READING, MASS. — Henderson Global Investors has acquired Reading Commons, a 204-unit luxury multifamily community located in the Boston suburb of Reading, for $48.5 million. The property was originally developed by Archstone Properties in 2006; occupancy was 97 percent at the time of closing. Henderson has selected Boston-based Corcoran Management Co. to manage day-to-day operations of the property. Henderson acquired Reading Commons on behalf of CASA Partners IV, the company’s value-add fund. The acquisition marks the funds first purchase in the Northeast and its third property acquired in 2008.
NEW YORK CITY — LCOR has secured $33 million in construction financing for a 142-unit residential rental property located at 34 Berry St. in the Williamsburg neighborhood of Brooklyn. Amenities for the $69 million project, which is scheduled for a spring 2010 completion, will include a landscaped outdoor garden, a rooftop terrace and lounge, a fitness center, a business meeting room and on-site parking for 71 cars. The loan was originated by Richard Bassuk of Singer & Bassuk; the lender was bank of America. Terms of the financing were not disclosed. The project was designed by Perkins Eastman; the general contractor is Ryder Construction. Leasing is being handled by Rose Associates.
VIRGINIA BEACH, VA., AND WILMINGTON, N.C. — KeyBank Real Estate Capital has secured $18.3 million in loans for two Oakdale Heights senior housing properties. San Diego-based Pacifica Companies took out a $9.3 million loan for an 86-unit complex in Virginia Beach and a $9 million loan for an 87-unit property in Wilmington. Fannie Mae provided financing.
FLORIDA — Love Funding has secured $24.7 million in loans for two senior housing facilities in Tallahassee and Tarpon Springs, Fla. A $17 million loan was arranged for the 120-unit Heritage Oaks complex in Tallahassee at a 4.63 percent interest rate. The 92-unit Allegro at East Lake received a $7.7 million loan with a 5.19 percent interest rate. Both 7-year loans come with a 30-year amortization and were funded by Freddie Mac. Robyn Cunningham of Love’s St. Louis office secured the loans.
EVANSVILLE, IND. — Ken Newcomb and Butch Proctor of F.C. Tucker Commercial have brokered the sale of Hickory Lake Apartments complex located at 1214 Lavender Court in Evansville. Theimann Real Estate has purchased the property from Goebel Real Estate for $7 million. The 100-unit community will be targeted to the area’s population aged 55 and older. The listing was procured by Kyle Parker and Steve Parker of F.C. Tucker Commercial.
JERSEY CITY, N.J., AND MACUNGIE AND ALLENTOWN, PA. — Bridgewater, N.J.-based SK Properties (SKP) has secured more than $170 million in construction financing for three multifamily properties located in New Jersey and Pennsylvania. In Jersey City, SKP closed on a $107.5 million loan for 225 Grand, a 12-story, 348-unit building located along the Hudson River waterfront that the company is developing in partnership with Applied Development Co. The building is part of the Liberty Harbor North development. The loan carries a 3-year term and was placed with PNC Bank, TD Banknorth, Capital One and Commonwealth Bank Group, with PNC Bank serving as lead lender. SKP closed on a $46 million loan for Centronia Road Apartments, a 364-unit, garden-style apartment community located on Centronia Road in Upper Macungie Township. The community comprises 26 buildings, a clubhouse and a pool. The loan carries a 3-year term, and was placed with Capital One, with TD Bank participating. Finally, SKP closed on a $17.1 million loan for Allenbrook Apartments, a 133-unit community located in Allentown. The loan carries a 3-year term, and was placed with Bank of America.
ST. CLOUD, MINN.; AND TOPEKA, KAN. — Daniel Trebil in the Minneapolis office of NorthMarq Capital has arranged $2.5 million in first mortgage financing for Edgewater Estates Apartments located in St. Cloud. The loan for the 57-unit apartment community was based on a 10-year term plus a 1-year extension period, with a 30-year amortization schedule. Financing was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. Additionally, the company has arranged $2.26 million in first mortgage financing for Bristol Ridge Apartments, a 69-unit community located in Topeka. Brent Blake in the Kansas City office of NorthMarq arranged the loan on behalf of the borrower, Topeka Apartments Co. Financing was based on a 10-year fixed rate term, with a 30-year amortization schedule.
PHILADELPHIA — Marcus & Millichap has completed the sale of two multifamily buildings, located at 912 and 1118 Pine St. in Philadelphia, for $1.49 million. The Class C properties comprise a 10-unit building and a five-unit building with ground-floor retail space. The storefront is the only vacancy between the two buildings. Andrew Janick of Marcus & Millichap’s Philadelphia office represented the seller, a private investor, and the buyer, a limited liability company. The property traded at a 4.5 percent capitalization rate. The buyer’s long-term plans for the properties include capital improvements, which will be made in an effort to increase rents.
NEW YORK CITY — The Brooklyn, New York City, office of Community Preservation Corp. (CPC) has provided a $1.09 million construction loan for the rehabilitation of a Brooklyn affordable housing property. The loan was financed under CPC’s Small Building loan program. The funds will provide for the gut rehabilitation of two three-story rental apartment buildings located at 1384 and 1386 Flatbush Ave. in the borough’s Flatbush neighborhood. Both buildings contain ground-floor commercial space. They were acquired out of foreclosure in 2007 by the borrower, NIOKA Estates. Terms of the financing were not disclosed.
DENTON, TEXAS — Hendricks & Partners has brokered the sale of Bellmere, a 60-unit multifamily property located at 816 N. Bell Ave. in Denton. Peter Hartnett and Ryan Warren of the firm’s Dallas office represented the seller, Laguna Niguel, Calif.-based 816 N. Bell LLC. The property was acquired by Muenster, Texas-based Rohmer Denton Properties, Ltd. for an undisclosed amount.