FORT WORTH AND ARLINGTON, TEXAS — Arbor Commercial Funding has arranged three loans totaling more than $9 million for apartment complexes in Fort Worth and Arlington. A $3.41 million loan was secured for the 185-unit La Joya Apartments in Arlington; $3.36 million was obtained for the 216-unit Linda Vista Apartments in Fort Worth; and $3.19 million was secured for the 208-unit Bella Apartments in Fort Worth. The loans carry 5.69 percent interest rates on 10-year terms with 30-year amortization schedules. Arbor's Anthony Tarter arranged all the deals.
ELDON, MO. — Summit Housing Development has partnered with Boston Capital for the rehabilitation of Willow Creek Apartments, an affordable senior-housing community in Eldon. The project will include the rehabbing of 16 one-story buildings, which feature a total of 64 one-bedroom units. Additional upgrades include on-site management, an expanded community room with kitchen, central laundry and an outdoor lounge and social area. Unit renovation will include upgrades to the kitchens, appliances, bath fixtures and the installation of energy-efficient windows, a central air conditioning system, patios, ceiling fans and porches. The renovation project is expected to cost $51,000 per unit. Boston Capital provided the tax credit equity for the development of the project.
SARASOTA, FLA. — FirstBank Puerto Rico has sold the 200-unit Garden Grove Apartments to Lindy-Zell Garden Grove LLC for $6.55 million in an REO sale. The property, which is 84 percent occupied, is located at the intersection of Clark and Lockwood Ridge roads in Sarasota. Sperry Van Ness' Ashley Bloom and J. Chris Malkin represented the buyer.
FLORISSANT AND ST. LOUIS, MO. — Hendricks & Partners’ St. Louis office has brokered two multifamily sales in Missouri. In the first transaction, Hathaway Partners purchased Hathaway Village, a 128-unit apartment complex located at 11466 La Tonka Dr. in Florissant. Built in 1971, the property features 56 one-bedroom and 72 two-bedroom units. Blue Valley Apartments sold the property for an undisclosed price. In the second transaction, St. Louis-based 5622 Delmar LLC acquired Del Monte, a 70-unit apartment community located at 5622 Delmar in St. Louis. Built in 1922 and rehabbed in the 1980s, the property features 50 one-bedroom and 20 two-bedroom units, as well as four commercial spaces. MIRP/DeBaliviere II sold the property for an undisclosed price. Ken Aston, Paul Cunningham and Andrea Kendrick of Hendricks & Partners represented all parties in each transaction.
YONKERS, N.Y. — Construction has commenced for two new multifamily communities in Yonkers. Grant Park at Croton Heights is a $45.5 million project that will provide 100 affordable apartment units. Park Terrace at Croton Heights is a $19.1 million project that will provide 49 rental units of senior housing. Both projects are being constructed on the former site of the Mulford Gardens Public Housing Complex and are part of Phase II of the Croton Heights project. Completion for both is scheduled for spring 2011. The developers are The Yonkers Municipal Housing Authority, The Richman Group and Landex Development. Rental housing Management Partnership will manage both projects upon completion.
ROCKLIN, CALIF. — Alliance Residential Co. has acquired the 171-unit Montessa at Whitney Ranch, a multifamily community located at 1150 Whitney Ranch Pkwy. in Rocklin. Originally developed as a condominium property but converted to a rental community in 2008, Montessa at Whitney Ranch offers one-, two- and three-bedroom units. To be re-branded under the Broadstone community name, Alliance’s fourth acquisition in California during the past 9 months came about through a short-sale transaction. Alliance will implement a capital-improvement plan at Montessa at Whitney Ranch and will also manage the property.
BRADENTON, FLA. — TGM Associates has purchased the 392-unit Yacht Club at Heritage Harbor from Bainbridge Communities and their institutional partner for $43.5 million. The Yacht Club, which was completed in 2007, is spread across 20, three-story buildings. The Bradenton multifamily property features a clubhouse, a pool, a fitness salon, two lakes and athletic courts. Jamie May and Matt Mitchell of Marcus & Millichap represented the seller.
LEAGUE CITY, TEXAS — Sunstone Realty Advisors has purchased the 352-unit Broadstone Walker Commons apartment complex from a bank participation led by agent bank Bank of America for an undisclosed amount. The property is located at 1751 W. Walker St. in League City on 20 acres of land and is 91 percent leased. The purchase was financed by a Freddie Mac loan, which was secured by John Brownlee and Matt Kafka of Holliday Fenoglio Fowler. HFF's Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry brokered the sale.
SKOKIE, ILL. — Cambridge Realty Capital Cos. has arranged a 12-month construction and 40-year FHA-insured permanent mortgage loan for a skilled nursing home facility in Skokie. The $8.46 million loan will finance extensive rehabilitation efforts at the 56-bed Alden Estates of Skokie. The fully amortized loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. Terms of the loan were not disclosed.
DELAND, FLA. — A limited liability company based in Florida has sold the 56-unit Laurel Oaks apartment complex to a private investor for $1.65 million. The property is located on 5.58 acres at 650 North Boundary Road in DeLand. Michael Donaldson of Marcus & Millichap represented the seller.