AVON LAKE, OHIO — Capmark Finance has originated $13.5 million in fixed-rate debt for the acquisition of Somerset Apartments, a 98 percent occupied, 221-unit community located in Avon Lake. The loan was provided at a fixed rate of 6.02 percent and at a 70 percent loan-to-value ration. Capmark sourced the financing through its Freddie Mac CME program. Financing was based on a 10-year term, with 2 years interest only payments followed by a 30-year amortization. Stewart Campbell in the New York City office of Capmark originated the loan for the borrower Dimitrios Kaloidis.
Multifamily
GRAND PRAIRIE AND AUSTIN, TEXAS — NorthMarq Capital has arranged $26.6 million in first mortgage financing for two Texas multifamily properties. A $16.1 million loan was arranged for Indigo Pointe Apartments, a 300-unit community located in Grand Prairie. The loan includes a 4-year, interest-only term and was arranged with an undisclosed Midwest life insurance company. The second loan totals $10.5 million, and was secured by Presidio Apartments, a 250-unit community located in Austin. The loan carries a 5-year, interest-only term, and was arranged through AmeriSphere Multifamily Finance, which is a Fannie Mae DUS lender. Both loans were originated for the undisclosed borrowers by Jeff Frankel of the Chicago office of NorthMarq Capital.
LOS ANGELES — Los Angeles-based JRK Property Holdings Inc. has acquired a 17-property multifamily portfolio from Apartment Investment and Management Company (AIMCO). The portfolio, which spans five states, is valued in excess of $285 million. The transaction was capitalized through a joint venture with JRK Birchmont Advisors, the private equity division of JRK. The properties are located in Fort Collins, Colo.; Atlanta; Richmond, Va.; Charleston, S.C.; and Cincinnati and Columbus, Ohio. The portfolio will be managed by JRK Residential Group, JRK’s property management affiliate. This acquisition increases the value of JRK Property Holdings’ real estate portfolio to more than $3 billion.
WILSONVILLE, ORE. — Costa Pacific Communities is currently developing Village Center, the residential/retail portion of Villebois in Wilsonville. Designed after traditional European villages, the pedestrian-friendly Village Center will feature a mix of condominiums, row homes, plazas, apartments, green space and boutique shops and services. The project will offer approximately 650 residential units, as well as several buildings featuring ground-level retail and residential space above. The housing products currently under construction include Carvalho Condominiums and Seville Rows. Ranging in size from 1,291 to 2,321 square feet, the three-story townhome or one-level flat units offer two bedroom floor plans that feature flexible living space with loft areas and bonus rooms. Additionally, Village Center will feature Piazza Villebois – a lively plaza and dedicated community space for residents.
BALTIMORE, MD. — KeyBank Real Estate Capital has provided a total of $53.7 million in financing for a portfolio of four Northeast senior housing properties. The borrower is Baltimore-based Capital Health Group. In the first part of the transaction, KeyBank provided $24.8 million through Fannie Mae’s DMBS program for Forge Hill Senior Living in Franklin and The Inn at Robbins Brook in Acton. The remainder of the proceeds, which were funded through KeyBank’s balance sheet, went toward the financing of The Inn at Spruce Wood in Durham and Village at Fillmore Pond in Bennington. Terms of the loans were not disclosed.
BETHESDA, MD. — Bethesda-based Green Park Financial has added $102.89 million to an existing credit facility for Milestone Multifamily Investors that was first completed in 2005. The loan addition is derived from cross-defaulted and cross-collateralized mortgages and is secured by multifamily properties in Arizona, Florida and Texas. The eight Class B properties encompass 3,000 units. The current 5-year loans carry the option for a 5-year extension.
INDIANAPOLIS — CB Richard Ellis’ Indianapolis-Cincinnati Multi-Housing Group has arranged the sale of a 168-bed student apartment community located in Indianapolis. The College Crossing at National is situated 1 block from the University of Indianapolis. Chicago-based Hunter Properties has purchased the community from Trinitas Ventures for an undisclosed amount. The property, which features two-, three- and four-bedroom units, includes a recreation center, a resident lounge and a study center with public computers. The acquisition price was not disclosed.
BOSTON — Construction has topped out for The Clarendon, a 33-story residential tower under development in the Back Bay neighborhood of Boston. The project consists of 103 one- to four-bedroom condominiums starting on the 15th floor, as well as 178 rental residences, more than three dozen of which will be designated affordable housing. The Clarendon will also include a signature restaurant and a gourmet market operated by American Food Management. The post office that formerly occupied the property will relocate to the building upon completion in late 2009. The project will be applying for LEED-Silver certification from the U.S. Green Building Council. It is being developed by a joint venture between New York-based Related Cos. and Boston-based The Beal Companies. The project was designed by Robert A.M. Stern Architects.
NEW YORK CITY — Calabasas Hills, Calif.-based PNC ARCS has arranged a $2.1 million loan for Central Park South Apartments, a 21-story, Class A apartment building located in New York City. The property contains 37 owner-occupied units and a ground-floor commercial unit. Terms of the loan include a 5.82 percent fixed interest rate and a 10-year term with interest-only payments. The loan was secured on behalf of the borrower by the Princeton, N.J., office of PNC through Fannie Mae.
KINGWOOD, TEXAS — Los Angeles-based SCI Real Estate Investments has acquired Kings Cove, a 192-unit, Class A apartment community located in Kingwood. The Class A community, which is situated on the northeast corner of Lake Houston, is part of the Kingwood master-planned community. Scott Derrick and Bill Rose of SCI provided in-house representation for their company in the purchase from Houston-based Dinerstein Cos. The acquisition price was not disclosed.