BOONVILLE, IND. — Cambridge Realty Capital Cos. has closed on a $4.68 million FHA-insured, HUD LEAN loan for Transcendent Healthcare of Boonville. Located in Boonville, the skilled nursing facility offers 72 beds. The fully amortized, 27-year term loan was arranged for the property owner, an Indiana limited liability company. Cambridge Realty Capital Ltd. of Illinois closed the transaction using HUD’s Section 232 LEAN program.
RALEIGH, N.C. — TGM Realty Investors has purchased the 112-unit River Haven Apartments from River Haven Investments for $4.4 million. The property, located at 9310 River Haven Place in Raleigh, is the third apartment complex the buyer has purchased in North Carolina. River Haven Apartments was built in 2000.
LOUISVILLE, KY. — PRG Investments has arranged the $1.1 million sale of a Louisville apartment building between two private parties. The property is located at 1829 Edenside Drive in the Highlands neighborhood. PRG's Fred Sutterlin and Reed Weinberg represented the seller.
MERRILLVILLE, IND. — Chicago-based RMK Management Corp. has added Prairie Point Apartments to its property management portfolio. Located at Cleveland Street and West 91st Drive in Merrillville, the complex features 300 units, a clubhouse with a fireplace and a kitchen, an Olympic-sized outdoor swimming pool, a sundeck, volleyball courts, a playground and a business center. The apartment units range from 753 to 1,184 square feet and feature private entrances, washers and dryers, walk-in closets, central air conditioning, and private patios or balconies. Merrillville-based SJBZ Development developed and currently owns the property. RMK will oversee all aspects of leasing, maintenance and resident relations for the property.
NEW YORK CITY — Beech Street Capital has secured $42 million in Fannie Mae DUS financing for a New York City multifamily portfolio. The portfolio comprises six high-rise rental buildings located in Manhattan and the Bronx that contain a total of 416 units. The loan has a 10-year term with a fixed interest rate, 9.5 years of yield maintenance and a 30-year amortization schedule. Avi Weinstock of Meridian Capital Group originated the deal, which was financed by Beech Street Capital.
AUSTIN, TEXAS — The Mulholland Group has purchased the 218,600-square-foot Malibu Apartments from a private party for an undisclosed amount. Located at 8600 N. Lamar Blvd. in Austin, the property spans 476 units and is 96 percent occupied. Malibu features a pool, a playground and a fitness center. Will Balthrope, Joe James and Ryan Epstein of Marcus & Millichap brokered the sale.
SHERMAN OAKS, CALIF. — Investment Real Estate Associates (IREA) has brokered the more than $23 million sale of the 98-unit Magnolia Apartments, located at 15357 Magnolia Blvd. in Sherman Oaks. IREA’s Clark Everitt and William Everitt represented both the seller, 15357 Magnolia Associates LLC and Westgate Group, and the buyer, a private individual investor, of the multifamily property, which was constructed in 2009.
SAVOY, ILL. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $3.77 million loan for Winfield Village Cooperative in Savoy. The multifamily property offers 348 affordable housing units. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.48 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan, which was financed under the Fannie Mae DUS Multifamily Affordable Housing product line.
WEST DES MOINES, IOWA — Continental Properties has selected McShane Construction Co.’s Southeast Region to construct a multi-phase multifamily complex at 8655 Bridgewood Blvd. in West Des Moines. The seven-building, 169,700-square-foot complex will feature 168 multifamily units. Residential units will feature hardwood floors, a washer/dryer and modern finishes, and upgraded units will feature granite counters and vaulted ceilings. The complex will feature a swimming pool, a clubhouse with a fitness center and Internet café, and attached and detached garage structures. The first phase of construction includes five apartment buildings, the clubhouse, the swimming pool and three covered garages, totaling 122,600 square feet. The second phase will add 47,100 square feet to the property, including two apartment buildings and two covered garages. Charlan, Brock and Associates is providing architectural services for the project, which is slated for completion in April 2011.
OMAHA, NEB. — Steve Ruff of Q10|Daisley Ruff Financial has arranged financing for a 264-unit multifamily property in Omaha. The $9.37 million loan features a 20-year fixed rate. Additional details of the transaction were not released.