AUSTIN, TEXAS — Arbor Commercial Funding has arranged $1.65 million in Fannie Mae DUS financing for Austin Pacifica Apartments, a 102-unit multifamily community located in Austin. The loan carries a 10-year term, a 25-year amortization schedule and a 5.67 percent interest rate. It was originated by Jay Porterfield of Arbor's Plano, Texas, office on behalf of the undisclosed borrower.
Multifamily
IRVINE, CALIF. — Behringer Harvard has acquired the 177-unit Calypso Apartments and Lofts located three miles from John Wayne Airport at 2801 Alton Pkwy. in Irvine. This purchase was made through a joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund. Calypso offers studio, one- and two-bedroom apartment homes and includes a resort-style pool with spas, a state-of-the-art fitness center and a clubhouse with plasma televisions and a Wi-Fi lounge.
NORTH CAROLINA — NorthStar Realty Finance Corp. has sold 18 senior housing facilities to a N.C.-based private investment group for $95 million. The properties are all located in North Carolina. NorthStar will receive approximately $36 million in cash and $56 million in mortgage debt and accrued interest. The price tag is an $11 million premium to NorthStar's undepreciated cost basis.
RYE BROOK, N.Y. — Freddie Mac has purchased a $46.8 million loan from PNC ARCS secured by Atria Rye Brook, an independent senior housing community located in Rye Brook. The 168-unit community contains a mix of studio, one- and two-bedroom residences. Amenities include a beauty parlor, a fitness center, activity rooms, dining rooms and a lounge. It was built in 2004. The transaction will allow the property's owner, an affiliate of Lazard Senior Housing Partners, the ability to refinance the property.
MIAMI BEACH, FLA. — Ram Realty Services has purchased the nine-building Fairway Village apartment complex on behalf of an entity of Ram Realty Partners II from a private seller for an undisclosed price. The property is located on Alton Road between 19th Street and Michigan Avenue in Miami Beach. The buyer will upgrade the property and divide it into 117 rental apartments. Ram was represented in-house during the transaction.
HAMILTON, OHIO — Huff McDermott CRES has placed a $3 million loan for Belle Tower Apartments in Hamilton. The independent senior-living facility features 122 units and two retail spaces. Built in 1978, the 13-story property is located at 631 Woodlawn Ave. James Huff of Huff McDermott secured the 5-year loan for the borrower, Belle Tower LLC.
DENVER — On behalf of the CBRE Strategic Partners U.S. Value 5 fund, CB Richard Ellis Investors’ Multi-Housing Group has purchased 415-unit The Metro, a Class A, 89-percent occupied apartment community located at 2121 Delgany St. in downtown Denver. Constructed in 2002, the Metro consists of three mid-rise buildings with units averaging 943 square feet. The complex includes a clubroom, a business center, a 24-hour fitness center and 655 garage parking spaces.
KISSIMMEE, FLA. — A private party has purchased the 185-unit Legacy Parc apartment complex from a lender that foreclosed on the property earlier this year. The 20-year-old property is located at 1880 Destiny Blvd. in Kissimmee. Legacy Parc last changed hands in 2005, when it was purchased for conversion into condominiums. Shelton Granade and Luke Wickham of CB Richard Ellis' Orlando, Fla., office represented the seller.
INDIANAPOLIS — Apartment Investment & Management Co. (AIMCO) has completed the disposition of Lake Castleton Apartments, a 1,261-unit multifamily property in Indianapolis. The property is located at Shadeland Avenue and 75th Street in Indianapolis’ northeast side. The buyer was an affiliate of Los Angeles-based QVT Mt. Auburn Capital. Bluestone Property Management, which will manage the property, participated in the transaction as a co-investor. Tikijian Associates brokered the transaction. The acquisition price was not disclosed.
MANHATTAN AND OLATHE, KAN., AND INDEPENDENCE, MO. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has completed three Fannie Mae DUS loans totaling $7.87 million for multifamily properties in Kansas and Missouri. In the first transaction, the firm secured a $1.47 million loan for Prairie Glen East Cooperative, a 100-unit multifamily property in Manhattan. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.33 percent. In the second deal, Park North Cooperative, a 100-unit complex in Olathe, received a 30-year $2.5 million loan, which has a 30-year amortization schedule and a note rate of 7.54 percent. Finally, the firm arranged a $3.9 million loan for Highleah Townhomes Cooperative, a 330-unit complex in Independence. The 15-year loan has a 30-year amortization schedule and carries a note rate of 6.06 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loans.