PLANO – Atlanta-based Centennial Holding Co. has received a $28 million acquisition loan for Century Legacy Village, a 328-unit Class A multifamily property offering one-, two- and three-bedroom units in Plano. Amenities include a clubhouse, a business center, a fitness center, a resort-style pool and controlled access gates. Walker & Dunlop provided the loan, which is structured with a 10-year term with 2 years interest only and a 30-year amortization, by utilizing Fannie Mae’s DUS product. Century Legacy Village is 98 percent occupied.
LOS ANGELES — Red Mortgage Capital LLC has underwritten and processed $23.99 million in non-recourse financing for the construction of the 126-unit NoHo Senior Arts Colony, which will offer age-restricted (62 and older) one-and two-bedroom independent-living units in L.A.’s North Hollywood district. At an estimated total cost of $42 million, Meta Housing Corp.’s multifamily development will include typical common-area amenities such as pool, Jacuzzi and a library/great room, as well as numerous, unique artistic amenities such as a 76-seat theater, art studios, classrooms, gallery/exhibit space, computer media and digital video/film labs, and a radio recording and editing room. As part of the financing requirements, 20 percent of the development will be restricted to renters having income at the lesser of LIHTC and California Redevelopment Law maximum allowable rents. The innovative senior-housing project also utilized tax credits, grant money and funding from the Community Redevelopment Agency of the City of Los Angeles.
PHOENIX — Cassidy Turley BRE Commercial has facilitated the $19.6 million sale of the 454-unit Diamonte on Bell, an apartment complex located at 3202 W. Bell Rd. in Phoenix. The Royal Bank of Canada sold the multifamily property to a company formed by Vancouver, B.C.-based Onni Group. Cassidy Turley’s David Fogler and Steven Nicoluzakis negotiated the all-cash sales transaction.
RHODE ISLAND — Providence Realty Investment has purchased a 10-property affordable housing portfolio in Rhode Island for $54.8 million. The properties contain a total of 708 units and are located in the cities of Providence, Woonsocket, Cumberland, North Smithfield, Wakefield, Warwick and Cranston. The Cushman & Wakefield team of Simon Butler, Biria St. John, Michael Byrne and Christopher Sower represented the seller, Cumberland, Maine-based SHP Acquisitions. Providence made the purchase on behalf of its affiliate, Rhode Island Homes.
THE WOODLANDS — Greystar Real Estate Partners has purchased a 12.4-acre site in the Village of Grogan's Mill in The Woodlands for construction of a three-story, 300-unit upscale garden apartment community. Construction is set to begin in spring 2011 with the opening scheduled for early 2012. The project's architect is Meeks + Partners Architects and Greystar Development & Construction, L.P., is serving as its general contractor.
SEATTLE METRO — TRECAP Partners LLC has invested more than $63 million in two Seattle-area apartment complexes in separate joint ventures with operating partners. Built in 1985 and 96 percent occupied, Riverstone Apartments is a 308-unit garden-style multifamily complex located in Federal Way, Wash., south of Seattle. Constructed in 1988 and 92 percent leased, Madison Sammamish Apartments is a 266-unit multifamily property located in Sammamish, Wash., east of the Emerald City. For Riverstone, TRECAP took a preferred-equity position in a joint venture with FSC Realty LLP, the previous owner of the property. For Madison Sammamish, TRECAP is joint-venturing with PPC to acquire Capmark’s interest. Investments were made on behalf of a TRECAP-managed fund for institutional investors.
MINNEAPOLIS AND ROSEVILLE, MINN. — United Properties' Applewood Pointe is developing two senior cooperatives in Minnesota. The company received final approval from the Minneapolis City Council for the development of a 106-unit senior cooperative at 1611 E. 46th St. in Minneapolis. Construction is scheduled to begin in summer 2011. Additionally, the company has broken ground for the construction of Applewood Pointe Roseville at Langton Lake, a 48-unit senior-housing property located at 3010 Cleveland Ave. N. in Roseville. The facility is expected to open in August 2011.
KENNESAW AND GRAYSON, GA. — NorthMarq Capital's Atlanta Regional office has arranged combined first mortgage financings of $47.05 million for two multifamily communities in Georgia. The 450-unit Trees of Kennesaw community, which is located at 1925 Old Highway 41 N.W. in Kennesaw, received a $24.05 million loan. The 414-unit Tree Corner, which is located at 1525 Grayson Highway in Grayson, received a $23 million loan. Both loans were based on a 7-year term with a 30-year amortization schedule. Bruce Foster of NorthMarq arranged the loans for the borrowers, Trees of Kennesaw LLC and Tree Corners LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
INDIANAPOLIS — Strategic Capital Partners (SCP), through its Strategic Partners Union Development Group, has broken ground for the construction of East Village at Avondale, a 248-unit multifamily, mixed-income property located at Avondale Meadows in Indianapolis. The property will feature one-, two- and three-bedroom units, green spaces, a fitness center and a pool. The development of East Village is a joint venture between SCP, The Sterling Group, Meadows Community Foundation and the City of Indianapolis.
OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha Regional office arranged a $16.84 million loan for Tranquility Pointe Apartments in Omaha. Located at 4345 N. 126th Court, the property offers 230 multifamily units. Financing was based on a 10-year term with a 30-year amortization schedule. The loan was arranged for the borrower, Tranquility Pointe LLC, by NorthMarq through its affiliate, AmeriSphere Multifamily Finance.