RICHMOND, VA. — The 46-unit Pine Court Apartments, located on the edge of the Virginia Commonwealth University campus in Richmond, has received a $3.57 million loan. The 10-year loan carries a 30-year amortization and a 5.79 percent interest rate. Walker & Dunlop secured the financing.
MINNEAPOLIS — Construction is underway for Mill District City Apartments, a $25 million multifamily project located in Minneapolis’ Mill District/Washington Street corridor. Situated at the corner of Portland and Washington avenues, the five-story building will feature 175 luxury apartments, a 3,500-square-foot specialty market, a business center, a fitness center, an indoor/outdoor pool and a 14,000-square-foot private park. The property is owned by a joint venture between Holtzman Interests and Avgeris & Associates, and Village Green is developing it. Frana Cos. is serving as general contractor for the project, which was designed by Boarman Kroos Vogel Group. Project partners include the City of Minneapolis, U.S. Bank, Western Bank and Metropolitan Capital Bank. Completion is slated for early spring 2011.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of a residential building and an adjacent development site located in Harlem, New York City, for $21.92 million. The first part of the transaction consists of a six-story, 120-unit affordable housing building that is situated on Fifth Avenue between West 116th and 117th streets. The second component of the deal is an approximately 44,402-square-foot, L-shaped lot that takes up the remainder of the block. The buyer, L&M Equities, plans to continue to operate the residential building as affordable housing. Plans for lot call for a building between 180,000 and 260,000 square feet in size. Shimon Shkury and Tom Donovan of Massey Knakal represented the seller, Metrovest Equities.
NEW YORK CITY — Nonprofit organization Community Counseling & Mediation has acquired a development site located at 226 Linden Blvd. in the Flatbush neighborhood of Brooklyn, New York City, for $1.45 million. The site has been approved for the development of a 71-unit residential building. Including air rights that were previously purchased from an adjacent lot, the total amount of buildable space for the site is 59,629 square feet, including parking. Ofer Cohen of TerraCRG represented the undisclosed seller. Shay Zach of Itzhaki Properties also helped broker the deal.
PETALUMA, CALIF. — Marcus & Millichap has handled the $52 million sale of the 492-unit Lakeville Resort apartment complex, located in Petaluma in the southern part of Sonoma County’s world-renowned wine country. Marcus & Millichap’s Stanford Jones, Phil Saglimbeni and Sal Saglimbeni represented the seller, Equity Residential. The brokerage firm also represented the buyer, Abacus Capital Group.
CANTON, GA. — Dominium Development and Acquisition has purchased the 212-uint Canterbury Ridge Apartments from a private party for an undisclosed price. Originally constructed in 1999, the affordable housing complex is located at 101 Canterbury Ridge Parkway in Canton.
WASHINGTON, D.C. — Benning Garden LP has sold the 45-unit Benning Gardens Apartments to an undisclosed party for $2.3 million. The property is located at 4951 G. St. SE in Washington. Ari Firoozabadi of Marcus & Millichap represented the seller in the transaction.
WEST BEND, WIS. — Benjamin Kadish of Maverick Commercial Mortgage has arranged a $2.17 million first mortgage loan for a 64-unit multifamily property located in West Bend. Built in 1991, the property consists of eight two-story brick and aluminum buildings offering 32 one-bedroom units and 32 two-bedroom units. The 5-year loan was underwritten with a 75 percent loan-to-value ratio and a 30-year amortization schedule. The borrower was not disclosed.
Oklahoma City and Edmond, Okla. — Walker & Dunlop has secured $43.98 million in acquisition financing for a three-property apartment portfolio in Oklahoma. The portfolio includes two properties in Oklahoma City, the 368-unit Watersedge Apartments and the 157-unit Gardens at Reding Apartments, and one in Edmond, the 488-unit Oxford Oaks Apartments. Occupancy for the communities averaged 94 percent at the time of closing. Jeff Jones led the Walker & Dunlop team that originated the financing through HUD's Section 223(f) program. Terms of the financing include a 2-year lock-out and a 35-year amortization schedule.
HOUSTON — Arbor Commercial Funding has arranged $3.78 million in FHA 223(f) financing for Crown Gardens, a 164-unit apartment community located in Houston. The loan carries a 35- year term and amortization schedule as well as a 5.5 percent note rate. It was originated by Jay Porterfield of Arbor's Plano, Texas, office. The borrower was not disclosed.