FORT WORTH — Jody Thornton and John Ahmed of Holliday Fenoglio Fowler have secured a $32.75 million loan for The Berkeley, an apartment complex in Fort Worth. The 406-unit property, which was completed in 2008, is located at 2001 Park Hill Drive. Amenities include a pool and spa, a conference room and a fitness center. Metropolitan Funding Corp. provided financing for the 35-year, fixed-rate loan.
Multifamily
BUENA PARK, CALIF. — The Buena Park City Council has unanimously approved Jamboree Housing Corp.’s 70-unit affordable-housing project to be developed on a 2-acre urban infill site at 8850 La Palma Ave. Designed by Newport Beach, Calif.-based Newman Garrison + Partners, the four-story apartment community will utilize a sustainable green roof over the interior 142-space parking area, creating more than 20,000 square feet of open space for residents. Irvine, Calif.-headquartered Jamboree will also include amenities such as a residents meeting room, a tutoring center, a fitness center and a kitchen at the multifamily development. Created for residents earning between 30 to 60 percent of the county’s area median income, the apartment property will consist of one-, two- and three-bedroom units. Construction is expected to start next year with completion slated for 2012.
GARDENA, CALIF. — Marcus & Millichap has negotiated the $3.475 million acquisition of a 46-unit apartment property located at 18424 South Normandie Ave. in Gardena. Marcus & Millichap’s Gordon Reese represented the buyer, a limited liability company, in the transaction.
LONG BEACH, CALIF. — Developed by Lyon Communities and designed by KTGY Group, Architecture and Planning, the 291-unit luxury apartment community gallery421 had its grand opening on West Broadway, just north of Ocean Boulevard, in the heart of downtown Long Beach. The five-story, mid-rise multifamily development offers a business and conference center, an on-site art gallery, a coffee bar, a state-of-the-art fitness center, a yoga and Pilates studio, a private movie theatre, a game room, a billiards room, a card room and even a special dog-grooming room. There is also 16,000 square feet of on-site, street-level retail.
FITCHBURG, WIS. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $13.6 million loan for a multifamily property in Fitchburg. The 369-unit property is known as Fairways Apartments. The 10-year loan, which was funded under the Fannie Mae DUS product line, carried a 30-year amortization schedule and a note rate of 5.96 percent. Patrick McNulty of Arbor's Chicago office originated the loan.
GARLAND — Paul Brighton of NorthMarq Capital has secured $4.2 million in funding for the 160-unit Country Village Apartments. The property is located at 4362 W. Walnut in Garland. American Nortex Investment borrowed the 7-year loan.
VISTA, CALIF. — Cassidy Turley BRE Commercial has closed the $2.35 million sale of the Primrose Park Apartments located at 2224 and 2232 Primrose Ave. in Vista. Cassidy Turley‘s Ray Adams represented the seller, Primrose Park Apartments LLC, in the transaction; Epifany Properties, the buyer of the property featuring 22 two-bedroom apartment units, represented itself.
WASHINGTON, D.C. — A subsidiary of Forest City Enterprises has secured a $46.1 million loan for the 170-unit Foundry Lofts. The complex is located in The Yards mixed-use project in Washington. The 41-year loan, which was funded through $47.7 million of New Issue Bond Program bonds, carries a 4.66 percent interest rate. The District of Columbia Housing Agency and the U.S. Department of Housing and Urban Development worked to finalize the loan.
WOODBURY, MINN. — CB Richard Ellis' Chicago Capital Markets Debt & Equity Finance group has secured $26.8 million in financing for the acquisition of Valley Creek Apartments. The 402-unit multifamily property is located at 1707 Century Circle in Woodbury. Chicago-based Trilogy Real Estate Group acquired the property from LaSalle Investment Management. The 7-year loan, which features 2 years interest-only followed by a 30-year amortization schedule, was arranged through Freddie Mac. CBRE's Pete Marino, Jesse Karasik, John Clifford and Doug Seylar represented the buyer in the transaction. Additional terms of the transaction were not disclosed.
HOUSTON — William Luedemann of NorthMarq Capital has arranged a $7.14 million loan for the Reserve at Bankside apartment complex. The 348-unit property is located at 10700 Fondren Road in Houston. Freddie Mac financed the 7-year loan, which carries a 30-year amortization schedule.