GARDEN GROVE, CALIF. — Holliday Fenoglio Fowler LP has arranged $20 million in refinancing for Rose Garden Apartments, a 239-unit multifamily community located at 9645 Westminster Ave. and 11632 Stuart Drive in Garden Grove. The affordable housing complex maintains an average occupancy of 97 percent. HFF’s David Bleiweiss represented the borrower, Bertram Partners, in securing the 10-year, fixed-rate Fannie Mae DUS loan.
Multifamily
OBERLIN, OHIO — Sustainable Community Associates, serving as developer, has completed the redevelopment of a vacant lot into East College Street, a residential, office and retail property located on East College Street in downtown Oberlin. The project features 32 residential units, including 11 affordable rental units and 19 for-sale units, and four for-sale commercial units offering more than 18,000 square feet of office or retail space. The project was financed by a $5 million New Markets Tax Credit (NMTC) allocation provided by Enterprise Community Investment and a $9.75 million NMTC allocation from MBS Urban Initiatives CDE. The Enterprise Community Loan Fund provided $675,000 in predevelopment and acquisition financing. Additional financing sources include a HUD Special Project Grant, funding from a local philanthropist, Oberlin College, local organizations and $1.4 million in tax increment financing.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has brokered the sale of a distressed multifamily portfolio in East Orange for $10.5 million. The portfolio comprises a mix of units in mid- and high-rise buildings located at 106, 120, 158 and 179 S. Harrison St. All four buildings were constructed in the 1920s. David Oropeza of Gebroe-Hammer represented the seller, which is currently in Chapter 11 bankruptcy. The buyer plans to renovate the units to bring them up to market standards. Oropeza also assisted in the recent sale of 50 units nearby at 10 S. Grove St. and 242 N. Oraton Parkway. He also brokered the $13.35 million sale of 320 distressed units located along South Harrison and Prospect streets.
UNION CITY AND HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has completed two New Jersey sales for a total of $6.2 million. In the first deal, a 47-unit multifamily property located in Union City traded for $3.95 million. Christopher Rizzolo and Nat Gambuzza of Marcus & Millichap's New Jersey office represented the seller, a New York investor, and secured the buyer, a local investor. In the second deal, an 18,608-square-foot office property located on Route 17 in Hasbrouck Heights traded for $2.25 million. David Thurston of Marcus & Millichap's New Jersey office represented the buyer, a local investor.
RADFORD, VA. — DMI Corp. has completed the disposition of Hunter's Ridge Apartments in Radford. An undisclosed buyer acquired the property for $8.35 million. The property is situated on 29.7 acres at One New River Drive. John Duffy and Gardner King of Thalhimer represented the seller in the transaction.
CHICAGO — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed two loans totaling $3.3 million in Chicago. The 51-unit Woodlawn Apartments received a $1.29 million loan, which was funded under the Fannie Mae DUS Small Loan product line. The 10-year loans carries a 26-year amortization schedule. Additionally, the 56-unit Drexel Apartments complex received $2.01 million in Fannie Mae DUS Small Loan financing. The 10-year loan amortizes on a 30-year schedule. Michael Jehle of Arbor's Bloomfield HIlls, Mich., office originated the loans.
CHICAGO — Pangea Equities has purchased a 31-unit multifamily property, which is located at 7263 S. Coles Ave. in Chicago's South Shore district. The 95-year-old, 9,698-square-foot building is a three-story plus basement walk-up style apartment building offering one-, two- and three-bedroom units. Chase Bank sold the property for $397,500. Brad Thompson of Millennium Properties R/E brokered the transaction.
AUSTIN AND HOUSTON — Austin-based Seven Hills Commercial has completed renovation services for Post Investment Group's 370-unit University Heights Apartments in Austin and its 496-unit Oaks at Wood Forest Apartments in Houston. The projects included demolition, mold and asbestos abatement, complete unit interior rehabs and entirely new amenity packages. University Heights and Oaks at Wood Forest were financed by Hudson Realty Capital and Texas Capital Bank respectively.
ATLANTA — Behringer Harvard has acquired The Reserve at Lavista Walk, a luxury multifamily property located in Atlanta's Buckhead district. Located at 1155 Lavista Road, the 283-unit property features resort-style lap and lounge swimming pools, a clubhouse, a fitness center, a media center, a game room, an Internet cyber cafe and a business center. Additional amenities include a grill cabana, a courtyard living room featuring cooking and dining areas highlighted by a stone fireplace, and three additional courtyards with formal gardens. The seller and acquisition price were not released.
HICKORY, N.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, had funded a $1.99 million loan for Hickory Square Apartments in Hickory. The property offers 108 apartment units. Ronen Abergel of Arbor's New York office originated the 10-year loan, which carries a 30-year amortization schedule. The loan was funded under the Fannie Mae DUS Small Loan product line.