ALEXANDRIA, LA. — Arbor Commercial Mortgage has arranged a $14.51 million FHA-insured 221(d)(4) loan for the development of the 169-unit Mason Estates, an adaptive re-use and historic preservation project in Alexandria. The former Masonic Home orphanage will be converted into 25 loft units and an additional six buildings containing 144 apartment units will be constructed. Jay Porterfield of Arbor's Plano, Texas, office originated the loan on behalf of Roger Landry, the developer.
COLUMBUS, OHIO — The Connor Group has purchased River Oaks, a 288-acre apartment community in Columbus. The buyer acquired the 24-acre foreclosed property from Wells Fargo Bank. Terms of the deal were not disclosed. River Oaks was built in 1998 and is located between the Columbus suburbs of Hilliard and Upper Arlington. Following the acquisition, The Connor Group now owns and operates nine apartment communities in the market.
PHILADELPHIA — Beech Street has arranged $13.5 million in Fannie Mae loans for the acquisition of a two-property apartment portfolio in Philadelphia. The properties include the 120-unit Red Lion Manor and the 111-unit Cheswick Square. Common amenities include on-site parking and laundry facilities. The borrower plans to spend more than $1.8 million in renovations for both properties. Israel Shubert of Meridian Capital Group originated the 10-year, fixed-rate loans.
SAN ANTONIO — Transwestern has arranged the sale of the 360-unit Grove Park Apartments, located at 2566 Goliad Road in San Antonio's South Central submarket. The apartment community features two swimming pools, laundry facilities and open barbeque grilling areas. Jeff Rogers, Alan Grilliette and Chris Stutzman of Transwestern's San Antonio office represented the seller, Tritex Real Estate Advisors II, in the transaction. The buyer was Houston-based T-4 Housing Interests Management.
IRVING — Beech Street Capital has arranged a $26 million Fannie Mae Structured ARM loan to refinance the 504-unit Shadows of Cottonwood, a multifamily community located in Irving. The apartment community features three pools, a spa, outdoor grills, picnic area, business center, a clubroom and covered parking. Kristen Croxton and Greg Reed of Beech Street's Newport Beach, Calif., office arranged the loan on behalf of the borrower, Buchanan Street Partners. Croxton and Reed also secured a third party interest rate cap from Greystar Real Estate Partners.
ROYAL PALM BEACH, FLA. — Archstone, in a joint venture with FUTURA Acquisitions Group, has started construction on the 268-unit Enclave at Wellington, a new apartment community located at Highway 441 and Anthony Groves Road in Royal Palm Beach. Amenities will include a recreational trail with fitness stations encompassed by a new park and lakefront, a dog park and substantial green spaces. Bank of Ozarks provided construction financing, and HFF served as financial advisor and secured construction financing for the joint venture. ARA brokered the joint venture transaction between the two development partners.
LYNDHURST, N.J. — A partnership between Area Property Partners and Priderock Capital Partners has acquired The Heritage at Lyndhurst, an apartment and retail complex in Lyndhurst. The seller and financial terms of the transaction were not disclosed. Constructed in 2006, the property is located 10 miles west of Manhattan along the Passaic River. The residential portion is fully occupied and includes 160 units. The property also includes five street-level retail stores.
AUSTIN AND HOUSTON — Johnson Capital has secured two loans totaling $11.5 million for a pair of Texas apartment communities. Jason Pumpelly of Johnson Capital's Dallas office arranged a $6.5 million acquisition/renovation loan for the 248-unit Research Pointe complex in Austin through a regional bank. The owner, a private investor, has rebranded the community as The Park at Crestview. Pumpelly also arranged a $5 million acquisition/renovation loan for the 200-unit Northwoods Apartments in Houston through a regional bank. The community will be rebranded as Cypress Parc.
ATLANTA — The Harbor Companies has sold a three-property multifamily portfolio, located in Atlanta. The value-add portfolio is 60 percent occupied on average. The properties include the 203-unit Sandlewood Apartments, the 180-unit Wyntrace Apartments and the 138-unit Wynview Apartments. John Stone, Ron Cameron and Robert Selton of Colliers International represented the seller in the transaction. Tyler Averitt of Southeast Apartment Partners represented Sage Equities, the buyer.
VIRGINIA — Arbor Commercial Funding has arranged $62.7 million in 13 loans across Virginia, North Carolina and Georgia through Fannie Mae and Arbor Bridge Loan product lines. The properties that received funding include the 236-unit Woodland Trail Apartments in Georgia. In North Carolina, the properties include the 192-unit Ashbury Square Apartments, a 112,880-square-foot retail property, the 132-unit Chase on Commonwealth Apartments, the 125-unit The Landing on Farmhurst, the 88-unit The Oaks Apartments and the 75-unit Sharonridge Apartments. The Virginia properties include the 32-unit 930 Providence Road, the 28-unit 710-722 East 29th Street, the 24-unit 1507 O'Keefe Street, the 24-unit 2011 Chesapeake Drive and the 24-unit 811-819 East 29th Street. Brian Scharf of Arbor's Uniondale, N.Y., office originated the loans.