HOUSTON — The Woodlands, Texas-based LMI Capital has secured a $7.5 million loan for the refinancing of a 380-unit multifamily project located in Houston. The loan, which was secured through the Fannie Mae DUS program by LMI’s Jami Mullin, carries a 10-year term, non-recourse. The parties involved were not disclosed.
PICO RIVERA AND MIRA LOMA, CALIF. — The Orange County, Calif., office of Q10|Dwyer-Curlett has arranged two transactions in Pico Rivera and Mira Loma. In the first transaction, Tom Kenny and Josh Boehling of Dwyer-Curlett arranged the $18.65 million sale of a 160,154-square-foot, single-tenant warehouse/distribution facility in Pico Rivera to The Guardian Life Insurance Company. In the second transaction, Kenny arranged $12 million in permanent financing on a 10-building industrial park in Mira Loma. Funded by Allianz of America Inc., the 10-year loan carries a 7.25 percent interest rate.
CHULA VISTA, CALIF., AND WILMINGTON, DEL. — Newmark Realty Capital has secured $21.4 million in financing for two multifamily communities in California and Delaware. The California asset is Rolling Hills Gardens Apartments, a 116-unit senior apartment complex located in the master-planned community of Rolling Hills Ranch in Chula Vista. The Delaware property is the 447-unit Village at Fox Point in Wilmington. Both properties were previously financed by Peter Welsh of Newmark Realty Capital with a correspondent life company. The new financing was placed with FNMA through Newmark’s correspondent Walker & Dunlop LLC.
WENTZVILLE, MO. — Construction has begun for an independent senior living development in Wentzville called Villas at Peruque Hills. Designed by Rosemann & Associates, the $3.8 million project is part of a larger development called Peruque Hills Estates that features single-family homes. Developed by GHL Development, an affiliate of Gundaker Commercial Group, the project includes 23 townhomes and 11 garden-style units, and it will be mixed affordable and market-rate senior housing with funding provided by the Missouri Housing Development Commission and Bank of America. The project is scheduled for completion this winter.
CORAL SPRINGS, FLA. — Uniondale, N.Y.-based Arbor Commercial Funding has secured a $38.45 million loan for The Grove at Turtle Run apartment complex. The 510-unit property is located at 3615 Turtle Run Blvd. in Coral Springs. The 10-year loan was financed under the Fannie Mae DUS MBS product line. The loan carries a 5.51 percent interest rate and a 30-year amortization schedule.
WEST HAVEN AND SEYMOUR, CONN. — Arbor Commercial Funding has arranged two loans under the Fannie Mae DUS program totaling $2.3 million. The first loan, which totals $2 million, is secured by Terrace Park Apartments, a 50-unit multifamily property located in West Haven. The loan carries a 10-year term with a 30-year amortization schedule and a 6.06 percent interest rate. The second loan, which totals $300,000, is secured by Westbrook Park Apartments, a 37-unit property located in Seymour. The loan carries a 5-year term with a 30-year amortization schedule and a 6.08 percent interest rate. Both loans were originated by John Edwards of Arbor’s Boston office.
CHICAGO — Rosemont, Ill.-based McShane Construction Co. has completed Casa Morelos, a seven-story, 45-unit affordable housing project located in Chicago. The building is situated at 2015 S. Morgan St. with the city’s Pilsen neighborhood. It comprises one-, two- and three-bedroom rental units; other features includes a community room and an on-site laundry facility. The project has also registered with the Chicago Green Homes program; sustainable features include a green roof, Energy Star appliances, recycled construction materials, low-VOC paints, a permeable pavement and an energy-efficient boiler system. The project architect is Weese Langley Weese Architects and the developer is The Resurrection Project, a non-profit affordable housing developer. McShane is also working on an affordable senior housing project for The Resurrection Project named Casa Maravilla, which is located at 2012 S. Morgan St. and is scheduled for completion in June 2010.
STATESBORO, GA. — KeyBank Real Estate Capital has provided a $14.6 million variable rate DMBS advance to the developer Campus Apartments for its 168-unit Campus Crossing at Statesboro. The property, which was built last year, encompasses 600 beds and serves the students of Georgia Southern University. The money is part of a $200 million credit facility structured by Fannie Mae and extended to Campus Apartments in January 2008. The company has used $100 million of the facility.
ST. PETERSBURG, FLA. — St. Petersburg-based Sage Partners has purchased the 188-unit Columbian Senior Apartments from Jacksonville, Fla.-based Demetree Brothers for $6.8 million. The buyer plans interior, exterior and mechanical improvements to the property, which is located at 518 3rd Ave. S. in St. Petersburg. Casey Babb and Bill Renje of NAI Tampa Bay represented the buyer.
MILWAUKEE — The grand opening has been held for The Park at 1824, a 175-unit multifamily property located on East Park Place in Milwaukee. The student housing community offers lease-by-the-bedroom contracts and is situated 4 blocks from the campus of the University of Wisconsin – Milwaukee. Amenities include a fitness center, study rooms on each floor, a community room featuring plasma-screen televisions and billiard tables, laundry facilities and underground parking. The project was developed by Wangard Partners; it will be leased and managed by locally based Ogden & Co.