KANSAS CITY, MO. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has arranged a $4.9 million loan for the 217-unit Sterling Court Apartments in Kansas City. The 10-year loan, which carries a note rate of 5.9 percent, has a 26-year amortization schedule. The loan was provided under the Fannie Mae DUS Loan product line. Ronen Abergel of Arbor originated the financing.
Multifamily
CLEAR LAKE, TEXAS — Hendricks & Partners (H&P) has brokered the sale of The Retreat of Clear Lake, a 232-unit multifamily community located at 16200 Space Center Blvd. in Clear Lake. Jim Hearn of the Houston office, along with Tom Warren of the firm's Dallas office, represented the seller, Village Green Associates LP, a Texas limited partnership of New York City. The buyer, Centennial Colo.-based Interurban Clear Lake LLP, assumed an existing Freddie Mac loan at closing. The buyer plans to continue a capital improvements program started by the previous owner.
SAN FRANCISCO — A development by Berry Street LLC (an affiliate of BRIDGE Housing Corp.) and the San Francisco Redevelopment Agency, Mission Walk has opened in San Francisco, offering the first below-market-rate, for-sale homes in the new Mission Bay neighborhood. The multifamily property comprises 131 condominiums and townhomes — 25 one bedrooms, 82 two bedrooms and 24 three bedrooms — in two five-story buildings, each with an on-grade parking garage and landscaped courtyard. The homes are priced to be affordable to households that earn 80 to 100 percent of the 2008 area median income. LMS Architects designed the property.
VAN NUYS, CALIF. — Marcus & Millichap has brokered the $6.15 million sale of 99 condominiums at the 161-unit Sonterra Homes, an REO property located at 15425 Sherman Way in Van Nuys. Amenities include a swimming pool, spa, fitness center and barbecue/picnic areas. Marcus & Millichap’s Ron Harris represented a Chicago-based lender in the sale of the condo units to Gidi Cohen of Cohen & Associates.
MIAMI — Orlando, Fla.-based Smith Equities Real Estate Investment Advisors has represented a foreign lender in the $37.6 million sale of 640 condominium units to a private foreign buyer. The units are located in Belmont at Park Central, Charles Towne at Park Central and Manor Row at Park Central, three of the five properties constituting the Park Central Planned Development project in Miami. Of the 1,081 units in all three properties, 640 were vacant. Gerald Smith and Robert Smith of Smith Equities brokered the sale.
MIAMI — During the first quarter of next year, Hollywood, Fla.-based The Cornerstone Group and The Richman Group of Companies will begin site work on the 204-unit Mirabella affordable housing project. Located at 12900 SW 253rd St. in Miami, the property will also include a 27-acre mobile home park reserved to accommodate 30 residences. Mirabella will feature a social room, business and fitness centers and a pool. Each unit will contain EnergyStar appliances, low-flow fixtures and low-VOC paint. Citibank provided $8.48 million in construction financing and a $5.1 million permanent loan. Additional financing included 9 percent tax credits, a $4.25 million county subsidy and up to $7 million in Tax Credit Assistance Program money.
WASHINGTON, D.C. — E&G Group has borrowed $10.92 million in financing against its 462-unit Meadow Green Apartments to pay off an existing FHA/HUD loan. The Washington property was redeveloped in 1998. Jason Miller of Vienna, Va.-based Johnson Capital arranged the 7-year loan. Financing was provided through Freddie Mac’s Capped ARM Program.
LINCOLN, NEB. — Bob Chalupa of Q10|Daisley Ruff Financial has arranged a $20 million loan. The loan is for a group of apartment complexes located in Lincoln. The 10-year non-recourse, fixed rate loan carries a 4.94 percent interest rate. Fannie Mae financed the loan. The borrower was not disclosed.
DENVER — Pinnacle Real Estate Advisors LLC has brokered the $1.2 million purchase of a 17-unit apartment complex located at 1671 Cook St. in Denver. The property was built in 1960 and consists of one bedroom-one bath units. Pinnacle’s Kyle Malnati represented the buyer, 1671 Cook Street LLC, and the seller was The Floyd Sterling Gordon and Evelyn Dolores Zoe Gordon Trust.
RALEIGH, N.C. — The 320-unit Summermill at Falls River apartment complex has received a $24.07 million refinance loan. The Class A property, which was built in 2002, is located at 10311 Falls Mill Dr. in Raleigh. Using HUD’s 223a7 program, the loan’s amortization was extended back to the loan’s 40-year term. Elizabeth Conahan of Walker & Dunlop originated the loan.