CHICAGO — Chicago-based Meridian Capital Group has arranged a $1.3 million loan for two Chicago multifamily properties. The properties total 21 units and are located at 4232 N. Kevdale Ave. and 3134 W. Leland Ave. on Chicago’s North Side. The financing includes a 5.51 percent interest rate and a 3-year term. It was arranged by Gershon Friedman of Meridian on behalf of the undisclosed borrower.
NEW YORK CITY — GFI Realty Services has brokered the sale of two multifamily buildings located in the Bronx, New York City, for $16.7 million. The properties are located at 2197-2199 Cruger Ave. and 2198 Cruger Ave. Both buildings total six stories and are elevator-served. They contain a total of 149 apartments and three professional office suites. Matthew Sparks and Shlomo Antebi of GFI represented both parties in the transaction. The properties traded at a 5 percent capitalization rate.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Acadia Place Apartments, a 140-unit multifamily community located in San Antonio. The community was constructed in 1985 and is situated at 4550 Lavender Lane. Ryan Epstein and Moses Siller of Marcus & Millichap’s San Antonio office represented the seller and the buyer, both undisclosed limited liability companies. The acquisition price was also not disclosed.
KENNEWICK, WASH. — KeyBank Real Estate Capital has provided an $11.8 million Fannie Mae Multifamily Affordable Housing loan to ICG Properties. The loan is for Heatherstone Apartments, a 455-unit low-income housing, tax-credit apartment complex in Kennewick.
PHOENIX — Scottsdale, Ariz.-based MC Companies recently closed on the acquisition of Wickertree Apartments in Phoenix. The 226-unit multifamily property sold for an undisclosed price. The acquisition brings the company’s management portfolio total to 6,472 units. Additional information regarding the transaction was not disclosed.
ATLANTA — GFI Capital Resources Group has purchased the 288-unit Clairmont apartment complex from an undisclosed party for $17 million. Located in Atlanta, the property spans 11 acres and is 94 percent occupied. Apartment amenities include two pools, a fitness center and a business center. The buyer plans to renovate the apartment’s exterior.
MIDDLETOWN, R.I. — Fantini & Gorga has arranged for a $7.2 million first mortgage for the East Bay Village Apartments, a 240-unit complex located in Middletown. The apartment community is located at 969 W. Main Road (Route 114), approximately 2 miles north of Downtown Newport. The property includes a total of 10 three-story buildings with 240 studio, one- and two-bedroom units. The units include all electric kitchens, intercom entry systems, walk-in closets, air conditioning, ceiling fans, breakfast bars, garbage disposals and cable TV/high-speed Internet hook-ups. Some complex amenities include on-site management, a pool, laundry facilities in each building, free storage areas, a tennis court, a volleyball court and extensively landscaped grounds. The borrower, Middletown Associates, is owned and managed by affiliates of Picerne Investment Corporation.
HARTFORD, CONN. — Arbor Commercial Funding has secured a $905,500 loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Mansfield Apartments, a 60-unit complex in Hartford. The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Edwards of Arbor’s full-service Boston lending office.
MIDDLETOWN, R.I. — Fantini & Gorga has arranged for a $7.2 million first mortgage for the East Bay Village Apartments, a 240-unit complex located in Middletown. The apartment community is located at 969 W. Main Road (Route 114), approximately 2 miles north of Downtown Newport. The property includes a total of 10 three-story buildings with 240 studio, one- and two-bedroom units. The units include all electric kitchens, intercom entry systems, walk-in closets, air conditioning, ceiling fans, breakfast bars, garbage disposals and cable TV/high-speed Internet hook-ups. Some complex amenities include on-site management, a pool, laundry facilities in each building, free storage areas, a tennis court, a volleyball court and extensively landscaped grounds. The borrower, Middletown Associates, is owned and managed by affiliates of Picerne Investment Corporation.
HARTFORD, CONN. — Arbor Commercial Funding has secured a $905,500 loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Mansfield Apartments, a 60-unit complex in Hartford. The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Edwards of Arbor’s full-service Boston lending office.