SAN BENITO, TEXAS — Dallas-based RightQuest will break ground this summer for the Villages at Paseo Real, a two-phase multifamily project located on 18 acres along Paseo Real Highway in San Benito. The Class A community will contain 260 one-, two- and three-bedroom units with rents ranging from $600 to $950. Amenities will include a business center, a fitness center, a clubhouse with a media center, a resort-style swimming pool, a playground, covered parking, storage units and laundry facilities. The second phase of development will possibly include small-shop retail space along Paseo Real Highway. The first units are expected to be available for occupancy by summer 2010. RightQuest is developing the project on behalf of the owner, Brownsville, Texas-based Villages of Paseo Real LP. The project architect is San Antonio-based B&A Architects. The San Antonio office of Capstone Real Estate Services will provide leasing and property management services. Construction financing was provided by IBC Bank.
MONTGOMERY, ALA. — Ronen Abergel of Arbor Commercial Funding’s New York office has secured a $32.35 million loan for the 520-unit Vintage Pointe apartment complex. The property is located at 5600 Carmichael Rd. in Montgomery. The 10-year loan was financed under the Fannie Mae DUS MBS ARM product line. It carries a 6.11 percent interest rate and a 30-year amortization.
FORT COLLINS, COLO. — Bulls Capital Partners LLC has provided a $2.68 million loan to Willow Grove Ltd. for the refinancing of Willow Grove Apartments. Located in Fort Collins, the 72-unit garden apartment complex features a mix of one- and two-bedroom units, a pool, a spa and a fitness center. Mark Van Kirk of Bulls Capital Partners originated the loan; Tom Sibbald of Shield Street Corp. represented the borrower in the transaction.
HOUSTON — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged $7.1 million in construction and mezzanine financing for Corinthian Village Senior Living, a 124-unit affordable senior housing project located in Houston. The project will be the latest phase of the Corinthian Pointe master-planned development. Of the project’s 124 units, 40 of those will be reserved for low-income residents. Amenities will include an activity room, a fitness center and a clubhouse. Completion is scheduled for 2010. The financing package was arranged by Grandbridge’s Jim Kirkpatrick on behalf of the borrowers, George E. Johnson Development and Corinthian Pointe Senior Living Corp. The financing includes a $6.4 million construction loan provided by Trustmark National Bank and a $700,000 mezzanine loan provided by The United Methodist Foundation of the Texas Annual Conference. In addition, the city of Houston provided $3.37 million in HOME funds for the project.
LOS ANGELES AND GARDEN GROVE, CALIF. — Boston-based Love Funding has secured a $6.23 million loan for the refinancing of two assisted-living facilities in California. The properties are Summerville at Valley View, an 81-unit facility in Garden Grove; and Summerville at Tarzana, an 87-unit facility in Los Angeles. Leonard Lucas of Love Funding’s Boston office originated the transaction. Lucas represented the owner of the facilities, which are under a long-term lease to an unrelated operator.
FORT WORTH AND WOOD COUNTY, TEXAS — The Fort Worth office of Sperry Van Ness/Summit Realty has completed the sale of two skilled nursing facilities located in Texas. The first property is an approximately 100-bed facility located in Fort Worth, and the second property is an approximately 80-bed facility located near Tyler in Wood County. Both properties have received extensive upgrades in the past few years. Robyn Jackson of Sperry Van Ness represented both undisclosed parties in the transaction. The seller is based out of Denton, Texas, and the buyer is headquartered out-of-state. The acquisition price was not released.
CHICAGO — Doug Imber and Doug Fisher of Essex Realty Group have negotiated the sale of a 58-unit multifamily residential property located at 1373 Greenleaf Rd. in the Rogers Park neighborhood of Chicago. The undisclosed seller, represented by Imber and Fisher, disposed of the property for approximately $3.75 million. The building features 37 one-bedroom and 15 two-bedroom units, as well as six commercial spaces.
ANN ARBOR, MICH. — Ann Arbor-based McKinley has been named receiver for an 11-property national multifamily portfolio, as well as a shopping center in Maple Heights, Ohio. For the Bethany Portfolio, McKinley has been appointed receiver for several communities in Atlanta, Virginia and North Carolina that feature a total of 2,904 units. In Maple Heights, McKinley is working to stabilize and create value at Southgate USA, a 795,000-square-foot shopping center. Southgate USA comprises approximately 20 buildings and is anchored by The Home Depot, Giant Eagle and Cuyahoga County government services.
COUNCIL BLUFFS, IOWA — John Reed of NorthMarq Capital’s Omaha, Neb., regional office has arranged first-mortgage financing for Riverbend Apartments, which is a 201-unit multifamily property in Council Bluffs. The approximately $3.97 million loan is based on a 10-year term and was arranged for the borrower, MGM Apartments, by NorthMarq through its affiliate, Amerisphere Multifamily Finance.
CLACKAMAS, TIGARD AND CEDAR HILLS, ORE. — NBS Financial Services has secured $25 million for three apartment communities in metro Portland. The 235-unit Squire’s Court Apartments in Clackamas received a $10.5 million loan; Riverwood Heights Apartments, a 240-unit complex in Tigard, received $10 million; and the 124-unit Cedar Square Apartments in Cedar Hills received $4.5 million. State Farm Life Insurance Co. provided financing for all the loans, which were arranged by Blake Hering Jr. of NBS Financial.