SAN ANTONIO —PNC ARCS has arranged $4 million in fixed-rate financing for Timbers Edge Apartments, a 176-unit multifamily community located in San Antonio. Timbers Edge is situated on more than 8 acres; community amenities include a swimming pool, a clubhouse, tennis courts and 99 carports. Terms of the financing include a 5.84 percent interest rate and a 10-year term with 2 years of interest-only payments. The loan was originated on behalf of the undisclosed borrower by the Dallas office of PNC ARCS. The lender was Freddie Mac.
LAS VEGAS — The Place/BV Student Housing Fund LLC is developing Rebel Place, a 480-bed student housing project in Las Vegas. Serving the students of the University of Nevada at Las Vegas, the property will feature one-, two- and three-bedroom units with private bathrooms. Additionally, the fully furnished units will offer fully equipped kitchens, washers, dryers and wiring for cable and Internet services. Community amenities include a clubhouse with an activity center, online gaming, a computer lab, a state-of-the-art fitness center, a tanning bed and a resort-style pool with a poolside theater. Completion is slated for summer 2009. BVP Managers LLC, a joint venture between Atlanta-based Place Properties LP and Chicago-based Blue Vista Capital Management LLC, manages the fund.
BOSTON — The grand reopening has been held for Casa Maria Apartments, an 85-unit apartment building located at 130 Endicott St. in the North End neighborhood of Boston, after an extensive rehabilitation. The six-story building was originally constructed by The Community Builders (TCB) in 1979 to provide Section 8 subsidized housing to seniors; the company continues to operate the facility. Construction included renovations to the existing community kitchen and the construction of a second kitchen; the addition of stand-up, walk-in showers in unit bathrooms; new energy-efficient appliances; an expansion to the lobby; new windows, heating systems and elevators; a new community room; and the construction of a handicap-accessible rooftop deck. TCB’s limited partner investors in the renovation were Red Capital Group and Nationwide Insurance Co. Additional assistance was provided by MassHousing and low-income tax credits provided by the Massachusetts Department of Housing & Community Development. The general contractor for the project was CWC Builders; Tise Design Associates served as project architect.
LEXINGTON AND LOUISVILLE, KY. — Aaron Johnson of Marcus & Millichap’s Louisville office has represented all parties in the sale of two area apartment complexes for $17.4 million. A New York-based buyer has purchased the 312-unit Pegasus Place Apartments, located at 2504 Larkin Rd. in Lexington, from a local seller for $13.6 million. The same buyer has also acquired the 66-unit Worthington Apartments, located at 735-737 S. Second St. in Louisville, from a New Jersey-based seller for $3.8 million.
TOPEKA, KAN.; AND OMAHA, NEB. — PNC ARCS has provided two loans totaling $4.33 million for the Warren House Apartments Topeka and the Warren House Apartments Omaha. The loans for the two related multifamily properties were based on a 10-year term, with a 30-year amortization schedule at a fixed rate of 5.9 percent. Situated on approximately 7.4 acres, the 160-unit Warren House Topeka houses seven two-story buildings. Amenities at the property include a pool and laundry facilities. Additionally, the Warren House Omaha is a 149-unit garden style complex with nine two-story buildings. Amenities at the Omaha property include a swimming pool, laundry facilities and a parking garage. The loan for both properties was originated by PNC ARCS’ San Francisco office through Fannie Mae.
YONKERS, N.Y. — The grand opening has been held for Croton Heights Apartments, a 60-unit affordable housing community located at 193 Ashburton Ave. in Yonkers. The community comprises one-, two- and three-bedroom units, and includes an exercise facility, a community room and on-site parking. It was developed by Richman Group Development Corp. and Landex Development. It is part of the HOPE VI Revitalization Plan that also includes the demolition and redevelopment of the nearby Mulford Gardens public housing community.
NEW YORK CITY — Marcus & Millichap has brokered the $13 million sale of Kent Arms Apartments, an 80-unit multifamily property located at 85-02 139th St. in the Briarwood neighborhood of Jamaica, Queens. The six-story apartment building contains one- and two-bedroom units, as well as indoor parking. The property features two commercial spaces, one of which is currently vacant and the other that is leased until 2011. Peter Vassiliou and John Stewart of Marcus & Millichap’s Manhattan office represented the seller, Kent Properties Co., as well as the buyer, 85-02 139th Realty LLC. The property traded at a per unit price of $162,500.
SOUTH BOUND BROOK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has arranged the sale of Towne Oaks, a 97-unit multifamily community located at 159 Main St. in South Bound Brook, for $8.77 million. The property contains a mix of studio, one- and two-bedroom units, each of which features an outdoor balcony or patio. Joseph Brecher of GHA represented the buyer, a North New Jersey-based 1031 investor, as well as the seller, The Lightstone Group.
CHULA VISTA, CALIF. — Terra Vista Genpar LLC, with R&V Management as the managing member, has purchased Terra Vista at Otay Ranch Condominiums, which is located at 1441 Santa Lucia Rd. in Chula Vista. The $18 million sale consisted of 118,699 rentable square feet, including 111 of the total 168 condominium units in the complex. Montecito Crossings LLC, with Lehman Brothers as the previous managing member, sold the property. The property offers a mix of five floorplans ranging in size from 709 to 1,356 square feet. Community amenities include a resort-style swimming pool, a spa, a state-of-the-art fitness center, a playground, a barbeque area and a clubhouse. Diane Miramontes, Darcy Miramontes and Hunter Combs of Grubb & Ellis|BRE Commercial represented the buyer; Janine Hudson of Land American handled escrow; and Helen Wilson and Susie Restine of LandAmerica served as title representation. Jason Shidler represented First Republic Bank, which provided the financing.
SOUTH BEND, IND. — Massachusetts-based Gross & Cohen Real Estate Investors has acquired a student-housing portfolio consisting of 47 properties, which are all located within 1 mile of the University of Notre Dame in South Bend. The 353-bed portfolio has been fully occupied for the last 4 years. The properties were purchased from an undisclosed seller for $13.75 million. Kramer Property Management will remain as the property manager for the portfolio.