DES PLAINES, ILL. — Inland Real Estate Brokerage has brokered the sale of two apartment buildings in Des Plaines. Located in the Hamilton Court apartment complex, the properties offer a total of 10 two-bedroom and two one-bedroom apartment units. The fully occupied properties sold for $625,000 each for a total of $1.25 million. Bob Edmiston of Inland represented both undisclosed parties in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two Brooklyn multifamily properties in two separate deals. In the first transaction, Marcus & Millichap’s Matthre Fotis and Peter Von Der Ahe represented both undisclosed parties in the sale of a 29-unit apartment building located at 690 Rogers Ave. The building traded for $2.55 million. In the second transaction, John Horowitz of Marcus & Millichap represented both undisclosed parties in the sale of an eight-unit apartment building located at 23 Pierrepont St. The property traded for $1.65 million.
OKLAHOMA CITY — Dennis Sidbury of NorthMarq Capital's San Francisco office has secured a $24 million loan for the 398-unit Sycamore Farm Apartments. The property is located at 14900 N. Pennsylvania Ave. in Oklahoma City. AmeriSphere Multifamily Finance provided funding for the 10-year loan, which carries a 30-year amortization schedule.
ODESSA, TEXAS — Stephen York of Arbor Commercial Funding has arranged a $2.4 million loan for Briarwood Village Apartments in Odessa. Located at 3904 Englewood Circle, the property spans 74 units. The Fannie Mae loan carries a 10-year term and a 30-year amortization schedule.
LAWRENCE, KAN. — NorthMarq Capital’s Kansas City Regional office has arranged $19.8 million in first mortgage financing for Hutton Farms, multifamily property in Lawrence. Located at 3401 Hutton Dr., the property offers 212 apartment units. The 7-year loan has a 30-year amortization schedule. Brent Blake of NorthMarq arranged the financing for Hutton Farms LC through NorthMarq’s seller-servicer relationship with Freddie Mac.
LAWRENCE, MASS. — Construction has commenced for the conversion of the former Southwick Mill in Lawrence into an affordable housing community. The five-story building, which is located at 50 Island St. along the banks of the Merrimack River, will be renovated to include 60 one-, two- and three-bedroom units. The building will also include a day care, community spaces and commercial space. The renovation is the first phase of the Union Crossing mixed-use project, which is being developed by Lawrence Community Works. For the Southwick Mill project, Bedford, N.H.-based Eckman Construction is serving as general contractor, and Amherst, Mass.-based Coldham & Hartman Architects is the project architect.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the U.S. Department of Housing and Urban Development (HUD) have provided a combined $9.8 million for two affordable housing renovation projects in Brooklyn. The first project consists of the renovation of four three-story buildings containing 26 units that are located in Bedford-Stuyvesant. CPC provided $1.4 million in permanent financing, and HUD provided $3.6 million in subordinate 203K funds. The second project consists of four three-story buildings containing 26 units that are located in Flatbush. CPC provided $637,000 in permanent financing, and HUD provided $4.2 million in subordinate 203K funds.
LEXINGTON, KY. — Williams Land Corp. has purchased the 143-unit Cross Creek Apartments from an undisclosed seller for $2.88 million. The Fayette Circuit Court named McKinley receiver of the complex in May. The property, which is located at 3489 Lansdowne Drive in Lexington, is 75 percent occupied. Silvestri-Craig Realtors' Craig Silvestri brokered the sale.
NEW YORK CITY — Walker & Dunlop has secured $28.8 million for the refinancing of a Manhattan apartment tower. The York Apartments is located at 488 7th Avenue. It contains 108 studio, one- and two-bedroom units as well as four ground-floor retail spaces. The building was recently renovated and was 98 percent occupied at the time of closing. Drew Anderman of Walker & Dunlop led the team that arranged the financing for the borrower, 488 Seventh LLC. The loan carries a 10-year term with 2 years interest only, a 30-year amortization schedule, a 56.6 percent loan-to-value ratio and a 1.25x debt-service coverage ratio.
CAMPBELL, CALIF. — ARA has brokered the $42.5 million sale of The Commons, a 264-unit apartment community located along Union Avenue off Route 17 in Campbell. Completed in 1973 and having undergone more than $1.7 million in exterior/interior renovations in the past several years, The Commons features a mix of studios, one- and two-bedroom floor plans and includes two resort-style swimming pools, a fully-equipped fitness center, a business center and covered parking. ARA’s Mark Leary and Curtis Gardner acted as advisors to the Bay Area-based private owner in its disposition of the asset, which was 94-percent occupied at the time of sale, to Palo Alto, Calif.-based Essex Property Trust.