FLORIDA — Palm Beach Gardens, Fla.-based Ram has acquired 10 distressed senior mortgages worth $57 million from undisclosed lending sources. The 10 multifamily and commercial properties are located throughout Southern and Central Florida. Ram acquired the notes through its $175 million equity fund, Ram Realty Partners II.
ANTIOCH, TENN. — Rosemont, Ill.-based McShane Construction Co. has completed the 336-unit Springs at Mountain View apartment complex. The project was developed by Continental Properties Co. at 5000 Mountain Springs Rd. in Antioch. Springs at Mountain View spans 21 two-story buildings on 26 acres of land and features a business center, conference facilities and an exercise room. MSA Architects designed the property.
MIAMI BEACH, FLA. — New York City-based GFI Capital Resources Group has acquired two distressed multifamily mortgages worth $13 million from a local bank. The two properties are located in Miami Beach and encompass 140 units. GFI purchased the loans at a discount.
SMITHTOWN, N.Y. — Meridian Capital Group has arranged a $55.1 million first-mortgage loan for the refinancing of Avalon Commons, a 312-unit multifamily community located in Smithtown. The garden-style community comprises 13 buildings, an outdoor swimming pool and a luxury clubhouse with a fitness center. The loan carries a fixed interest rate over a 5-year term and was placed with a local lender. Abe Hirsch of Meridian’s New York office originated the loan on behalf of AvalonBay Communities.
KANSAS CITY, MO. — Construction has been completed for the D.A. Holmes II Senior Apartments located at 3020 Benton Blvd., which is situated within Jackson County’s Santa Fe Place Historic District in Kansas City. On behalf of owner D.A. Holmes Senior Housing II LP, Rosemann & Associates completed architectural and interior design services for the facility. The 42-unit affordable senior housing community is 100 percent occupied. Amenities at the property include common areas, office space, a craft room, a fitness center, laundry facilities, a media library, a hair salon and a home theater. The $4.9 million project was funded by 9 percent Low Income Housing Tax Credits that were provided by the Missouri Housing Development Commission.
CHICAGO — This spring, McShane Construction will break ground on Casa Maravilla, a 70,000-square-foot affordable senior housing community located at 2021 S. Morgan St. in the Pilsen neighborhood of Chicago. The project, which will be completed in 2010, is being constructed on behalf of the not-for-profit developer, The Resurrection Project. The five-story multifamily building will house 73 studios, one- and two-bedroom units. Amenities at the property will include dining space, a community room, a therapy room, a library and a recreation room. The environmentally friendly building will include a green roof, a geothermal HVAC system, an eco-friendly elevator structure, ENERGY STAR appliances and permeable pavement. Weese Langley Weese is providing architectural services for the project. On behalf of The Resurrection Project, McShane Construction is also currently building Casa Morelos. The senior multifamily community, which is located at 2015 S. Morgan Street in Chicago, is slated for completion this summer.
PENSACOLA, FLA. — Carlisle Development Group and the Area Housing Commission have completed two affordable housing developments in Pensacola worth a total of $27 million. The 74-unit Morris Court II, located at 1200 N. M St., is 100 percent occupied by low-income families. Morris Court III, a 50-unit building located at 1301 N. M St., is reserved for senior housing. Amenities in the development include a community clubhouse, a computer lab, a library and a playground.
ST. CLOUD, MINN. — Michael Padilla in the Minneapolis office of NorthMarq Capital has arranged $850,000 in supplemental mortgage financing for a 176-unit multifamily community located in St. Cloud. The loan for Park Place Estates was based on a 7-year term with a 30-year amortization schedule. Financing was arranged for the undisclosed borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. The borrower also assumed the existing mortgage of approximately $7.27 million.
SAN ANTONIO — The Houston office of NorthMarq Capital has arranged $25.26 million in first-mortgage financing for The Aragon Holdings portfolio. The portfolio consists of four San Antonio multifamily properties: the 296-unit Timbermill Apartments, the 276-unit Windridge Apartments, the 175-unit Las Brisas Apartments and the 72-unit Lexington Apartments. Tony Gray of NorthMarq originated the loan, which includes a 10-year term and a 30-year amortization schedule. The borrower was Aragon Holdings LLC, which is a subsidiary of Beverly Hills, Calif.-based LandBanc Capital. The lender was AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
ARLINGTON, TEXAS — Arizona-based MC Companies has acquired the management portfolio of Arlington-based Encore Management Co. as part of an effort to increase the company’s Texas presence. The portfolio comprises more than 7,000 units of multifamily housing located across the state of Texas that are currently managed by Encore. As part of the transaction, the portfolio will be brought under the new division MC Residential of Texas; Encore’s, Jackie Jackson, will remain as president of the new division. The rest of Encore’s management and staff will also remain in place.