BOSTON AND EAST STROUDSBURG, PA. — Arbor Commercial Funding has arranged a total of $2.37 million in Fannie Mae DUS financing for two multifamily communities. In the first transaction, Arbor's John Kelly originated a $1.87 million loan for a 16-unit property located at 1322 Commonwealth Ave. in Boston. The non-recourse loan carries a 10-year term, a 30-year amortization schedule, a 5.98 percent interest rate and an 80 percent loan-to-value ratio. In the second transaction, Arbor's Ronen Abergel originated a $1.5 million loan for Lakeside Manor Apartments, a 44-unit community located in East Stroudsburg. The loan carries a 10-year term, a 30-year amortization schedule and a 5.68 percent interest rate.
LAS VEGAS — CB Richard Ellis has negotiated the $10.575 million sale of a three-property, 475-unit multifamily portfolio in Las Vegas. Paradise Square, Bella Estates and Regency Heights are located at 4801 Harrison Drive, 5101 E. Twain Ave. and 3650 E. Lake Mead Blvd., respectively. CBRE’s Spencer Ballif and Jeff Swinger represented Leeward Strategic Properties in its disposition of the portfolio to Strategic Realty Capital.
ORLANDO, FLA. — Fisher Auction Co. and Cushman & Wakefield have completed a bulk sale of condominium units at The Vue at Lake Eola, a 375-unit multifamily property in Orlando. An undisclosed buyer from Rio de Janeiro, Brazil, placed the highest bid on the portfolio, which includes 145 condominium units and approximately 8,000 square feet of retail space. The portfolio sold for $25.9 million. Fisher and Cushman & Wakefield conducted the bulk-buy auction.
AUSTIN, TEXAS — New York-based Hudson Realty Capital has funded a $9.17 million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin. The sponsor is Los Angeles-based Post Investment Group, and the group acquired the complex from a special servicer that had foreclosed on the property. Situated on 14-acres, the 44-building multifamily rental complex is set to undergo a $4 million renovation and modernization.
DALLAS — Arbor Commercial Financing. wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $1.93 million loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Lake June Village Apartments, a 64-unit complex in Dallas. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6 percent. The loan was originated by John Kelly of Arbor's Boston office.
SYRACUSE, IND. — Tikijian Associates has brokered the disposition of Turtle Bay Estates in Syracuse. The multifamily community offers 173 lots for manufactured housing units. FR Syracuse, an affiliate of Farrell-Roeh Group, purchased the property for an undisclosed price. Tikijian represented the court-appointed receiver, McKinley and Midland Loan Services, in the sale.
CLEARWATER, FLA. — Marcus & Millichap has brokered the disposition and sale of a 14-unit apartment building in Clearwater. Located at 1408 Alpine Road, Edwards Apartments sold for $360,000. Michael Regan and Felipe Echarte of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were undisclosed Florida-based limited liability companies.
WOODBRIDGE, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has acquired Riverside Station Apartments, a Class A multifamily property in Woodbridge, for an undisclosed price. Built in 2005, the 304-unit property offers attached and detached garages, a fitness center, a playground, an outdoor pool, a media room and an executive business center. At the time of acquisition, the property was 95 percent leased. The seller was not undisclosed.
BROOKLYN PARK, MINN. — Daniel Trebil of NorthMarq Capital’s Minneapolis office has arranged a $3.5 million loan for Pebble Creek North Apartments. Located in Brooklyn Park, the multifamily property offers 190 units. Financing was based on a 10-year term with a 30-year amortization schedule. The loan was provided by AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
BLOOMINGDALE, N.J. — CB Richard Ellis (CBRE) Capital Markets has secured an $8 million first-mortgage for the refinancing of a Bloomingdale apartment community. The Class B community, which was built in the 1970s, contains 154 units with 138 garages. The loan carries a 4.98 percent fixed interest rate and a 7-year term with 3 years interest-only, followed by a 30-year amortization schedule. Keith Braddish and Jason Gaccione of CBRE Capital Market’s Debt & Equity Finance Group arranged the loan. The funds were secured in-house by CBRE Multifamily Capital through the Fannie Mae DUS program.