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.
WOODLYN, PA. — Marcus & Millichap has completed the sale of MacDade Apartments for $7.5 million. The 160-unit community is located at 1400 MacDade Blvd. In Woodlyn. It was approximately 80 percent occupied at the time of closing. Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller and procured the buyer in the short-sale transaction. The buyer assumed CMBS financing as part of the deal. The property traded at a 7.5 percent cap rate.
COLLEGE STATION, TEXAS — Sandstone Investments of California has sold the 237-unit Polo Club Apartments to a local private investor for an undisclosed price. Located at 700 Dominik Drive in College Station, the property is 99 percent occupied. Kelly Witherspoon and Jeff Patterson of Apartment Realty Advisors represented the seller.
MAINE AND MASSACHUSETTS — Love Funding has secured a total of $32.64 million in HUD 232/223(a)(7) financing for a 10-property nursing home portfolio. Leonard Lucas of the firm's Boston office originated the loans, which each carry a 4.62 percent interest rate and a 35-year term. Rosewood Manor Rest Home is a 27-unit facility located in Harwich, Mass., and the only Masschusetts facility in the portfolio. The other nine properties, all located in Maine, consist of: Sonogee Rehab & Living Center in Bar Harbor, Southridge Rehab & Living Center in Biddeford, Somerset Rehab & Living Center in Bingham, Courtland Rehab & Living Center in Ellsworth, Edgewood and Orchard Park Rehab & Living Centers in Farmington, Maplecrest Rehab & Living Center in Madison, Borderview Rehab & Living Center in Van Buren and Heritage Living & Rehab Center in Winthrop.
FORT MYERS, FLA. — MAS Group has sold the 180-unit Bay Breeze Villas apartment complex to DeBartolo Development for $13.57 million. The property, located off Iona Road in Fort Myers, is a converted condominium project that was purchased for a discount to replacement cost. Bay Breeze spans 201,196 square feet and was built around a 9-acre lake. Jamie May and Matt Mitchell of Marcus & Millichap represented the seller.
CORAL GABLES, FLA. — The 36-unit Villa Majorca luxury multifamily community, which is currently under construction in Coral Gables, has opened its leasing office in anticipation of a July completion date. Florida East Coast Realty is developing the property. Features include a rooftop garden with a Jacuzzi, a clubroom and a fitness room. Units are equipped with Energy Star appliances, private balconies and emergency communication systems.
CHICAGO — Bickerdike Redevelopment Corp. has completed the development of Rosa Parks Apartments, which is located within the Humbolt Park neighborhood of Chicago. The property consists of 94 affordable rental units in eight buildings, which were constructed on lots that were formerly vacant. Designed to earn LEED Silver certification, the project features green elements including solar panels, geothermal heating and cooling systems, a vegetated roof and a variety of other green and sustainable elements. Pioneer Engineering & Environmental Services served as the environmental and geotechnical engineering consultant on the project.
ROSEVILLE, MINN. — Local multifamily investor Tom Thul has acquired Roseville Arms Apartments, a 22,000-square-foot multifamily complex located at 160 and 170 Elmer St. in Roseville. The complex features 34 one-bedroom units and is currently 92 percent occupied. JTHC Properties sold the property for $1.75 million or $51,529 per unit. Lance Steiger and Scott Pollock of NorthMarq’s investment sales team represented the seller in the transaction.