IRVINE, CALIF. — Irvine-based WNC & Associates has closed WNC Institutional Tax Credit Fund 35, a $100 million multi-investor Low Income Housing Tax Credit fund that will finance 18 affordable housing properties across 11 states, including Texas and Oklahoma. The 1,134-unit portfolio encompasses 12 properties for families and six for senior citizens. WNC partnered with 18 different developer teams for the fund, half of which were repeat clients. The fund also closed with seven institutional investors, including five banks and two national insurance companies.
EDMOND, OKLA. — Steadfast Income REIT has acquired the 252-unit Spring Creek of Edmond, a multifamily community located at 777 E. 15th St. in Edmond, for $19.35 million. The property has recently undergone a $5.4 million renovation that replaced roofs and windows, added granite countertops, installed new kitchen and bath cabinetry and placed new vinyl wood flooring. The community is Steadfast's 11th acquisition but the first in Oklahoma.
SAN DIEGO – A 27-unit apartment building, located at 5460-5468 Imperial Ave. in San Diego, has sold to a limited liability company for $1,856,000. The property was built in 1984 and consists of five two-story buildings. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a bank/financial institution, in this transaction.
ARLINGTON, VA. — Insight Property Group has broken ground on the $25 million, 67-unit Grayson Flats Arlington, a 67-unit luxury apartment building located at 1200 N. Rolfe St. in Arlington. Amenities will include a courtyard with open cabanas, a fire pit, bocce lawn, fitness center, lounge with a kitchen and bar, a cyber cafe, Wi-Fi, and a billiards area. Completion is slated for October 2012. Bethesda, Md.-based Buevermo Investments is the equity partner for the project, Clark Builders Group is the general contractor, and Lessard Design and Preston Partnership designed it. Cardinal Bank provided a $19 million construction loan. Bozzuto Management will lease and manage the property upon completion.
HOUSTON — Birmingham, Mich.-based Bloomfield Capital has funded a $5 million senior bridge loan, which is collateralized by a 300-unit multifamily complex. The borrower used the loan to acquire the REO property.
IRVING — NorthMarq Capital has secured first mortgage refinancing for the 390-unit Woodland Ridge Apartments, located at 3725 W. Northgate Drive in Irving. Greg Duvall of NorthMarq's Kansas City, Mo., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
CARROLLTON, GA. — A public-private venture between the University System of Georgia Board of Regents and the University of West Georgia Foundation has plans to build a $26.5 million housing and dining complex at the University of West Georgia. RA-LIN and Associates has been selected to provide construction management services. The architect is Atlanta-based HADP. Two existing residence halls, Downs Hall and Boykin Hall, will be razed as well as the Art Annex building. These structures will be replaced with two new residence halls totaling 460 beds and a 30,000-square-foot dining facility with seating for 320. Plans also call for construction of office space for university housing and residence life staff within the dining facility. In addition, Bowdon Hall, a 290-bed residence hall, will be renovated to include ADA accessibility, updated bathrooms, wireless Internet and other improvements. Construction is scheduled to begin in July with a completion target of August 2013.
TAMPA, FLA. — Marcus & Millichap has arranged the $2 million sale of the 40-unit Dale Mabry Palms Apartments, a Class B garden-style apartment complex located at 5901 S. Dale Mabry Hwy. in Tampa. Casey Babb and Luis Baez of Marcus & Millichap's Tampa office represented the seller, a developer, in the transaction and procured the buyer, a private investor.
NEW YORK CITY — New York City-based Centerline Capital Group has arranged $23 million in affordable MBS loans for the refinance and acquisition of nine multifamily properties, four of which are located in the Southeast in Memphis and Cleveland, Tenn.; Gastonia, N.C.; and Birmingham, Ala. Additional properties are located in Temple, Texas; Kansas City, Mo.; Cincinnati, Dayton and Franklin, Ohio. The borrower is a commercial real estate owner and management company that specializes in Section 8 housing. The loans all have a 10-year term with a 30-year amortization schedule.
BARNEGAT, N.J. — The Walters Group plans to begin construction on the apartment component of Whispering Hills in Barnegat this month. The 52-unit affordable housing community will be located off Rose Hill Road, between Barnegat Boulevard and Route 9. The residences will consist of six, two-story buildings and a one-story building. On-site amenities will include a playground, recreational field and walking trails. The first phase is slated to open later this year.