BOSTON — Northeastern University has reached an agreement with Phoenix Property Co. and the YMCA of Greater Boston for the development of a new on-campus residence hall. Under the terms of the agreement, the YMCA will sell two of the three wings of a building it owns at the intersection of Huntington Avenue and St. Botolph's Street to Phoenix for $21.5 million. The developer will then invest $75 million for the construction of a 16-story, 720-bed dorm that will serve undergraduates of the school. The unit mix will consist of 590 dorm-style beds and 130 apartment-style beds. The anticipated opening would be in 2013. Northeastern will have the option to purchase the residence hall from Phoenix as well as the “right of first offer” to purchase the remaining sections of the building should they be sold in the future.
CLIFTON AND NEW MILFORD, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged $69.6 million in permanent financing for a three-property multifamily portfolio. The portfolio, which contains a total of 2,276 units, consists of Brookchester Apartments in Clifton, Richfield Village Apartments in New Milford and Marina del Mar Apartments in Sunny Isles, Fla. The loan carries a 10-year term, a 10-year amortization schedule, a fixed interest rate and an average loan-to-value of 30 percent. The borrower is the Brunetti Organization, and the lender is Prudential. Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group joined with Christian Lee and Christopher Apone of the firm's Miami office to arrange the loan.
NORTH LAS VEGAS — Alliance Residential Co. has acquired The Reserve at Arrow Canyon, a 426-unit apartment community located at 5005 Losee Road in North Las Vegas. Terms of the short-sale transaction were not disclosed. Initially developed as condominiums, the multifamily complex has been operated as a rental community since completion in 2009, offering one-, two- and three-bedroom units that average 1,076 square feet. To be re-branded under Alliance’s Broadstone community name, The Reserve at Arrow Canyon is also slated for repositioning and improvements. The purchase opportunity was sourced through an existing relationship with the property seller’s lender.
BLOOMFIELD, CONN. — Chozick Realty has completed the sale of a Bloomfield apartment community for $7.05 million. Wesdgewood Apartments contains 112 residences in a mix of garden- and townhome-style units. Sizes for the one- to three-bedroom apartments range from 825 to 1,385 square feet. Amenities include a clubhouse and a swimming pool. Rick Chozick and Ryan Perkoski of Chozick Realty represented seller, Monumental Properties LP. The buyer was Four Sisters LLC.
TEMPE, ARIZ. — Marcus & Millichap has announced the $4.8 million sale of 148-unit The Crossroads, an apartment property located at 1010-1044 East Orange Street in Tempe. Marcus & Millichap’s Steve Gebing and Cliff David represented the seller, HSBC Bank, in the transaction, and the firm’s Peter Te Kampe represented the buyer, a local owner/operator.
LAUDERDALE LAKES, TAMPA AND GOLDEN GATE, FLA. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded three loans totaling $13.62 million for multifamily properties in Florida. The company provided a $8.87 loan to Hawaiian Palms, a 245-unit apartment property in Lauderdale Lakes. The 10-year loan amortizes on a 30-year schedule. Additionally, the 100-unit Parkview Apartments in Tampa received a $2.75 million loan, which carries a 10-year term and a 30-year amortization schedule. In the third transaction, the 44-unit Solana Villas Apartments in Golden Gate received a $2 million loan. The 10-year loan carries a 30-year amortization schedule. Alex Kaushansky of Arbor originated the loans, which were funded by the Fannie Mae DUS Loan and the Fannie Mae DUS Small Loan product lines.
COLUMBUS, HILLIARD AND VERMILLION, OHIO — Red Mortgage Capital, along with RED CAPITAL GROUP, has arranged and funded four multifamily loans totaling more than $73 million in Ohio. In the first transaction, RED provided $13.22 million for Prescott Place, a 244-unit complex that will be located in Columbus. The project is owned by Prescott Place LLC and will be managed by Ardent Property Management. In the second transaction, Edwards Communities Management Co. received $23.67 million for the development of Arlington Park, a 282-unit property in Columbus. Additionally, RED funded a $31.8 million loan for Hilliard Grand Apartments, a 314-unit property that will be located in Hilliard. The property is owned and will be managed by Schottenstein Real Estate Group. In the final transaction, Baywoods Villa Apartments received $4.54 million in financing. Located in Vermillion, the 54-unit property will be owned by Vermillion One LLC and managed by Redwood Management Co.
THORNTON, COLO. — NorthMarq Capital has arranged permanent financing of almost $10.07 million for the 168-unit North Creek Apartments, located at 700 W. 91st Ave. in Thornton. Constructed in 2002, the seven-building property includes a clubhouse, a fitness center, a heated swimming pool and a playground. NorthMarq’s Greg Benjamin and Jim DiRienzo arranged the financing for the borrower, a division of Seattle-based Weidner Investment Services.
SHOREWOOD, ILL. — Cambridge Realty Capital Cos. has closed a $13.6 million FHA-insured HUD Lean loan for the construction of Alden Estates of Shorewood. The 100-bed, skilled-care nursing home facility is located in Shorewood. The HUD Section 232 funding package included both new construction and a fully-amortized 40-year permanent mortgage loan. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. The borrower was an undisclosed Illinois limited liability company. The interest rate was not released.
CLERMONT, FLA. — Sundance Clermont LLC has acquired Sundance apartment community for $23.6 million. Located on Johns Lake Road in Clermont, the 300-unit property is currently 96 percent occupied. Cole Whitaker of Hendricks & Partners represented the seller, CAPREIT, in the transaction.