SAN MARCOS, CALIF. — Carlsbad, Calif.-based Allgire General Contractors Inc. has been selected to serve as general contractor for the construction of Autumn Terrace in San Marcos. Located at 235 Autumn Dr., the affordable apartment community will offer 103 units. The 95,775-square-foot project will include commercial space, a tot lot, a community meeting room and a computer learning center. Grading is currently underway and is expected to be completed in March 2010. Foundation For Form is providing architectural services; Southwest Engineering Inc. is serving as civil engineer for the project.
MESA, ARIZ. — Kaplan Management Company Inc. has developed The District at Mountain Vista, a state-of-the-art 384-unit luxury apartment complex in Mesa. The property is located at the intersection of U.S. 60 and Signal Butte Road and is adjacent to the Mountain Vista Medical Center and 14-acre medical campus. The community offers a clubhouse with a business center, a coffee lounge with a Wi-Fi café, an upscale theater room, a state-of-the-art fitness center, a resort-style pool and detached garages and carports. Units feature designer appliances, open floor plans, 10-foot ceilings, crown molding and large walk-in closets.
ALBUQUERQUE, N.M. — BMC Capital has originated a $1.82 million loan for the refinancing of Palazzo at Sandia Heights in Albuquerque. Located at 14124 Chopper Ave., the multifamily property offers 60 units. The borrower was not disclosed. BMC Capital is a leading lender for small-balance multifamily loans in the Southwest.
ROSWELL, GA. — Ronen Abergel of Arbor Commercial Funding’s New York City office has secured a $10.61 million loan for the 312-unit Kings Bridge apartment complex in Roswell. Financing for the 7-year loan was provided by Fannie Mae. The loan carries a 6.41 percent interest rate and a 30-year amortization.
CLAYMONT, DEL. — Woodbridge, N.J.-based The Kislak Company has completed the sale of East Pointe Apartments, a 206-unit multifamily community located at 2610 Philadelphia Turnpike in Claymont, for $12.8 million. East Pointe Apartments contains one-, two- and three-bedroom units, as well as a 10,000-square-foot retail building with five suites and two garages. All units have been recently upgraded with new windows and carpeting, and some units have received new kitchens and bathrooms. Occupancy was 94 percent at the time of closing. Kislak’s Robert Holland represented the seller, a joint venture between White Plains, N.Y.-based Houlihan-Parnes Realtors and Great Neck, N.Y.-based CLK Properties. Kislak also represented the buyer, East Pointe Associates LLC, a subsidiary of Geller Associates.
RANDOLPH, MASS. — Uniondale, N.Y.-based Arbor Commercial Funding has arranged a $2.69 million loan for the refinancing of Thompson Drive, a 24-unit multifamily community located in Randolph. The loan carries a 10-year term with a 30-year amortization schedule and a 6.51 percent interest rate. The loan was funded under the Fannie Mae DUS Small Loan product line. The borrower was not disclosed.
AURORA, COLO. — Delmwood LLC, a HUD program of Agin Properties and Investments, has acquired Elmwood and Del Mar Apartments, a 96-unit multifamily property located at 1334 Xanadu St. and 140 Del Mar Circle in Aurora. The property sold for $4 million or $41,667 per unit. The property features a one-bedroom unit and 95 two-bedroom units. Mike Easter and Josh Simon of CB Richard Ellis (CBRE) Capital Markets’ Denver office arranged acquisition financing at 83% loan-to-purchase price for the buyer. The $3.338 million loan was fixed at a 6.38% interest rate for a 7-year term. Craig Stack and Steve Rahe of CBRE brokered the sales. The seller was EDM Housing Associates Ltd.
HOLLYWOOD, CALIF. — Los Angeles-based Lion Real Estate Group (LREG) has acquired two loans on a multifamily property in Hollywood. LREG purchased the senior and junior loans on the property for $4.02 million, representing just over half the original price. Located at 920 N. Wilcox, the property features 26 non-rent-controlled units, including one studio and 25 two-bedroom/two-bath units. The seller was not disclosed.
SAVANNAH, GA. — Rosemont, Ill.-based McShane Construction has completed the 51,522-square-foot fourth phase of Atlanta-based The Integral Group’s Ashley Midtown project. The phase adds 38 units in 13 two-story and four one-story buildings to the Savannah apartment, townhome and senior-living development. McShane has also constructed a community building, which features offices, a library and clubroom space, on the property. Hansen Architects of Savannah designed the project.
COLUMBIA, PA. — The Boston office of Love Funding has arranged a $4.81 million loan for the refinancing of St. Peter Apartments, a 127-unit multifamily property located in Columbia. Love Funding’s Leonard Lucas originated the loan on behalf of the undisclosed borrower. The loan was secured through the HUD 202/223(f) loan program. It includes a 6.03 percent fixed interest rate and a 26-year amortization schedule.