TEXARKANA, TEXAS — Johnson Capital has secured $4.86 million in construction-to-permanent financing for a new senior housing facility in Texarkana. The project, which will be known as The Magnolia, will be a 40-bed facility specializing in Alzheimer's care. The loan features a 40-year, self-amortizing term following a 16-month construction period. Paul Mogote of Johnson Capital's Dallas office arranged the loan, which was placed with a HUD-insured loan group and was provided under Section 232 of the Fair Housing Act. The borrower is a first-time developer.
FORT MYERS, FLA. — A partnership among Behringer Harvard Opportunity REIT II, DeBartolo Development and Christian Tyler Properties has acquired the senior mortgage debt associated with the 408-unit Palms of Monterrey multifamily complex from the property’s previous owner. The complex was built in 2001 and is located at 15250 Sonoma Dr. in Fort Myers. Apartment amenities include a clubhouse with a business center, two heated pools, a lighted tennis court and a racquetball facility. The Palms of Monterrey, which started life as a collection of condominium units, will be repositioned as apartments.
PALMYRA, N.J. — Gebroe-Hammer Associates has arranged the sale of River Villas, a 44-unit apartment community located in Palmyra, for $3 million. The fully leased community is situated at 5019 Harbour Dr.; it comprises four buildings with all two-bedroom units. Amenities include a clubhouse, a swimming pool and tennis courts. Joseph Brecher and Joel Schwartz of Gebroe-Hammer represented the seller, Harbour View, and procured the undisclosed buyer.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Williamstown, a 272-unit multifamily community located at 9200 Bissonnet St. in Houston. Ed Cummins and Clint Duncan of H&P's Houston office arranged the deal between the buyer, locally based Optimum Williamstown LLC, and the seller, locally based Diep Residential. The acquisition price was not disclosed.
LUBBOCK, TEXAS — Walker & Dunlop has provided a $34.43 million loan for the acquisition of The Cottages of Lubbock, an off-campus student housing community in Lubbock that serves the Texas Tech University community. The newly constructed, Class A property consists of 95 two-to-five bedroom, Craftsman-style structures containing a total of 241 units. Amenities include an 8,230-square-foot clubhouse that contains a screening room, a fitness center, a tanning salon, a business center, a billiards room, a computer lab and seating areas equipped with flat-screen televisions. Other amenities include a swimming pool, a large patio, a volleyball pit, fire pits and charcoal grills. The loan carries a 10-year term with a 30-year amortization schedule, a 75 percent loan-to-value ratio and a 1.3x debt-service coverage ratio. The borrower was Campus Living Villages. Will Baker of Walker & Dunlop led the lending team.
LA MESA, CALIF. — Grubb & Ellis|BRE Commercial has brokered the $6.7 million acquisition of Stoneridge by the Lake Condominiums in La Mesa. Located at 5707 Baltimore Dr., the more than 30-year-old property features five buildings on 2.24 acres of land. The transaction encompassed 47,705 rentable square feet, including 42 of the 51 total condominium units in the complex. Grubb & Ellis|BRE Commercial’s Diane Miramontes, Darcy Miramontes, Hunter Combs and Kip Malo represented the undisclosed buyer. The fractured condo development was sold by a large international bank, which was also the original lender on the property’s conversion in 2006-2007.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 16-unit apartment building located in the Bronx, New York City, for $1.28 million. The property is a five-story, walk-up building that features a mix of studio, one-, two- and three-bedroom units. Almost all of the units have been recently renovated. The undisclosed buyer purchased the property free and clear of debt and used the proceeds to refinance a neighboring property. Marco Lala of Marcus & Millichap's Manhattan office represented the seller, which was also undisclosed, as well as the buyer.
SAN ANTONIO — Hendricks & Partners (H&P) has brokered the sale of Windsor Village, a 124-unit multifamily community located at 5341 Gawain Dr. in San Antonio. Scott Weems of H&P's San Antonio office and Ellen Muskin of the firm's Austin, Texas, office represented the seller, Santa Rosa, Calif.-based SA Windsor Village Apartments LP. The buyer was Boerne, Texas-based Calton Investments. The acquisition price was undisclosed.
DALLAS — New York City-based Avant Capital has arranged a $2.85 million bridge loan for the acquisition and renovation of a 304-unit apartment community located in Dallas. The loan carries a 2-year term with interest-only payments, a 7 percent interest rate, a 2-year extension option and a 70 percent loan-to-value ratio. The lender is a local bank and the borrowers are multifamily investors with a strong Dallas-Fort Worth presence.
TUSCALOOSA, ALA. — The Dinerstein Cos. has secured a $27.12 million construction loan for the 316-unit Sterling Crimson Apartments in Tuscaloosa. The student housing property, which is slated to deliver in August 2011, is located at the intersection of 10th Ave. and 14th St. near the University of Alabama campus. Property amenities include an internet café, a tanning salon, a fitness center and a pool. Cameron Cureton of Holliday Fenoglio Fowler’s Houston office secured the loan.