ST. LOUIS — E.M. Harris Construction Co. has started the renovation of the 27-story, 225-unit Council Tower Senior Apartments, located at the intersection of Highway 40 and Forest Park Avenue in St. Louis. The $40 million renovation will include an electrical system upgrade, new plumbing and HVAC systems, window replacements, masonry restoration, and new interior finishes. Council Tower Senior Apartments, LP, an affiliate of Bruce Development Company, purchased the building in December 2010. The financing includes a U.S. Department of Housing and Urban Development-insured mortgage through Gershman Mortgage. Klitzing Welsch Associates is the project architect.
JACKSON, MICH. — St. Louis-based Love Funding has closed a $15.8 million refinancing loan for the 220-unit senior living complex Countryside Retirement Community, located in Jackson. Bruce Gerhart of Love Funding's Cleveland office and Mickey Rist of the Detroit office funded the loan through the Federal Housing Administration's 223(f) loan insurance program. The loan has a low, fixed-interest rate and a 35-year self-amoritizing term.
PRESCOTT, ARIZ. — The 116-unit Granite Gate, located in Prescott, has sold for $25.6 million. The property offers independent, assisted and memory care units. The seller, Granite Gate Retirement Community, was represented by Ryan Maconachy and Chad Lavender of Atlanta-based ARA. The buyer, Five Star Quality Care, did not use representation.
VACAVILLE, CALIF. — Walker & Dunlop has closed a $6.4 million refinance loan for the 117-unit Walnut Grove Senior Apartments located in Vacaville. Amenities include a pool, spa, common laundry room, gated entrance and covered parking. The property is 100 percent leased. The borrower, Vandelay Development, owns and manages the property. Kenneth Fox of Cohen Financial's San Francisco office originated the loan. Will Baker led the Walker & Dunlop team.
LOUISVILLE, KY. — The 130-unit Arbor Pointe Apartments, located in the Hurstborne Acres area of Louisville, has sold for $6.5 million. The property, which operates under the Low Income Housing Tax Credit program, was purchased by Steadfast Income REIT. Amenities include a pool, playground and community room.
LAKE WORTH, FLA. — Two adjacent apartment communities totaling 88 units, located in Lake Worth, have sold for $4.95 million. The properties were the 60-unit Sunny Estates, located at 3421 Helena Dr., and the 28-unit Winchester Apartments, located at 3496 Lynwood Rd. William Berthiaume of Marcus & Millichap's Fort Lauderdale, Fla., office represented the buyer, a Delray Beach, Fla.-based private investor, and the seller, a Lake Worth, Fla.-based private owner.
GRAND BLANC, MICH. — Boston-based UC Funding has closed on a $4.3 million bridge financing loan on the 455-unit Maplebook Village Apartments in Grand Blanc. The proceeds of the loan will be used to purchase the property, fund repairs, fund an interest reserve and fund an escrow for taxes and insurance. The borrower is Michael O'Lynnger, owner of Erie Investments No. 10.
NEW YORK CITY — Meridian Capital Group has arranged $114 million in loans to refinance a New York City multifamily portfolio. The portfolio includes 34 properties containing 982 apartment units and eight retail spaces that are located in the boroughs of Brooklyn, Queens and Manhattan. The loans carry 5-year terms and 4.75 percent fixed interest rates. The lender was a local savings bank. Scott Assouline and David Farhadian of Meridian arranged the deal for the borrower, a joint venture between The Dermot Company and Principal Real Estate Investors.
ANAHEIM, CALIF. — The 286-unit Mariposa Apartments, located in Anaheim, has sold for $43 million to an Orange County, Calif.-based private property owner and investor.The 11.5-acre property contains amenities such as swimming pools, fitness centers and recreation areas. Deutsche Bank provided 10-year, fixed-rate financing for the acquisition. Tustin, Calif.-based Greenwood & McKenzie represented the buyer in the transaction. Robin Ossenbeck and Shane Scafer of Phoenix-based Hendricks & Partners represented the seller, Beverly Hills, Calif.-based Kennedy Wilson.
SAN FRANCISCO — Two residential sites in San Francisco called Block 5 and Block 11, located on 3.84 acres in the Mission Bay neighborhood, have sold for $41.4 million. Block 5 and Block 11 represented the last two market-rate residential development sites available in Mission Bay. The buyer was San Francisco-based BRE Properties. Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors' Palo Alto, Calif., office represented the seller, San Francisco-based FOCIL-MB, in the transaction.