CHICAGO AND APPLETON, WIS. — Alliant Capital has arranged $52.4 million in Fannie Mae DUS loans for seven multifamily properties in Chicago and two multifamily properties in Appleton. The company secured six loans, totaling more than $37.5 million, on behalf of Horizon Realty Group for properties in Chicago. The 500-unit portfolio includes Buena Terrace, Oakdale Terrace, Sheridan Glen, Barry Court, Wolcott Terrace and The Covington. Additionally, Mickelson Brothers III received a $1.42 million loan for the refinancing of the 23-unit 4840 South Indiana Street property in Chicago. Additionally, a private investor received more than $13.5 million for the refinancing of the 292-unit Lynndale Apartments and the 56-unit Fox Shore Apartments in Appleton. Aaron Abelson of Alliant Capital’s Chicago office closed the transactions.
NEW YORK CITY — Massey Knakal Realty Service has brokered the sale of 121 residential units within the Donner Gardens apartment community in New York City. The apartments consist of the remaining unsold units from a co-op conversion of the property in the 1980s. The previous owner was the building's original developer. The units range from studios to two bedrooms, with the majority being one-bedroom apartments. Approximately 25 percent of the units are rent stabilized. Swain Weiner, Robert Knakal and Jonathan Hageman of Massey Knakal negotiated the deal. Donner Gardens consists of five, six-story buildings located on 81st and 82nd streets in Queens' Jackson Heights neighborhood. The community contains a total of 270 units.
TUCSON, ARIZ. — Grubb & Ellis has negotiated the sale of the historic Coronado Hotel Apartments, located at 402 E. Ninth St. in downtown Tucson, for an undisclosed amount. Built in 1928 and included on the National Registry of Historic Places, the property at the time of the sale was offering low-income families rental assistance through the HUD Moderate Rehab program. Coronado Housing Limited Partnership sold the 42-unit apartment building to a private investor. Grubb & Ellis’ Sandy Alter represented both parties in the transaction.
HOOVER, ALA. — Walker & Dunlop has secured a $6.28 million loan for the 160-unit Alpine Village Apartments. The Hoover property is 93.1 percent leased and includes a pool, a fitness center and tennis courts. The 10-year loan carries a 1.25x debt-service coverage ratio and a 30-year amortization.
PATERSON, N.J. — CB Richard Ellis (CBRE) has arranged the sale of a 19-unit multifamily property located in Paterson. The building is located at 315 Park Ave. and was fully occupied at the time of closing. CBRE's Charles Berger, Dean Marchi and Gehane Triarsi represented the seller. Both parties were undisclosed.
BRYAN, TEXAS — Atlanta-based Apartment Realty Advisors has brokered the sale of Autumn Woods Apartments, a 160-unit, 400-bed student housing community located in Bryan. Constructed in 1999, the property sits adjacent to Blinn College and is less than 5 miles from Texas A&M University. Amenities include a swimming pool, a fitness center, a basketball court and a sand volleyball court. Occupancy was 94 percent at the time of closing. Chris Epp and Chris Bancroft of ARA's National Student Housing Group represented the seller, a Dallas-based private party, as well as the buyer, Realco-Claremont LLC, which is a joint venture between New York-based companies Realco Capital Partners and The Claremont Group.
TAMPA, FLA. — FL-4 Carlsbad has sold the 132-unit Valencia Village Apartments to an undisclosed LLC based in Corpus Christi, Texas, for $1.93 million. The property is located at 13408 Grand Prix Way in Tampa. Evan Kristol, Still Hunter, III, and Francesco Carriera of Marcus & Millichap represented both parties in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a two-building multifamily property located at 16-18 N. Moore St. in the Tribeca neighborhood of Manhattan, New York City, for $8.1 million. The unit mix consists of eight two-bedroom units, seven one-bedroom units and three studios. The ground floors of the buildings are interconnected and occupied by Walkers Grill and Bar. Nick Petkoff and Robert Knakal of Massey Knakal negotiated the transaction.
CORTLAND AND NEW YORK, N.Y. — NorthMarq Capital has arranged two New York multifamily loans for a total of $6.61 million. In the first transaction, Scott DeVinney of NorthMarq's Upstate New York office secured $3.61 million in first-mortgage financing for Village Terrace Apartments, a 96-unit property located in Cortland. The loan carries a 10-year term and a 25-year amortization schedule. The borrower is undisclosed, and the lender is a federal credit union. In the second transaction, Craig Bjornsund of NorthMarq's New York Metro office arranged $3 million in first-mortgage financing for a retail and residential property located at 45 W. 55th St. in New York City. The property includes 7,835 square feet of retail space and 11 residential units. The loan carries a 3-year term and a 25-year amortization schedule. The borrower was Double E Realty, and the lender was Sun Life of Canada.
CHANDLER, ARIZ. — By securing new funding from Wells Fargo, Desert Viking Cos. has begun developing 42 urban, luxury townhomes, the second and final residential phase at its $100 million San Marcos Commons project in downtown Chandler. Phase two homeowners will begin moving into the new two- and three-story townhomes, which mirror the first phase’s Spanish Colonial-style architecture, in the summer. Located in the community’s historic district, the townhomes will feature private two-car garages, 10-foot-high ceilings, granite countertops, private balconies and patios, and open floor plans. The 15-acre mixed-used development also will include a heated swimming pool and spa.