NEW YORK — Arbor Commercial Funding has closed a total of $12.54 million in Fannie Mae DUS loans for five multifamily communities located throughout New York. Alexander Kaushanksy of Arbor's New York City office originated the loans, which all carry 10-year terms and 30-year amortization schedules. A $6.4 million loan was secured for Crooke-Woodruff Apartments, a 107-unit property located in Brooklyn, New York City. A $2.12 million loan was secured for Bushwick Avenue Apartments, a 12-unit property located in Brooklyn. A $1.69 million loan was secured for Mountainbrow Village, a 57-unit property located in Corning. A $1.2 million loan was secured for 148-152 Elm Street in Yonkers. Finally, a $1.13 million loan was secured for 1145 Dean Street Apartments, a 10-unit property located in Brooklyn.
HOUSTON — The 22-unit Avondale Apartments and its neighboring 12-unit Helena Apartments, located at 109 Avondale St. and 3001 Helena St. in Houston respectively, have sold. The assets combined for a list price of $1.1 million. Sheri Carey of Marcus & Millichap represented the seller, a private investor, while Juan Cuevas of Marcus & Millichap represented the buyer, a limited liability company.
EAST LANSING, MICH., KANSAS CITY, MO., AND NEW RICHMOND, WIS. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded three Fannie Mae DUS loans totaling approximately $9.8 million in Michigan, Missouri and Wisconsin. In East Lansing, the 54-unit Cedar Greens Portfolio, a student housing property near Michigan State University, received $6 million in funding under the Fannie Mae DUS Dedicated Student Housing Loan product. The 10-year loan amortizes on a 30-year schedule. The 251-unit Colonial Square Cooperative in Kansas City received a $2.44 million loan under the Fannie Mae DUS Limited Equity Co-op Loan product line. The 10-year loan has a 30-year amortization schedule. Finally, Creekside and Meadow Brook Apartments, a 48-unit complex in New Richmond, received a 10-year $1.35 million loan, which amortizes on a 30-year schedule, under the Fannie Mae DUS Small Loan product line. Michael Jehle of Arbor's Bloomfield Hills, Mich., office originated the loans.
LOS ANGELES — An affiliated entity of L.A. Family Housing (LAFH) has acquired more than an acre of land in the northeast Los Angeles community of Tujunga with plans to build 48 units of permanent, supportive housing. Represented by Capital Realty Solutions’ Ash Joshi, Day Street LP purchased two vacant parcels comprising 47,655 square feet of land at 7655 Day St. BRC Advisors’ Ram Rafiee represented the seller, Day Street Condominiums LLC, in the $1.58 million transaction.
WEST PALM BEACH AND LAUDERHILL, FLA.; AND RALEIGH, N.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded three loans totaling $13.25 million under the Fannie Mae DUS Loan and Fannie Mae DUS Small Loan product lines in Florida and North Carolina. The 192-unit Sunset Place Apartments in West Palm Beach received a $6.5 million, 10-year loan, which amortizes on a 30-year schedule. Olive Tree Apartments, a 88-unit complex in Lauderhill, received a $3.3 million, 10-year acquisition loan, which amortizes on a 30-year schedule. Finally, the 39-unit Blackwolf Run II-6 in Raleigh received a $3.45 million, 9-year loan, which amortizes on a 30-year schedule. Alexander Kaushansky of Arbor's New York office originated the loans. Additional loan terms were not disclosed.
PADUCAH, KY. — David Garfinkel of NorthMarq Capital's St. Louis Regional office has arranged a $4.3 million loan for Paducah Towne Center in Paducah. The 178,425-square-foot, free-standing Walmart-anchored center is located at 3220 Irvin Cobb Dr. Financing was based on a 10-year term with a 25-year amortization schedule. NorthMarq arranged the financing through its relationship with Symetra Life Insurance Co.
KUTZTOWN, PA. — Apex at Kutztown, a 184-unit, 552-bed student housing community located adjacent to Kutztown University in Kutztown, has traded for $30 million. The seller and developer, Apex at Kutztown L.P., built the facility in 2008 and sold the property to Bruce E. Toll's BET Investments. Each unit features fully furnished individual bedroom suites with private bathrooms and living rooms. Amenities includes a clubhouse, a study lounge, a tanning bed, a pool table, a hot tub and an outdoor patio with a grill. Joe Verdejo and Jim Sheehan of NorthMarq's investment sales team arranged the transaction. “The property is a real game changer for student housing in Kutztown,” said Sheehan, senior vice president of investment sales with NorthMarq, in a statement. He added that a resort-like atmosphere, tremendous amenities, electronic security for each bedroom suite and high capacity Internet and cable television services for each student is becoming a national trend.
LOS ANGELES — Marcus & Millichap has presided over the nearly $1.48 million sale of a seven-unit apartment property located at 13951 Milbank Street in the Sherman Oaks area of Los Angeles. Built in 1990, the apartment building consists of two two-bedroom/two-bathroom loft units, three two-bedroom/two-bathroom units, one one-bedroom/one-bathroom loft unit and one one-bedroom/one-bathroom unit. Marcus & Millichap’s Tony Azzi represented the buyer and the seller, both private investors, in the transaction.
LINCOLN, NEB. — New York City-based Salmanson Capital has purchased an off-campus student housing community located near the University of Nebraska in Lincoln for $7.65 million. Located four blocks from campus, the community consists of eight buildings containing 238 beds in 88 units. Amenities include a swimming pool, a basketball court, a fitness center and covered parking. The property was fully occupied at the time of closing. Salmanson plans to complete infrastructure upgrades to the community, including the installation of cable and Internet wiring in all units, in the near term. University Capital Management, a newly created affiliate of Salmanson, will manage the property. The company currently has a student housing portfolio totaling 942 beds, most of which are located in Syracuse, N.Y. The company has mounted an aggressive campaign to acquire additional student housing properties.
NEW YORK CITY — Massey Knakal has brokered the sale of a 144-unit apartment building located in the Kew Gardens neighborhood of Queens for $19.52 million. The nine-story, elevator-served building is located at 82-67 Austin St. The unit mix includes 92 rent-stabilized units, 48 market-rate units, and four rent-controlled units. The property traded at a 5.2 percent cap rate. The Massey Knakal team of Brian Sarath and Paul Massey, Jr., arranged the deal on behalf of the two undisclosed parties.