PORTLAND, MAINE — The Boston office of Love Funding has arranged a $5.28 million acquisition loan for Fallbrook Woods, a 56-unit assisted living facility located in Portland. Originated by Leonard Lucas of Love Funding, the loan carries an 85 percent loan-to-value ratio, a 35-year term and a 4.67 percent interest rate. The loan includes funds to cover needed improvements to the property. Itwas secured through the HUD 232/223(f) program. The lender was undisclosed.
KANSAS CITY, MO. — Madison, Wis.-based The Alexander Company has acquired the historic U.S. Federal Courthouse in downtown Kansas City. The company plans to redevelop the property into 176 workforce-housing apartments. The $35 million project will include 109 one-bedroom units and 67 two-bedroom units. Additionally, the property will offer 10,000 square feet of retail space. Construction began in January and completion is slated for the second quarter of 2011.
HOUSTON — Marcus & Millichap has brokered the sale of Villa Nueva Apartments, a 98-unit multifamily community located in Houston. The property is situated on 2.4 acres at 827 Oak St. It was constructed in 1969. Brian Janak of Marcus & Millichap's Houston office represented the seller, a limited liability company. The buyer was not disclosed. The acquisition price was also not released, but the property listed for $1.57 million.
ARLINGTON, TEXAS — The Longview, Texas, office of Deason Financial Group has arranged $3.8 million in acquisition financing for a 176-unit apartment community located in Arlington. The property was built in 1974 and recently renovated. Occupancy was 92 percent at the time of closing. Dana Deason of Deason Financial secured the loan on behalf of a Boston-based investor group. The loan carries a 10-year term, a 30-year amortization schedule, a low-6 percent interest rate and an 80 percent loan-to-value ratio. The lender was Greystone Servicing Corp., which utilized the Fannie Mae DUS program.
CHICAGO — Chicago-based Fifield Realty Partner has formed Fifield Residential Partners IV (FRP IV), a new apartment acquisition fund. The fund will focus on purchasing core-plus and value-add properties as well as short-sale transactions and loan-to-own acquisitions. FRP IV, along with several institutional partners, will invest up to $200 million cash to acquire up to $600 million in apartments across the country in 2010. The fund is actively looking for properties in Phoenix; Houston; Dallas; Austin, Texas; Chicago; Los Angeles and Orange County, Calif.
LAKEWOOD, OHIO — Kandu Capital, along with Bloomfield Senior Living, as purchased Northwesterly Assisted Living Community in Lakewood. Built in 1988, the property consists of 55,000 square feet and offers 91 assisted-living residential units. Kandu acquired the property, which was formerly owned by Sunwest Management, out of bankruptcy. Additional details were not disclosed.
LINCOLNSHIRE, ILL. — Cambridge Realty Capital Cos. has provided a $12.5 million FHA-insured first mortgage loan for the refinancing of The Ponds, a 116-bed assisted-living facility in Lincolnshire. Rick Lynn of RML Financial originated the loan for the borrower, an Illinois limited liability company. The fully amortized, 33-year term loan was underwritten by Cambridge Realty Capital of Illinois using HUDs, Section 232 pursuant to Section 223(f) funding program.
HILLSBOROUGH COUNTY, FLA. — Birmingham, Ala.-based Prudential Huntoon Paige has secured a $48 million construction loan for Tampa, Fla.-based Garrison Developer Group of Florida's 351-unit The Preserve at Alafia. The luxury apartment complex is located on the Alafia River in Hillsborough County. The five-story project features 3,000 feet of frontage on a wildlife conservation area and is currently 55 percent leased. The Preserve is slated to deliver during the summer of 2011. The complex is being developed with Alafia Crossing, a mixed-use development complimented by a Holiday Inn.
CHARLOTTE, N.C. — GE Capital Corp. has funded a $6.2 million loan for Pfalzgraf Communities 4's 358-unit Casa Del Lago apartment complex. The property is located at 5417 Albemale Road in Charlotte. The loan carries a 12-month, interest-only term. Kevin Jenkins of NorthMarq Capital's Charlotte office secured the loan.
COLUMBUS, OHIO — Scott Paull of NAI Ohio Equities has brokered the sale of Stonegate Square Apartments, which is located at the intersection of Morse and Karl roads in Columbus. An undisclosed buyer purchased the 76-unit multifamily property for $1.47 million or $19,408 per unit. The property was 87 percent occupied at the time of closing and offers one- and two-bedroom units. The seller was not disclosed.
