CORSICANA, TEXAS — Walker & Dunlop has arranged a $3.66 million loan for the refinancing of Health Care & Rehabilitation of Corsicana, a 94-bed skilled nursing facility located in Corsicana. Built in 1973, the single-story structure totals 21,572 square feet. The loan, which was provided through the HUD 232/223(f) program, carries a 27-year term and amortization schedule, and an 85 percent loan-to-value ratio. The funds will be used by the borrower to make necessary capital improvements, fund the property's replacement reserve account and pay off the existing bridge loan. Steve Ervin of Walker & Dunlop originated the loan.
ARLINGTON, VA. — The Bozzuto Development Co. and Chesapeake Community Advisors will start construction next month on the 116-unit Views at Clarendon affordable housing community. Located in Arlington, the eight-story complex will be built on top of existing space occupied by The Church at Clarendon and a daycare center. The project also calls for 120 underground parking spaces. Views at Clarendon was designed to achieve LEED Silver standards and will feature EnergyStar appliances, low-flow fixtures and low-emission paints.
WASHINGTON, D.C. — Washington Residential Fund III, a collaboration between Washington-based Urban Investment Partners and Stonebridge Investments of the Netherlands, has purchased the 32-unit Spring Valley Apartments from a trustee, PNC Bank, for $5.1 million. Built in 1950, the property is located at 4000 – 4016 47th St. N.W. in Washington. The buyer plans to undertake a $450,000 renovation of the property, which will be complete by December. The owners have also started converting four of the apartment's units to condominiums. Jonathan Greenberg of CB Richard Ellis' McLean, Va., office and Bobby Meehling of the firm's Washington office represented the buyer. First Capital Realty's Rick Shinberg and Les Zimmerman represented the seller.
ST. LOUIS — NorthMarq Capital has arranged a $5.7 million first mortgage for The Knolls Townhomes, a 112-unit multifamily property located in St. Louis. David Garfinkel of NorthMarq’s St. Louis Regional office secured the 7-year loan, which carries a 30-year amortization schedule. The loan was arranged through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was not disclosed.
NORWALK, CONN., AND LYNDHURST, N.J. — Marcus & Millichap has negotiated two multifamily sales for a total of $4.58 million. The first property is Hyatt Manor, a 20-unit property located in Norwalk that sold for $2.7 million. The property is located at 6 Hyatt Ave.; it contains three buildings and was constructed from 1952 to 1955. Gary Witten of Marcus & Millichap's New Haven, Conn., office represented the seller, a corporation. Witten and Bradley Balletto, also of the firm's New Haven office, represented the buyer, a limited liability company. The second property is a 15-unit apartment building located in Lyndhurst. The building, which traded for $1.88 million, was constructed in 1925 and also contains ground-floor retail space. Greg Babaian of Marcus & Millichap's New Jersey office represented the buyer, a local investor, and the seller, a limited liability company.
BETHLEHEM, PA. — Arbor Commercial Funding has arranged $18 million in Fannie Mae DUS financing for Saucon View Apartments, a 198-unit community located in Bethlehem. The loan carries a 10-year term with a 30-year amortization schedule and a 6.06 percent interest rate. Edward Petti of Arbor's New York City office originated the loan on behalf of the undisclosed borrower.
HOUSTON — NorthMarq Capital has arranged a total of $41.2 million in first-mortgage financing for two Houston apartment communities. A $29.2 million loan was secured for The Promenade at Jersey Village, a 596-unit property, and a $12 million loan was secured for The Promenade at Cullen Park, a 264-unit community. Both loans carry 10-year terms, with 2 years interest only, and 30-year amortization schedules. The lender was Freddie Mac. Brant Smith of NorthMarq's Houston office arranged both loans.
HOUSTON AND FARMERS BRANCH, TEXAS — Arbor Commercial Funding has originated two Fannie Mae DUS loans for a total of $10.65 million. The first loan totals $5.46 million and is secured by Windemere Apartments, a 257-unit multifamily community located in Texas. The loan carries a 10-year term, a 30-year amortization schedule and a 6.05 percent interest rate. The originator was Matt Norman of Arbor's Dallas office. The second loan is for $5.19 million and will be used for the refinancing of Huntington Cove Townhomes, a 100-unit multifamily community located in Farmers Branch. The non-recourse loan carries a 10-year term with a 30-year amortization schedule and a 5.98 percent interest rate. It was originated through the Fannie Mae DUS program by Jay Porterfield of Arbor's Plano, Texas, office. The borrowers were not disclosed.
GAINESVILLE, FLA. — Rocky Point Apartments Inc. has borrowed a $4.5 million loan for its 140-unit Rocky Point Apartments in Gainesville. Freddie Mac financed the 7-year loan, which comes with a 30-year amortization schedule. William Johnson of NorthMarq Capital’s Boca Raton, Fla., office arranged the loan.
WEYMOUTH, MASS. — Keybank Real Estate Capital has secured a total of $7.8 million in Freddie Mac financing for Queen Anne's Gate Apartments in Weymouth. The funds are being used to refinance existing conduit loans for two phases of the development. First, $4.8 million was provided to Queen Anne's Gate Company II for Phase II of the community, which contains 108 units and was built in 1974. Additionally, $3 million was provided to Q.A. V LP for Phase V of the community, which contains 46 units and was built in 1988. Terms of the loans were not disclosed.