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.
Multifamily
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.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a four-story, eight-unit apartment building located at 397 1st St. in Brooklyn's Park Slope neighborhood for $2.58 million. Ken Freeman and Megan Flanagan of the brokerage firm represented the two undisclosed parties in the deal.
NEW YORK CITY AND MONTCLAIR, N.J. — Arbor Commercial Funding has secured a total of $12.6 million in Fannie Mae DUS financing for two Tri-State multifamily communities. An $8.85 million loan was provided for Reve Apartments, a 34-unit community located in Brooklyn. A $3.75 million loan was provided for Gordonhurst Apartments, a 65-unit community located in Montclair. Both loans carry 10-year terms and 30-year amortization schedules. Stephen York of Arbor's New York City office arranged the loans.
PLAINFIELD, N.J. — Cronheim Mortgage has arranged a $6.7 million permanent loan for a multifamily portfolio located in Plainfield. The portfolio includes a 62-unit community located at 735 Park Ave., a 52-unit community located at 606 Crescent Ave. and a 27-unit community located at 315 W. 8th Street. The loan carries a 4.35 percent interest rate, 7-year term and a 30-year amortization schedule.
JACKSONVILLE, FLA. — Edgewood Capital has funded a $3.85 million bridge loan for the acquisition of the 186-unit Eagles Pointe in Jacksonville. The 2-year loan provides 70 percent of the total capitalization including property acquisition, capital improvements, operating reserve and transaction costs. This is the fifth residential complex acquired by the borrower in the past 16 months, three of which were funded by Edgewood Capital.
QUINCY, MASS. — John. M. Corcoran & Co. has announced plans to develop a $44.6 million apartment project at the SouthField master-planned community in Quincy. SouthField Highlands will contain 226 apartments in a mix of one- through three-bedroom units. Community amenities will include a swimming pool, a fitness center, a community room and easy access to the South Weymouth commuter rail station. The project also will contain 8,700 square feet of ground-floor retail space. Construction will begin this month and first move-ins are expected to occur in spring 2012. The project will be seeking LEED certification. UBS is providing construction and permanent financing for the project. LNR Property Corp. is the master-developer for SouthField, the redevelopment of the former SouthField Naval Air Station.
MIDDLETOWN, N.Y. — Sterling Properties has opened Sterling Parc, a new 192-unit luxury apartment community located in Middletown. The project contains a mix of one- and two-bedroom residences. Community amenities include a clubhouse containing a fitness center, a billiards rooms, a business center and an outdoor swimming pool. Sterling Parc also contains ground-floor retail space.
PLANO — CB Richard Ellis Investors has acquired The Domaine, a 270-unit luxury apartment complex in Plano, for $33.25 million. The Connor Group, an Ohio-based real estate investment firm, sold the property in the third largest sale in its 20-year history. Located at 6400 Windcrest Dr., the seller purchased the community in 2006 for $26.5 million.