CHICAGO — AFL-CIO Housing Investment Trust has provided $11 million to fund the rehabilitation of two affordable housing properties in Chicago. In the city's Uptown community, the funds will support much-needed improvements at Hazel Winthrop Apartments, a four-building development constructed a century ago. In the South Lakefront area, $8.8 million will be used to renovate the Bronzeville Senior Apartments, an 11-story high-rise. The projects will include exterior and interior repairs and energy-conserving retrofits, such as greater insulation and more efficient energy systems.
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $17.2 million first mortgage loan for The Flats at West End, a 119-unit apartment community in St. Louis Park. The property is scheduled to open in the spring of 2013. Ben Fazendin of Grandbridge arranged the new construction financing through FHA's 221(d)(4) loan program. The 40-year, fixed-rate mortgage has a 40-year amortization schedule.
NEW YORK CITY — An 11,838-square-foot apartment building in New York's Upper East Side at 225 East 82nd St. has sold for $6.3 million to Erez Itzhaki and Gil Boosidan. The 27-unit property has undergone major renovations including a refurbished roof, new elevator cabs and repainted hallways. Azita Aghravi of Eastern Consolidated represented the seller, a long-term owner, in the transaction. Alan Miller, also of Eastern Consolidated, represented the buyer.
WILDWOOD, N.J. — U.S. Realty Capital has arranged an $8.2 million non-recourse loan for the refinancing of a manufactured home community on Route 9, just outside of Wildwood. Built in 1997, the property includes 235 pad sites, a swimming pool, playground, basketball courts and a lake for fishing. U.S. Realty arranged the 7-year, fixed-rate loan through a regional bank. The loan contains a 30-year amortization schedule.
HOUSTON — HFF has brokered the sale of the 376-unit Tanglewood at Voss, a Class A, mid-rise multifamily property located at 7510 Burgoyne Road and 2301 S. Voss Road in Houston. Each building of the property includes a clubhouse, resort-style pool and fitness center. The apartment community is currently 96.5 percent leased. Craig LaFollette, Todd Marix, Todd Stewart, Tre Banks and Chris Curry of HFF represented the seller, Behringer Harvard, in the transaction and procured the buyer, Cornerstone Real Estate Advisers.
ROUND ROCK — Marcus & Millichap has arranged the sale of The Links at Forest Creek, a 152-unit, 142,348-square-foot apartment complex located at 20404 Poppy Hills Trail in Round Rock. The property features a clubhouse, fitness center and a resort-style swimming pool. Joe James and Kent Myers of Marcus & Millichap's Austin office represented the local seller in the transaction and procured the California-based buyer. Peter Dunn of Marcus & Millichap Capital Corp.'s Houston office arranged financing.
PHOENIX – The 141-unit Paradise Palms apartments in Phoenix has sold to CalCap Advisors for $4 million. The apartment community was built in 1985 and is located at 17646 North Cave Creek Road. Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office represented the seller, The Lynd Company, in this transaction.
KERNERSVILLE, N.C. — Hawthorne Residential Partners has purchased the 200-unit The Meadows apartment community, located in Kernersville, from Greenville, S.C.-based Meridia for $18.6 million. The Class A complex is 95 percent leased and features a resort-style swimming pool with a cabana and grilling area, fitness center, clubhouse with a billiards room and business center. Jordan McCarley with Southeast Apartment Partners' Charlotte, N.C., office represented the seller in the transaction.
CHATTANOOGA, TENN. — Beech Street Capital has closed a $23.5 million HUD 223(f) loan to refinance the 316-unit Carriage Parc Apartments, located in Chattanooga. Chad Thomas Hagwood with Beech Street’s Birmingham, Ala., office arranged the 35-year loan with a 35-year amortization schedule.
CALHOUN AND RINGGOLD, GA. — Capital Advisors has arranged $7.5 million in refinancing for Ringgold Square in Calhoun and Red Bud Shopping Center in Ringgold, two 43,000-square-foot, Food Lion-anchored shopping centers. Matt Good of Capital Advisors arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrowers, Red Bud Properties and Ringgold Partners, through CIBC.