HOBART AND LAPORTE, IND.; AND NILES, MICH. — Red Mortgage Capital, the mortgage banking arm of Red Capital Group, has provided three FHA LEAN Section 232/223(f) loans for senior housing properties in Indiana and Michigan. The company provided an $8.8 million loan for Brentwood at Hobart, a 116-unit assisted-living and memory-care facility in Hobart; a $9.76 million loan for Brentwood at LaPorte, a 124-unit independent-living, assisted-living and memory-care facility in LaPorte; and a $3.31 million loan for Brentwood at Niles, a 67-unit assisted-living facility located in Niles. Each of the non-recourse loans carry a fixed-mortgage rate and a 35-year, fully amortized term.
ARLINGTON, VA. — USAA Real Estate Co. has purchased a fully entitled 1.73-acre development site, located within the Arlington's Courthouse District, from ZOM Inc. for an undisclosed price. The project, 1900 Wilson, will offer 191 multifamily units, totaling 149,915 square feet, and 17,317 square feet of street-level retail space. ZOM has been retained as development manager to oversee the development, construction and lease up of the urban transit-oriented property.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $37 million loan for Stonepost Apartments in Overland Park. Located at 12801 W. 136th St., the property offers 492 apartment units. Financing was based on a 10-year term and was arranged for the borrower, Stonepost Apartments LLC, through NorthMarq's correspondent relationship with Allianz Life Company of America. Greg Duvall of NorthMarq's Kansas City Regional office arranged the financing.
DENVER — Pinnacle Real Estate Advisors has handled a nearly $1.5 million sales transaction involving a 12-unit apartment building, located at 701 28th Street in Denver. Built in 1960, converted from apartments to condominiums in 2007 and renovated again in 2010, the Mulberry Flats property is situated near downtown just blocks from Five Points Plaza in the Curtis Park neighborhood. Pinnacle’s Joe Hornstein represented the seller in the transaction, and the brokerage firm’s Kevin Calame and Matt Lewallen represented the buyer.
CORAL GABLES, FLA. — Florida East Coast Realty (FECR) has developed Villa Majorca, a luxury multifamily community in Coral Gables. The property offers 36 residences in a mix of two-bedroom or three-bedroom-plus-den apartment and townhome floorplans. The community offers a clubroom, a rooftop garden with a Jacuzzi spa, a sun deck with outdoor grills and a fitness center. Residences feature Whirlpool appliances, porcelain flooring, European-style cabinetry, granite countertops and marble vanity counters with double sinks in the master bathrooms.
WASHINGTON, D.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed on a $2.92 million loan for Delshah Valery Place in Washington, D.C. The 10-year loan, which carries a 30-year amortization schedule, was funded under the Fannie Mae DUS Small Loan product line. The loan was originated by Alexander Kaushansky of Arbor's New York office. The borrower was not disclosed.
BLOOMINGTON, MINN. — United Properties and StuartCo have received final development plan approval for a multi-phase retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington. The first phase of Penn & American includes a four-story building with 14,000 square feet of retail space and 60 apartments; an eight-story, 152-unit apartment building; and a four-story, 22-unit townhome building. Construction is scheduled to begin in May 2011 and will include 234 Genesee apartments and townhomes, built by StuartCo, and two retail buildings, built by United Properties.
HEMPSTEAD, N.Y. — Conifer Realty has acquired a former Hofstra University student housing community from the school. Twin Oaks Apartments was vacant at the time of the sale, as it was replaced by new on-campus housing by the school. Conifer plans to redevelop the 94-unit property into affordable housing. David Leviton of Cushman & Wakefield's Melville, N.Y., office partnered with David Berhaut, Gary Gabriel and Jared Zimmel of the firm's East Rutherford, N.J., office to arrange the sale.
OCEANSIDE, CALIF. — NorthMarq Capital has arranged $20.25 million in first-mortgage financing for the 252-unit River Oaks Apartments, located at 3891 San Ramon Drive in Oceanside. The multifamily financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq’s Michael Elmore through its seller-servicer relationship with Freddie Mac. This was the first broken condo loan by Freddie Mac in their CME loan format, according to Elmore.
CLIFTON, N.J. — A joint venture between Hudson Realty Capital and Parkwood Development has acquired the $33 million note secured by 109 partially completed senior housing units in Clifton. The units are part of the third phase of the 270-unit Winthrop Court senior housing community, which is located within the Cambridge Crossings master-planned community. The partnership immediately foreclosed on the note and plans to complete and sell the remaining condos.