BOSTON — Arbor Commercial Funding has arranged $1.96 million in financing for a 16-unit apartment community, located at 106 Wrentham St. in Boston. The loan carries a 10-year term with a 30-year amortization schedule and a 5.7 percent interest rate. It was originated by John Kelly of Arbor’s Boston office. The loan was obtained through the Fannie Mae DUS Small Loan product line. The borrower was undisclosed.
Multifamily
AUSTIN, TEXAS — Kennedy Wilson Auction Group has conducted the auction of the remaining 19 condominiums at Brazos Place, a 14-story residential tower located at 800 Brazos St. in Austin. The condos involved in the auction range in size from a 623-square-foot, one-bedroom units to the 2,745-square-foot, three bedroom penthouse. The units were sold from $168,000 for the one-bedroom unit to $970,000 for the penthouse. More than 500 people attended the auction. Brazos Place opened approximately 2 years ago. It consists of the residential redevelopment of the former Commodore Perry Hotel. It features 75 residential units, as well as ground-floor retail and office space. Amenities include a fitness center, a rooftop terrace, and valet and concierge services. The 19 units involved in the auction were the only unsold units left in the building.
LOUISVILLE, KY. — Iroquois Gardens New Cut LLC has sold the 156-unit Iroquois Gardens Apartments to two West Coast-based investors, Robt2 Limited and Assured Security Storage, for $5.8 million. The property is located at 518 Iroquois Gardens Dr. in Louisville. Louisville-based PRG Investments’ Fred Sutterlin brokered the sale.
GREENPOINT, N.Y. — Charles Cotsalas and Ernest DesRochers of NorthMarq Capital’s Long Island Regional office have arranged first mortgage construction/permanent financing in the amount of $2 million for 760-764 Manhattan Ave. in Greenpoint. The property is a mixed-use multifamily property containing six two-bedroom units and three one-bedroom units, as well as six ground floor retail rental units. Construction financing was for 18 months with an option to convert to a fixed-rate permanent for 5 years with a 25-year term amortization schedule upon stabilization. The loan was arranged by NorthMarq through its relationship with a local savings bank.
NEW YORK CITY — Massey Knakal has completed the $5.13 million sale of two adjacent, mixed-use buildings located at 329 and 331 Lexington Ave. on the southeast corner of Lexington Avenue and East 39th Street in Manhattan’s Murray Hill neighborhood in New York City. 329 Lexington Ave. is a five-story building containing approximately 5,738 square feet. This walk-up building consists of six residential apartments and one retail space that is occupied by a lounge with approximately 5 years remaining on its lease. There are six apartments above the retail with one delivered vacant. The property is zoned R10, and has approximately 13,062 square feet of unused air rights. 331 Lexington Ave. is a seven-story corner building containing approximately 12,600 square feet. This elevatored building consists of 12 residential apartments with a restaurant and a delicatessen on the ground floor. The apartment mix is comprised of eight rent stabilized units and four vacant units. The property is zoned R10, and has approximately 6,600 square feet of unused air rights. The properties were purchased by United Prime LLC. The seller was the Estate of Titania Tarwid. In Flushing, Queens, Massey Knakal brokered the $1.83 million sale of 143-28 Cherry Ave., a corner …
ENUMCLAW, WASH. — Jay Blasberg of Alliant Capital LLC represented the The Desimore Family Irrevocable Trust in the acquisition of Mountain Meadows, a 186-unit manufactured housing community in Enumclaw. The property sold for $7 million. The deal includes a 10-year term with 3 years interest-only, 9.5 years of yield maintenance and a 30-year amortization. Alliant Capital arranged primary financing through Fannie Mae.
SANTA ANA, CALIF. — NorthMarq Capital has arranged a $5.5 million first mortgage for Siena Pointe-Trento Apartments, a 52,080-square-foot, 50-unit apartment building located in Santa Ana. The financing was based on a 7-year term and a 30-year amortization schedule. AmeriSphere Multifamily Finance, a Fannie Mae DUS lender, provided the financing. David Blum of NorthMarq Capital’s Los Angeles office secured the loan on behalf of the borrower.
DALLAS — Hendricks & Partners (H&P) has brokered the sale of Buckner Village, a 172-unit multifamily community located at 1810 John West Rd. in Dallas. Peter Hartnett of H&P’s Dallas office represented the seller, Delaware-based BLS Buckner LLC c/o Coral Gables, Fla.-based Bayview Financial. Buckner Village was acquired by Austin, Texas-based KJO Investments for an undisclosed amount.
DALLAS — The Houston office of Aries Capital has secured a $3.57 million loan for LaVita, a 162-unit multifamily property located in Dallas. The property was constructed in 1973 and is situated on Lovers Lane. It comprises one- and two-bedroom apartments, and amenities include a clubhouse, a pool, a fitness center and a business office. The loan carries a 3-year term with a 20-year amortization schedule, a fixed interest rate and a 53 percent loan-to-value ratio. Leonard Smith of Aries arranged the loan on behalf of the borrower, which plans to use the proceeds to renovate this property, as well as another in its portfolio. The borrower was a local bank.
SANTA CRUZ, CALIF. — Sundt Construction has been selected to provide preconstruction services for a new student-housing project at the University of California Santa Cruz. Located on the east side of campus in Santa Cruz, the $100 million, two-building project will accommodate 600 students in apartment-style housing. The project will feature a green roof and a full commercial kitchen with café-style seating. Construction is slated to begin this fall.