partnership acquired a defaulted $32 million senior loan on the property from Wells Fargo and proceeded to foreclose on the owner, MPI Cambridge, which had been in bankruptcy since 2009. The property went up at a foreclosure auction, but the sale did not close. Following a period of litigation, the joint venture finalized its acquisition of Regency Pointe.
EUSTIS, FLA.; SPARTANBURG, S.C.; AND CHARLOTTESVILLE, VA. — St. Louis-based Love Funding has closed $13.69 million in refinancing loans in the Southeast. Robyn Cunningham of Love Funding's St. Louis office closed a $1.96 million loan for the 55-unit Parkview Apartments, located in Eustis, through the U.S. Department of Housing and Urban Development's 233(f) program. The loan allowed the owner, Judy Travis, to consolidate four outstanding loans on the property into one 30-year loan. William E. Jones, Jr., of Love Funding's New York office closed a $2.43 million loan for the 149-unit Heritage Court Apartments, an apartment complex for seniors and handicapped persons, located in Spartanburg, through the U.S. Department of Housing and Urban Development's 233(a)(7) program. The 26-year loan enabled the property owner to move from a 6.35 percent interest rate to a 3.9 percent fixed rate. Laura Saull-Smith of Love Funding's Washington, D.C., office closed a $9.3 million loan for the 86-unit Jefferson Heights at Pantops Mountain, a senior housing complex located in Charlottesville, though the Federal Housing Administration's 223(a)(7) program. The new loan will extend the term 40 years for the owner, Osprey/Pantops Place.
ATLANTA — Atlanta City Council member Joyce M. Sheperd and other local officials joined to dedicate a newly renovated rental townhouse community, The Villas at Lakewood. Virginia Beach, Va.-based Hercules Real Estate Services (HRES) has completed a $6 million renovation of the former Amal Heights community, located south of downtown Atlanta at 1700 Giben Rd. The renovation was completed under the Federal Low Income Housing Tax Credit (LIHTC) program. More than 160 units are designated affordable housing under the LIHTC program, while 28 are market rate. Hercules acquired the half-empty Amal Heights complex in 2007 with plans to convert it to affordable housing under the program.