HALTOM CITY — Anthony Tarter of Arbor Commercial Funding has secured a $1.08 million loan for Haltom Oaks Apartments. The 68-unit property is located in Haltom City. Fannie Mae funded the 25-year loan, which carries a 5.51 percent interest rate.
FAIRFAX COUNTY, VA. — Gables Residential will break ground early next month on the 120-unit Gables Centerpointe at the interchange of Interstate 66 and Highway 50 in Fairfax County. The new development will sit adjacent to the 1.5 million-square-foot Fair Oaks Mall. The four-story building will feature a fitness center, a business center and a club room. Completion of the LEED project is slated for late 2011.
BOCA RATON, FLA. — Balfour Beatty Construction has completed vertical construction of the first two towers at Florida Atlantic University's Innovation Village, a $66 million student housing project in Boca Raton. The LEED Silver development will house 1,200 students in 375 units. Amenities will include retail space, a pool, sand volleyball courts, computer labs and fitness rooms. Delivery is expected in time for the 2011 school year.
MOUNT PROSPECT, ILL. — Cohen Financial has secured a $12 million loan for a multifamily property in Mount Pleasant. The borrower is using the loan to refinance the 222-unit property. Dan Rosenberg of Cohen's Chicago office arranged the 35-year, fixed-rate loan with an 85 percent loan-to-value through Oak Grove Capital, a national multifamily lender. The borrower is a Chicago-based multifamily property investor and manager.
NEWTON, MASS. — Walker & Dunlop has secured a $10.5 million permanent loan for an assisted care facility in Newton. The loan carries a fixed 7-year term with 2 years of interest-only payments, a 30-year amortization schedule, a 52 percent loan-to-value ratio and a 2.26x debt-service coverage ratio. The property, known as Evans Park at Newton Corner, is a 121-bed, Class A facility. It was originally built as the Newton Public Library in 1904 and converted to a senior living facility in 1994. It provides assisted living and Alzheimer's care, and was 93 percent leased at the time of closing. The loan was added to an existing Fannie Mae master credit facility.
NEW YORK CITY — POKO Partners, in partnership with the New York City Housing Partnership, has broken ground for a $13 million affordable housing project in the Bronx. The project will include the construction of 37 affordable apartments at 1434-1438 Morris Ave. Completion is scheduled for early 2012. The project architect is GF 55 Architects. Financing for the project was provided by a variety of capital subsidy programs and grants as well as loans from the NYC Department of Housing Preservation Development, Community Preservation Corp., The Bank of New York Mellon, First Sterling Financial and the Bronx Borough President's Office.
NEW YORK CITY — A partnership between Community Preservation Corp., the New York City Department of Housing Preservation & Development and the New York City Pension Fund has provided a total of $3.5 million in permanent construction financing for the rehabilitation of a Harlem apartment building. The currently vacant property totals six stories and is located at 2527 Adam Clayton Powell Blvd. Upon completion of the renovation, it will contain six one-bedroom units, 10 two-bedroom units and two ground-floor commercial spaces. The financing carries a fixed interest rate, a 30-year term and a 30-year amortization schedule. The borrower is developer Raymond Yu.
LOS ANGELES — Marcus & Millichap has negotiated the $3.5 million sale of a 36-unit apartment property located in the Van Nuys area of Los Angeles. The brokerage firm’s Reza Ghobadi and Frank Pour represented both the financial-institution seller and the limited-liability-company buyer in the transaction.
TAMPA, FLA. — Alliance Residential Co. will break ground in October on the 296-unit Citrus Park Village at 8049 Gunn Highway in Tampa. The project will include a mix of one-, two- and three-bedroom units. Amenities will include a pool, a fitness center, a business center and a game room. Delivery is slated for mid-2012.
DANBURY, CONN. — TGM Associates has acquired Willow Grove at Danbury, a 135-unit, garden-style apartment community located in Danbury. Built in 1999, the community contains a mix of one- and two bedroom units with an average unit size of 1,232 square feet. Property amenities include a clubhouse, a fitness center, a heated pool with a wraparound sun deck, and detached garages. The seller was RREEF.