BIRMINGHAM, ALA. — Warren Higgins of Capmark Finance’s Horsham, Pa., office has secured a $19.5 million loan for Rodman Properties’ acquisition of the 315-unit Stonecrest Apartments. The loan was financed through Capmark’s Fannie Mae DUS program. The 26.5-acre property, located at One Stonecrest Dr. in Birmingham, features a clubhouse, a pool and tennis, volleyball and basketball courts. Stonecrest is 92 percent occupied.
WASHINGTON, D.C. — Washington-based Urban Investment Partners will spend $2 million to renovate the century-old Absecon, a foreclosed 21-unit apartment complex located at 1706 T St. N.W. in Washington. The firm purchased the building last year for $60 million and will deliver the property, which is to be renamed The Shelby, next June. In addition to expanding the building’s capacity to 24 units, UIP will install wireless Internet capabilities and security cameras. Renovations are about to get underway on the 63-unit Shelburne complex, located on 17th Street in Washington. When it delivers at the end of this month, the building will feature a new lobby, a new front door with an awning, hallway improvements and a laundry room.
FRESNO, CALIF. — CMR Mortgage Fund has completed the disposition of a 33-unit multifamily community in Fresno. Built in 1970, the property features two-bedroom, garden-style units. The undisclosed buyer plans to renovate the community. Jamie Clifford and Steve Carne of Arroyo & Coates represented the seller in the transaction. The acquisition price was not disclosed.
LOS ANGELES — Hiu Chan of Marcus & Millichap has completed the disposition and acquisition of an apartment building located at 2054 Argyle Ave. in Los Angeles. The 31-unit property sold for $4.5 million. Built in 1957, the property is situated on a 21,562-square-foot site. The seller and buyer were not disclosed. Chan represented both parties in the transaction.
CARMEL, IND. — St. Louis-based Paric Corp., as construction manager, has completed a $42 million senior housing community located at 2460 Glebe St. within the Village of West Clay in Carmel. The 337,000-square-foot Stratford at West Clay was designed as an active senior living community situated within a multi-generational setting. The facility, which was developed and is being operated by the Stratford Cos., includes 172 apartments, with a total of 400 rooms. Additionally, 40 detached bungalow units are available for independent living. Amenities at the property include an indoor pool, library, salon, spa, and full dining and kitchen facility. The Lawrence Group served as the architect/designer for the project.
WANAQUE, N.J. — Bloomfield Hills, Mich.-based Pulte Homes is advancing construction for Wanaque Reserve by Del Webb, a 436-acre active adult community located in Wanaque. Seven of the community’s 10 planned buildings are currently complete. Upon full build-out the project will comprise 755 two-bedroom carriage houses. The single-story units will contain up to 2,119 square feet of space, and will be priced from the mid $300,000s. Community amenities for Wanaque Reserve will include indoor and outdoor swimming pools with sundecks and patios; tennis and bocce courts; walking and hiking paths; and a 20,000-square-foot clubhouse that will contain a fitness center, card and billiards rooms, a computer center, arts and crafts rooms, a theater, and an entertainment hall. The community is situated at the base of Ramapo Mountain State Park, and is bordered by Wanaque River. Building 4, which contains 77 units, recently sold out; sales are under way for Building 3, which contains 58 homes. The construction timetable was not released.
WACO, LONGVIEW AND WICHITA FALLS, TEXAS — Cleveland-based KeyBank Real Estate Capital has secured $19.6 million in Freddie Mac financing for three Texas assisted living facilities. Meadowlands Terrace, located in Waco, received a $7.9 million loan; Eastman Estates, located in Longview, received a $6.4 million loan; and Wichita Falls, located in a city of the same name, received a $5.3 million loan. The fixed-rate credit facility has a weighted average interest rate of 6.65 percent and a term of 10 years. The borrower was not disclosed.
TOLEDO, OHIO — Toledo-based Health Care REIT has terminated its previously announced agreement with an affiliate of Arcapita Inc. to acquire 90 percent interest in a 29-property senior housing portfolio managed by Sunrise Senior Living Inc. The properties are located mainly in the New York, Los Angeles and Chicago metropolitan areas. Given the uncertainty in the capital markets, Health Care REIT has decided not to move forward in negotiations.
VIRGINIA BEACH AND WILLIAMSBURG, VA. — An affiliate of Harbor Group International has purchased Mariner’s Cove Apartments and Steeplechase Apartments from an affiliate of AIMCO for $69.2 million. The 458-unit Mariner’s Cove, located in Virginia Beach, is 95 percent occupied. Harbor Group will invest $2.3 million in the 38-year-old apartment, which was renovated in 2002. Located in Williamsburg, the 220-unit Steeplechase was built in 1986 and renovated in 2006. Harbor Group will invest $1.3 million in the property for renovations. Steeplechase is 98 percent occupied. Dan Johnson, Hank Hankins and Sean Cunningham of CB Richard Ellis brokered the transaction.
ELYRIA, OHIO — Douglas Wilson in the Columbus, Ohio, office of Irvine, Calif.-based Sperry Van Ness has represented both parties in the sale of a multifamily community located at 103 Cheshire in Elyria. Situated on 3.8 acres, the 66-unit Hampshire Apartments houses 10 efficiency units, 51 one-bedroom units and five two-bedroom units. The complex was 91 percent occupied at the time of escrow. Ashland, Ohio-based Aspen Properties has purchased the community from Elyria-based 4M Investments for approximately $1.73 million.