BOSTON — CWCapital, a subsidiary of CW Financial Services, has provided a $130 million loan for the refinancing of Church Park, a 12-story luxury apartment tower located in Boston. The property was developed in 1973 and is located at 221 Massachusetts Ave. It consists of 508 Class A apartments, 71,399 square feet of ground-floor retail space and a six-story parking garage. Apartment amenities include a penthouse community room with wireless Internet access, a fireplace, a baby grand piano and a rooftop terrace. Other amenities include 24-hour security and full concierge services. Tenants for the building’s retail component include Whole Foods Market. The building is currently 99 percent leased. Andrew Gnazzo and Michael Darling of CWCapital’s Boston office originated the loan through Freddie Mac’s Capital Markets Execution Program. Terms of the financing include a 10-year term and a 5.51 percent fixed interest rate. CAS Financial Advisory Services advised the borrower, Boston Residential Group.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Chancellor, a 224-unit multifamily community located at 311 Parramatta Ave. in Houston. The property was purchased by Miami Beach, Fla.-based JPMCC 2006-LDp9 Parramatta Lane Apartments LLC. The seller was locally based Chancellor Apartments LLC. Chip Nash and Greg Austin of H&P’s Houston office represented the seller. Terms of the transaction were not disclosed.
OAKLAND AND HAYWARD, CALIF. — Marcus & Millichap has brokered two multifamily transactions totaling approximately $3.39 million in the San Francisco Bay area. In the first transaction, David Wolfe and Eli Davidson of Marcus & Millichap’s Oakland office represented the undisclosed buyer in the acquisition of Glen Park Apartments, an 18-unit multifamily property located at 3507 Glen Park Rd. in Oakland. The property, which also offers retail space, sold for $1.6 million. In the second transaction, Kevin Turner of Marcus & Millichap represented the undisclosed seller in the disposition of Blossom Way Apartments, a 16-unit multifamily property located at 321-347 Blossom Way in Hayward. The cottage-style property sold for $1.78 million.
POMPANO BEACH, FLA. — Miami-based Pinnacle Housing Group has opened the 302-unit Golden Acres affordable housing complex in Pompano Beach. Designed by Fort Lauderdale, Fla.-based Pasquale Kuritzky Architecture, the property is located on 31 acres at the intersection of Dr. Martin Luther King Boulevard and NW 18th Drive. Pinnacle Housing and the Housing Authority of Pompano Beach broke ground on the project in April 2008.
CROSSVILLE, TENN. — Friendswood, Texas-based TrinityCare Senior Living, along with the Crossville-based developer Ray Mays, will build the 82-unit Trinity Heights senior housing complex in Crossville. Deutsche Bank Berkshire Mortgage recently provided funding for the project, which will cost $10 million. Trinity Heights is TrinityCare’s second facility in eastern Tennessee. Completion is slated for next year.
ST. ELIZABETH, MO. — Love Funding has arranged a $2.19 million loan for the refinancing of St. Elizabeth Care Center, a skilled nursing facility located in St. Elizabeth. The property contains 63 beds and 35 units. Terms of the loan include a 5.65 percent fixed interest rate and a 30-year term and amortization schedule. Robyn Cunningham of Love’s St. Louis office arranged the financing utilizing the HUD 232/223(f) program. The borrower is BKY Inc.
NEW YORK CITY — Meridian Capital Group has arranged a $151 million loan for The Ritz Plaza, a 43-story residential apartment building located in New York City’s Times Square. The building comprises 479 luxury units, as well as 30,000 square feet of retail and office space. Resident amenities include a fitness center, an indoor pool and a newly remodeled social center. The loan carries a 10-year term with a 5.34 percent fixed interest rate and 2 years of interest-only payments. Ralph Herzka and Abe Hirsch of Meridian secured the financing on behalf of the borrower, Stonehenge Management. The lender was Freddie Mac via the New York office of Walker & Dunlop.
HYATTSVILLE, MD. — Washington, D.C.-based Urban Investment Partners and its Netherlands-based partner Stonebridge Investments have purchased the 94-unit Courtyard Park Apartments from CYP for $4.1 million. The sellers made the purchase on behalf of Washington Residential Fund III. The property, located at 4201-4213 Oglethorpe St. in Hyattsville, is 97 percent occupied. Bethesda, Md.-based BMC Property Group brokered the transaction.
CHICAGO — Meridian Capital Group has secured approximately $14 million for three multifamily loan transactions throughout Chicago. The first deal includes four buildings, located at 1530, 2319 & 2516 N. Kedzie Ave. and 2330 N. Spaulding Ave. The four buildings are part of a five-building, 283-unit portfolio. Gershon Friedman of Meridian negotiated on behalf of the borrower to secure a rate of 5.88 percent, non-recourse, for a 10-year term. The second deal is for a building, located at 6600 N. Glenwood Ave. that contains 18 residential units. Friedman also negotiated on behalf of the borrower to secure a rate of 5.57 percent for a 5-year term. The final deal is for two properties, located at 7800 Kedvale Ave. and 8026 Knox Ave. that total 18 residential units. Friedman secured a rate of 5.6 percent for a 10-year term.
PARMA HEIGHTS, OHIO, AND ANGOLA, IND. — KeyBank Real Estate Capital has secured a total of $8.85 million for the refinancing of two Midwest apartment communities. In Parma Heights, KeyBank arranged $5 million in Freddie Mac funds for Phase III of Big Creek Apartments. The phase comprises 10 two- and three-story buildings with a total of 112 units. The borrower is Big Creek Apartments I LLC. Big Creek Apartments was constructed in multiple phases and contains a total of 516 units. In Angola, Key arranged $3.85 million in Fannie Mae funds for Village Green Apartments. Constructed in 1986, Village Green comprises 13 buildings with 200 units. The borrower was undisclosed.