LAWRENCE, KAN. — NorthMarq Capital’s Kansas City Regional office has arranged $19.8 million in first mortgage financing for Hutton Farms, multifamily property in Lawrence. Located at 3401 Hutton Dr., the property offers 212 apartment units. The 7-year loan has a 30-year amortization schedule. Brent Blake of NorthMarq arranged the financing for Hutton Farms LC through NorthMarq’s seller-servicer relationship with Freddie Mac.
LAWRENCE, MASS. — Construction has commenced for the conversion of the former Southwick Mill in Lawrence into an affordable housing community. The five-story building, which is located at 50 Island St. along the banks of the Merrimack River, will be renovated to include 60 one-, two- and three-bedroom units. The building will also include a day care, community spaces and commercial space. The renovation is the first phase of the Union Crossing mixed-use project, which is being developed by Lawrence Community Works. For the Southwick Mill project, Bedford, N.H.-based Eckman Construction is serving as general contractor, and Amherst, Mass.-based Coldham & Hartman Architects is the project architect.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the U.S. Department of Housing and Urban Development (HUD) have provided a combined $9.8 million for two affordable housing renovation projects in Brooklyn. The first project consists of the renovation of four three-story buildings containing 26 units that are located in Bedford-Stuyvesant. CPC provided $1.4 million in permanent financing, and HUD provided $3.6 million in subordinate 203K funds. The second project consists of four three-story buildings containing 26 units that are located in Flatbush. CPC provided $637,000 in permanent financing, and HUD provided $4.2 million in subordinate 203K funds.
LEXINGTON, KY. — Williams Land Corp. has purchased the 143-unit Cross Creek Apartments from an undisclosed seller for $2.88 million. The Fayette Circuit Court named McKinley receiver of the complex in May. The property, which is located at 3489 Lansdowne Drive in Lexington, is 75 percent occupied. Silvestri-Craig Realtors' Craig Silvestri brokered the sale.
NEW YORK CITY — Walker & Dunlop has secured $28.8 million for the refinancing of a Manhattan apartment tower. The York Apartments is located at 488 7th Avenue. It contains 108 studio, one- and two-bedroom units as well as four ground-floor retail spaces. The building was recently renovated and was 98 percent occupied at the time of closing. Drew Anderman of Walker & Dunlop led the team that arranged the financing for the borrower, 488 Seventh LLC. The loan carries a 10-year term with 2 years interest only, a 30-year amortization schedule, a 56.6 percent loan-to-value ratio and a 1.25x debt-service coverage ratio.
CAMPBELL, CALIF. — ARA has brokered the $42.5 million sale of The Commons, a 264-unit apartment community located along Union Avenue off Route 17 in Campbell. Completed in 1973 and having undergone more than $1.7 million in exterior/interior renovations in the past several years, The Commons features a mix of studios, one- and two-bedroom floor plans and includes two resort-style swimming pools, a fully-equipped fitness center, a business center and covered parking. ARA’s Mark Leary and Curtis Gardner acted as advisors to the Bay Area-based private owner in its disposition of the asset, which was 94-percent occupied at the time of sale, to Palo Alto, Calif.-based Essex Property Trust.
CASA GRANDE, ARIZ. — Newport Coast, Calif.-based Friedman and Friedman Management Company has purchased The Colony, a multifamily property located at 351 N. Peart Road in Casa Grande. Las Vegas-based Casa Grande Apartments LLC sold the 240-unit property for $11.6 million. Built in 2003, the property offers 32 one-bedroom, 128 two-bedroom and 80 three-bedroom units. Additionally, the community offers a heated pool, a spa and a fitness center. Chuck LaBenz and Art Wadlund of Hendricks & Partners represented the seller in the transaction.
SANTA CLARA, CALIF. — TRECAP Partners has formed a joint venture with Pacific Property Company to acquire a majority interest in Waterstone at Santa Clara, a multifamily property located in Santa Clara. Built in 1972, the 18-building community offers 156 one- and two-bedroom apartment units. Community amenities include a heated swimming pool, a recreation center with a home theater, a fitness center, on-site laundry facilities and reserved covered parking. TRECAP has partnered with Pacific Property on 29 separate transactions. Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage’s San Francisco office originated the long-term, fixed-rate acquisition financing through its Freddie Mac program. Terms of the acquisition were not released.
HARRISBURG, PA. — The Kislak Company has completed the sale of River Plaza Apartments in downtown Harrisburg for $8.4 million. The 14-story building contains 269 residences and two commercial spaces. It was built in 1956. Occupancy was 92 percent at the time of closing. The mortgage for the property had gone into default, so Kislak negotiated the sale of the first mortgage and the transfer of the deed from the tenants-in-common sellers to the the new owner. Kislak's Robert Holland and Joni Sweetwood represented both parties in the deal.
CLARION, PA. — Holliday Fenoglio Fowler (HFF) has arranged a $5.4 million loan for the refinancing of a student housing community serving students of Clarion University. Campus Habitat 8 Apartments is located adjacent to the school's campus at 990 E. Main St. It comprises two buildings containing 70 residences. There are 15 studios, 25 one-bedroom and 30 two-bedroom units, which average 466 square feet. The property is almost fully occupied. The loan, which was provided by Farmers & Merchants Bank of Western PA, carries a 10-year term and a fixed interest rate. Proceeds were used by the borrower, Campus Habitat, the repay the property's original acquisition and renovation financing. Dave Keller of HFF's Indianapolis office arranged the transaction.