NEW YORK CITY — Arbor Commercial Funding has arranged $8 million in Fannie Mae DUS funding for a 102-unit multifamily building located at 309 W. 57th St. in New York City. The loan carries a 5-year term, a 30-year amortization schedule and a 4.65 percent note rate. Alexander Kaushanksky of Arbor's New York City office originated the loan on behalf of the undisclosed borrower.
Multifamily
AUSTIN — Andy Hill of Berkadia Commercial Mortgage has arranged a $10.52 million acquisition loan for Dove Valley Ranch. The 248-unit apartment complex is located on 13 acres near the South Texas Medical Center in Austin. The 196,000-square-foot property is 96 percent occupied. Freddie Mac funded the floating-rate loan, which carries a 30-year amortization.
CHANDLER, ARIZ. — CB Richard Ellis has negotiated the $24.7 million sale of Ocotillo Springs Apartments, a 272-unit luxury community located at 825 W. Queen Creek Road in Chandler. Built in 1998 and 98 percent occupied at the time of sale, Ocotillo Springs includes two resort-style swimming pools, a state-of-the-art fitness center and an upscale clubhouse. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, a Boston-based private-equity firm; the buyer was Weidner Investment Services of Kirkland, Wash.
VAN NUYS, CALIF. — Marcus & Millichap has completed the $2 million purchase of a 23-unit apartment property located at 13562 Vanowen Street in Van Nuys. Constructed in 1971, the two-story property features 11 one-bedroom/one-bathroom units, four two-bedroom/one-bathroom units and eight two-bedroom/two-bathroom units surrounding a courtyard swimming pool. Marcus & Millichap’s Rick Raymundo represented the buyer, 13562 Vanowen Apartments LP, in the transaction.
MILWAUKEE — Jomela LLC has purchased an apartment building in Milwaukee. Located at 2319-2327 W. Michigan St., the 57-unit property sold for $1.1 million. Tom Shepherd and Mark Schnoll of Inland Cos. brokered the deal. The seller was not disclosed.
NEW YORK CITY — Arbor Commercial Funding has originated a $23.76 million loan for Clinton Towers, a 455-unit apartment complex located in the Bronx. The loan carries a 10-year term, a 30-year amortization schedule and a 4.87 percent interest rate. The borrower, procured the acquisition financing to help complete a 1031 exchange. Stephen York of Arbor's New York City office originated the financing. Barry Lefkowitz, Nate Hyman and Ira Zlotowitz of Eastern Union Commercial helped arrange the deal.
ARLINGTON — Campus Village Davis has borrowed an $8.02 million loan to construct Maverick Village, a student housing complex. The 72-unit property will be developed on a 3.45-acre parcel at the University of Texas' Arlington campus. A local credit union financed the floating-rate loan, which carries an initial 2-year term followed by 3 years of mini-perm financing. Matt Greer of Berkadia Commercial Mortgage's Austin office arranged the loan.
CHARLOTTE, N.C. — Henderson Global Investors North America of Chicago has sold the 426-unit Addison Park apartment complex to a private buyer for an undisclosed price. Located at 6225 Hackberry Creek Trail in Charlotte, the property was constructed in 1999 by Fairfield Development. Blake Okland and Dean Smith of Apartment Realty Advisors' Charlotte office represented the seller.
KNOXVILLE, TENN. — Tammy Tate of Love Funding has arranged two loans totaling $10.87 million for apartment properties in Knoxville. Tate secured $5.436 million for the 252-unit Sutter Mill Apartments, which is located at 1101 Sutters Mill Lane. Amenities include a pool and activity courts. A $5.437 million loan was secured for the 235-unit Meadowood Apartments, which is located at 4000 Pleasant Ridge Road. The 35-year loans carry a 4.63 percent interest rate.
TOLEDO, OHIO — Ann Arbor, Mich.-based McKinley Client Services has been appointed receiver for Riviera Maia Apartments. Located in Toledo, the property offers 504 multifamily units. Founded in 1968, McKinley owns and operates $2.4 billion in assets, including 139 properties for its own account and for select clientele.