ATLANTA — Salt Lake City-based SilverLeaf Financial has acquired six non-performing notes secured by various apartment complexes in the metro Atlanta area for $16.61 million. The properties total 751 units, and the subject loans originated between 2002 and 2008 for the purpose of acquiring the complexes.
SAN ANTONIO — CB Richard Ellis has arranged the loan refinance of Promontory Pointe, a 596-unit apartment community located at 4114 Medical Dr. in San Antonio. CBRE’s Charles Foschini, Christian Lee, Tracy Kennedy and Christopher Apone arranged the financing through Freddie Mac on behalf of Advenir@Promontory, LLC, which owns Promontory Pointe. The loan has a 10-year term with an extended interest-only financing period at 80 percent loan-to-value. The apartment community was built in 1995 and features two swimming pools and two tennis courts.
HOUSTON — LMI Capital has arranged $38 million in acquisition financing for nine apartment communities totaling 2,364 units in Houston. The loans were a mix of bridge and permanent funding through nine different lenders, including Fannie Mae. LMI Capital’s Jamie Mullin and Brandon Brown arranged the financing for the properties, including Applewood Townhomes, Bellestone Villas, Colony Oaks, Indigo Falls, Madison Bear Creek, Palm Bluffs, Trails of Woodlake, Water Mill and Westheimer Terrace.
NORCROSS, GA. — Marcus & Millichap has negotiated the $6.5 million sale of the 318-unit Adelaide Park, located on Beaver Ruin Road in Norcross. Paul Vetter and Andrew Mays of Marcus & Millichap's Atlanta office represented the seller, Houston-based CNC Investments, and the buyer, Audubon Communities. The property is currently 30 percent leased.
WASHINGTON, D.C. — Walker & Dunlop has secured a $14 million refinance loan for a 32-unit student housing apartment building, located at 2807 Connecticut Ave. in Washington, D.C. Ted Hermes of Walker & Dunlop's Bethesda, Md., office arranged the 5-year loan with a 25-year amortization schedule through Cardinal Bank.
MILWAUKEE — Wangard Partners has broken ground on the 68-unit 1910 On Water, a luxury apartment community located at 1910 N. Water St. in Milwaukee. St. Paul, Minn.-based Oak Grove Capital arranged a loan through HUD for the development. Amenities will include a green roof courtyard, fitness center, bike storage, concierge services and more. Completion is slated for the summer of 2012.
LOWELL, MASS. — Pine Properties has purchased Middlesex Garden Apartments, a 41,300-square-foot apartment complex at 1895-1905 Middlesex St. in Lowell, for $3.7 million. Yannios RE Investment Services’ James Yannios represented the seller, Heritage Properties, in the transaction, as well as procured Pine Properties. The complex is comprised of 48 units and offers 32,928 square feet of livable space.
NEW YORK CITY — Beech Street Capital has provided $31.9 million in Fannie Mae conventional loans to refinance a 21-property multifamily portfolio in New York City. Beech Street provided the financing through its relationship with Meridian Capital Group, the loan’s originator. The loans for 19 of the properties have fixed-rates with 10-year terms and 30-year amortization schedules, while the remaining two loans have 7-year terms and 30-year amortization schedules. Beech Street’s Joel Goodman, Kanett Curtis, Amy Sodeinde and Tyrone Purdie helped underwrite the transaction, while Linda Clark of Beech Street closed the deal. Michael Kesselman and Matt Texler represented Meridian in house.
INGLEWOOD, CALIF. — A group of private investors has purchased a 41-unit apartment complex in Inglewood for $4.7 million. The complex sold at a 6.75 percent cap rate. The two-building complex was built in the early 1960s and has undergone significant capital improvements. The new owners plan to make additional improvements to the complex’s façade and landscaping. Robert Leveen, a principal with Lee & Associates-Investment Services Group, represented the buyers.
LOS ANGELES — Marcus & Millichap Capital Corporation has arranged a $4,335,000 loan to refinance a 51-unit apartment community in Los Angeles. The loan contains a 4.63 percent adjustable interest rate for 30 years with a 30-year amortization period and a 75 percent loan-to-value. Sharone Sabar, a director in MMCC’s Encino office, arranged the loan.