Multifamily

LONGMONT, COLO. — Grandview Meadows apartment community in Longmont received an $11.78-million refinance loan. The loan will cover Phase I of the four-phased community. Walker & Dunlop partnered with Freddie Mac to underwrite this phase as a stand-alone property for the borrower, M. Timm Development. Phase I was completed in 2000. It includes 144 units situated on more than eight acres. Phase IV of the property is currently under construction. Grandview Meadows boasts a 96 percent occupancy rate. The refinance loan features a 10-year term with three years interest-only and a 30-year amortization schedule under Freddie Mac’s Capital Markets Execution Program (CME). It was underwritten to a 75 percent loan-to-value.Charles Christensen led the Walker & Dunlop team.

SCOTTSDALE, ARIZ. — JLB Partners has purchased 9.7 acres between Highland Avenue and Chaparral Road in Scottsdale for $13.87 million. The company plans to develop a 369-unit luxury apartment community on the site, which was known as the former Portales Place property. David Fogler, Steven Nicoluzakis and Don Arones with Cassidy Turley BRE Commercial represented the seller, ML Manager, in this transaction.

PHOENIX — The 148-unit Shadow Tree apartments in Phoenix has sold to SUP 44th Street 148 LLC for $5.25 million. The community was built in 1979 and resides at 2606 North 44th Street. The seller, H&S Shadow Tree Joint Venture, was represented by Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office and Art Wadlund of the firm’s Tucson, Ariz., office.