Multifamily

CINCINNATI — Kiesland, a Cincinnati-based full-service construction firm, has launched the development of an approximately $6 million office condominium development in Deerfield Township, a suburb northeast of downtown Cincinnati. The Venture Corporate Center, which will be located Duke Boulevard within the Governor’s Point North business park, will feature two 15,000-square-foot buildings fronting the site as well as two additional 12,500-square-foot buildings, each offering office/flex condos divisible to 3,000 square feet. The Class A complex is being built to achieve LEED Silver certification. Future plans call for a 60,000-square-foot build-to-suit facility to be built adjacent to Venture Corporate Center for S+S Fasteners Inc. Kiesland plans to relocate from its current location on Route 42 to the property upon completion.

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STERLING HEIGHTS, MICH. — Love Funding has closed a $7.3 million refinance loan for Sterling Lake Apartments, which is a 261-unit multifamily community located in Sterling Heights. Love Funding secured the funds on behalf of borrower LR Management using the HUD 207/233(f) loan program. Terms of the deal include a 5.5 percent interest rate and a 35-year amortization schedule. The Sterling Lake Apartments include one and two-bedroom apartment and townhome units, as well as a 24-hour fitness center, swimming pool and clubhouse.

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BRIDGEPORT, CONN. — Arbor Commercial Funding has arranged $4.16 million in Fannie Mae DUS financing for the Bridgeport Portfolio, an 87-unit multifamily property located in Bridgeport. The permanent loan carries a 10-year term with a 30-year amortization schedule and a 5.69 percent interest rate. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. The property was purchased out of distress by the borrower, which has spent the past 2 years renovating it and improving operations

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SAN DIEGO — Carlsbad, Calif.-based Allgire General Contractors, serving as general contractor, has completed the construction of Studio 15, a $24.2 million multifamily property located at 70 15th St. in San Diego’s East Village area. The 122,462-square-foot property features 275 studio residences with a seating lounge area, underground parking, a resident café, a television room and interior courtyard amenities. The project was developed by Affirmed Housing Group. Rick Engineering Co. and Carrier Johnson also assisted with the project.

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SANTA CLARITA, CALIF. — Santa Clarita Canyon Crest LLC has purchased Canyon Crest, a 158-unit multifamily property located at 23639 San Fernando Rd. in Santa Clarita. The 95-percent occupied community sold for $23 million. The property offers one-, two- and three-bedroom units ranging in size from 690 to 1,122 square feet. Amenities include a pool, two spas, a fitness center, a basketball court and subterranean parking. Jim Fisher, Craig Stevens and Mike Smith of Lee & Associates represented the buyer in the transaction.

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SAN FRANCISCO — Dennis Sidbury of NorthMarq Capital’s San Francisco office arranged a $5.3 million first mortgage for Yerba Buena Commons, a 257-unit multifamily complex in San Francisco. The 15-year loan has a 30-year amortization schedule and was funded by AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was YBC Development II.

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CHASKA, MINN. — The Minneapolis office of NorthMarq Capital has secured $3 million in first-mortgage financing for Sun Lake Woods Apartments, an 82-unit multifamily property located in Chaska. The loan carries a 10-year term with a 30-year amortization schedule. NorthMarq’s Daniel Trebil arranged the loan on behalf of the undisclosed borrower. The lender was Amerisphere Multifamily Finance, a NorthMarq affiliate and a Fannie Mae DUS lender.

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WHITE PLAINS, N.Y. — Wells Fargo & Company has closed a $40.3 million Freddie Mac loan to refinance The Gramercy. The Gramercy, located in White Plains, is a 260-unit, luxury apartment complex. Amenities include concierge services, an outdoor swimming pool, a home theatre/media room, a recently upgraded community room with a full kitchen, a fitness room, and a garage with 360 parking spaces. The un-capped ARM loan carries a 7-year term with 30-year amortization. The transaction was originated by Matt Wiener and Terry Livingston, both of Wells Fargo Multifamily Capital out of the New York City office. The Gramercy is owned and operated by Haveland Estates in joint venture with an affiliate of Black Rock.

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BEAUMONT, TEXAS — Hendricks & Partners has brokered the sale of two multifamily communities located in Beaumont. The first property, Cornwall, is a 150-unit community located at 6650 Prutzman Rd. The second property, Lancaster, is a 115-unit community located at 6550 Phelan Rd. Ed Cummins, Jim Hearn and Clint Duncan of Hendricks & Partners’ Houston office, along with Tom Warren of the firm’s Dallas office, represented the seller, Venice, Calif.-based partnerships MOS Lone Star Investment LP and Vo-Beaumont Cornwall LP. The buyer was Dallas-based Lancaster Cornwall LP. The acquisition price was not disclosed.

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IRVINE, CALIF. — Jamboree Housing Corp. has finished developing its 71-unit Granite Court Apartment Homes in Irvine. The environmentally friendly complex is located on 1.23 acres at 2853 Kelvin Ave. Green features include low-emission finishes, a solar-energy system and recycling trash chutes. Irvine-based KTGY Group designed the affordable housing property.

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