KANSAS CITY, MO. — Love Funding has arranged $1.88 million for the refinancing of Palestine Gardens, an 85-unit apartment community located in Kansas City. Terms of the loan include a 35-year amortization schedule and a 6 percent interest rate. Robyn Cunningham of Love's St. Louis office arranged the loan for the undisclosed borrower through the HUD 202/223(f) program.
BETHLEHEM, PA. — Marcus & MIllichap has brokered the sale of 42-55 Union Boulevard, a 21-unit apartment property located in Bethlehem. Constructed in 1920, the property comprises 14 three-bedroom units and seven one-bedroom units; occupancy was 95 percent at the time of closing. Matthew Wolf and Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller, an undisclosed partnership. The property traded for $987,500.
REXBURG, IDAHO — A Utah-based private investor has purchased the 63-unit Mountain Pines Apartments from an undisclosed party for $5.5 million. The property, located across the street from Brigham Young University-Idaho at 129 Viking Dr. in Rexburg, can house 378 students. Daniel Shin and Michael Beckstead of Marcus & Millichap’s Salt Lake City office represented the buyer.
CULPEPER AND STEPHENS CITY, VA. — Boston Capital has secured more than $3 million of funding for the renovation of two Virginia apartments. The 42-unit Meadowbrook Heights Apartments in Culpeper will undergo exterior renovations and all units will receive EnergyStar appliances. Each unit in the 46-unit Stephens Village Apartments in Stephens City will also receive EnergyStar appliances. After renovations are complete, both complexes will be awarded green certification by EarthCraft Virginia.
CHICAGO — Chicago-based Essex Realty Group has arranged the sale of two multifamily buildings in Chicago’s Hyde Park neighborhood. The first building, located at 5123-25 S. Kimbark Ave., contains 43 units, and the second building, located at 5130 S. Kenwood Ave., contains 39 units. Both properties offer a mix of studio and one-bedroom units. David Goss and Jon Morgan of Essex represented the seller; Doug Imber, also of Essex, represented the buyer. Both parties were undisclosed.
FRIENDSWOOD, TEXAS — Arbor Commercial Funding has secured a $1.95 million loan for Bridgestone Apartments, a 76-unit multifamily community located in Friendswood. The loan was originated under the Fannie Mae DUS Small Loan product line. It carries a 10-year term, a 30-year amortization schedule and a 6.42 percent interest rate. The originator was Matt Norman with Arbor’s Dallas office. The lender was not disclosed.
SANTA ANA, CALIF. — Advanced Real Estate Services Inc. has acquired The Court at Artists Village, a multifamily property located at 301 W. 2nd St. in Santa Ana, for $23.6 million or $120,408 per unit. The 193,856-square-foot property features 196 units, 12,222 square feet of ground-floor retail shops and 1,412 square feet of storage and office space. At the time of acquisition, the residential portion was 86 percent occupied and the retail portion was 25 percent occupied. Ron Harris of Marcus & Millichap represented the seller, a joint venture between BlackRock Realty and a private investment firm, in the transaction.
DENVER — NorthMarq Capital has arranged $16 million in permanent financing for the Enclave at Belleview Station, which is located at 4400 S. Monaco St. in Denver. Built in 1992, the property consists of 11 three-story buildings offering 238 apartment units. Additionally the community features 100 garage spaces, a clubhouse, a heated swimming pool, a spa, a picnic/BBQ area, a business center and a fitness center. Apartment units feature gourmet kitchens with wood flooring, wrap-around balconies in select units, cherry cabinetry, stainless steel appliances, dishwashers, built-in microwaves and track lighting in the kitchen. Steve Koeneke and Chris Williams arranged the financing for the borrower, Giffis Premium Apartment Fund LLC.
WINTER SPRINGS, FLA. — Altamonte Springs, Fla.-based Forum Architecture & Interior Design has completed plans for the 60-unit Greens at Tuscawilla condominium development. The Winter Springs property will encompass 15 buildings, which will house four units each. Congressional Homes is developing the complex, and Structural Concepts & Design will provide engineering services.
NEW YORK CITY — Massey Knakal Realty Services has completed the $2.8 million sale of a multifamily property located in the Ditmas Park neighborhood of Brooklyn, New York City. The four-story building contains 21 one-bedroom units and 10 two-bedroom units. Massey Knakal’s Eric Greenfield negotiated the deal on behalf of both undisclosed parties.