EULESS, TEXAS — A real estate equity fund sponsored by Main Street Partners & Associates has purchased the Shadow Creek apartment complex from a private party at a significant discount to note value. The 193-unit complex, which was in foreclosure, is located in Euless. The buyer will undertake property upgrades during the next year in preparation for re-tenanting the property.
VALPARAISO, IND. — Michael Wernke of Marcus & Millichap’s Indianapolis office brokered the disposition and acquisition of Villa Moderne in Valparaiso. Located at 1411 E. Chicago St., the 58-unit property sold for $2.27 million. Built in 1974, the property features studio, one- and two-bedroom apartments. At the time of acquisition, the complex was 93 percent occupied. The buyer and seller were not disclosed.
NEW YORK CITY — Beech Street Capital has arranged a $4.29 million Fannie Mae DUS loan for the refinancing of two New York City apartment properties. Ten Eyck and Maujer Street Apartments are located in Brooklyn's East Williamsburg neighborhood. They consist of eight four-story buildings with 38 units. The loan carries a 5-year term with a 30-year amortization schedule, 4.5 years of yield maintenance and a fixed interest rate. Meridian Capital Group originated the loan, which was financed by Beech Street as part of its correspondent relationship with Meridian.
HOLLYWOOD, CALIF. — On behalf of the Lowe California Community Fund, Lowe Enterprises has acquired the 100-unit Lido Apartments, located at 6500 Yucca Street in Hollywood, for $9.4 million. Lowe acquired the five-story building, which was built in 1928, in an off-market transaction brokered by Darin Beebower of Madison Partners. Virtu Property Management will handle management and leasing at the Lido as well as oversee the property renovations.
UNION CITY, GA. — Ambling Development Partners has arranged $18.7 million in funding for the 150-unit Woodbridge at Parkway Village senior housing facility and will break ground on the project this month. The 146,000-square-foot Union City property will be located on 6.67 acres of land and will feature a movie theater, a cyber café, a library and a fitness center. Funding was obtained through low income housing tax credits, the Hope VI Redevelopment Plan and other state and county sources. Rockport Mortgage Corp., Red Mortgage Capital Group and Merchant Capital helped arrange the financing. Delivery is slated for June 2011.
RIVERDALE, ILL. — Turnstone Development Corp. has selected McShane Construction Co. to complete the renovation of Riverdale Senior Apartments, which is located at 335 W. 138th St. in Riverdale. The five-story, 52-unit multifamily project will offer public and affordable housing options, including 43 one-bedroom apartments and nine two-bedroom apartments; a community room; on-site laundry; two elevators and a social services office. Additionally, the property will feature three ADA accessible units and eight ADA adaptable units. The project is receiving funding from the American Reinvestment and Recovery Act through the U.S. Department of Housing and Urban Development, the Housing Authority of the County of Cook and the County of Cook’s Department of Planning and Development. Piekarz Associates is providing architectural services for the project, which is scheduled for completion in December.
FAYETTEVILLE, N.C. — Drucker & Falk is preparing for a Wednesday grand opening of the 242-unit Enclave at Pamalee Square in Fayetteville. The property is located on Commonwealth Avenue near Fort Bragg. Apartment amenities include a putting green, a media room, a billiards room, a pool and a fitness center.
CHARLOTTE, N.C. — Tim Joyce of Holliday Fenoglio Fowler's Chicago office has secured a $9.47 million loan for the University Club student housing complex in Charlotte. The 520-bed property, located at 10035 Dabney Drive, is situated near the University of North Carolina at Charlotte. University Club is 94 percent leased and includes a fitness center, volleyball and basketball courts, a pool and tanning beds. The 10-year loan carries a 5.97 percent interest rate. Joyce arranged the loan of behalf of Harrison Street Real Estate Capital and The Preiss Company. Freddie Mac will provide the financing.
NEW YORK CITY — NorthMarq Capital has arranged $9.8 million in Freddie Mac financing for a residential building located in the Long Island City neighborhood of Queens. The property, located at 12-01 Jackson Ave., consists of 37 residential units and one ground-floor retail space. The loan carries a 10-year term with a 30-year amortization schedule. Robert Ranieri of NorthMarq secured the loan on behalf of 1201 Jackson Avenue LLC.
ATLANTA — Greg Duvall of NorthMarq Capital's Kansas City office has secured a $7.23 million loan for Highland Ridge Apartments in Atlanta. The 219-unit property is located on Northside Circle. The 10-year loan carries a 30-year amortization and a 2-year, interest-free term. NorthMarq financed the loan through Freddie Mac's CME program.