ATLANTA — Georgia State University has opened an 87,000-square-foot freshman residence hall at the corner of Piedmont and Edgewood avenues in Atlanta. The $15.7 million property features 107 suites, which can accommodate 325 students. Each room contains cable and Internet connections, and lounges outfitted with a 50-inch television can be found on each floor.
HOUSTON — The Washington, D.C. office of Love Funding has arranged $5.52 million in acquisition financing for Crystal Falls Apartment Homes, a 165-unit multifamily community located in Houston. Constructed in 1984, Crystal Falls contains nine two- and three-story buildings. Amenities include a pool and hot tub, a clubhouse, an exercise room, a laundry room and gated access. The loan includes a 5.35 percent fixed interest rate and a 25-year amortization schedule. It was originated by Love Funding’s Holly Bray, who utilized the HUD 223(f) program. The borrower was not disclosed.
NORFOLK, VA. — Norfolk Housing has obtained a $44 million construction loan for its 307-unit The District at ODU student housing facility, which is slated for completion in June. Located near Old Dominion University and East Virginia Medical School in Norfolk, the four-story property will house 909 students. Amenities include a swimming pool, a fitness center and a computer lab. The loan carries an interest rate of less than 4 percent and will convert to a 10-year mortgage with an interest rate of less than 7 percent when construction is complete. Philadelphia-based NAI Bluestone Real Estate Capital arranged the loan.
WEST PALM BEACH, FLA. — Two Florida-based private investors have sold the 94-unit Haverhill Garden Apartments to an undisclosed Wellington, Fla.-based buyer for $4.26 million. The six-building property is located at 1909 Haverhill Rd. in West Palm Beach. Daniel Cunningham and Derek Gibbs of Marcus and Millichap’s Fort Lauderdale, Fla., office brokered the sale.
ARVADA, COLO. — Foothills Apartments Denver has acquired Apple Creek Apartments, a 219-unit multifamily property located at 9750 W. 59th Ave. in Arvada, for $11.8 million or $53,881 per unit. Built in 1987, the property comprises 19 three-story buildings offering a mix of studio, one- and two-bedroom units. Community amenities include a heated swimming pool, laundry facilities and barbeque areas. David Potarf, Daniel Woodward, Jordan Robbins and Charles LeClaire of Marcus & Millichap represented the buyer and the seller, Apple Creek Housing Associates LTD/Apple Creek 24 LTD, in the transaction.
RAMONA, CALIF. — Tucson, Ariz.-based Ramona Terrace Community LLC has purchased Ramona Terrace Estates, a 218-space manufactured-housing property in Ramona. The property, which is located at 1212 H St., sold for $16 million or $73,459 per space. The 26.79-acre site consists of 218 doublewide manufactured homes. The buyer plans to continue to operate the property as a seniors manufactured-housing community. Jonathan Harrison of Marcus & Millichap represented the buyer; Huntington Beach, Calif.-based All California Brokerage represented the undisclosed seller in the transaction.
PERU, ILL. — Cambridge Realty Capital Cos. has provided $19.8 million in first-mortgage financing for Manor Court of Peru, a 171-bed skilled nursing facility located in Peru. The FHA-insured loan carries a 35-year term and was arranged utilizing the HUD Section 232 pursuant to Section 223(f) program. It was underwritten by Cambridge Realty Capital Ltd. of Illinois, one of the company’s subsidiaries. The borrower was not disclosed.
CARROLLTON, TEXAS — Marcus & Millichap has brokered the sale of Corinthians Assisted Living & Memory care, a 56-unit senior housing property located in Carrollton, for $3.25 million. The property is situated at 1029 W. Seminole Trail, approximately 2 blocks from its sister property, Corinthians Retirement Community. The property is sold on behalf of Sunwest Management by the Securities and Exchange Commission, which placed the company under receivership while it investigates fraud allegations. Benjamin Firestone and Jacob Gehl of Marcus & Millichap’s Chicago Downtown office represented the seller as well as the buyer, Oklahoma City-based Esperanza City Living. The SEC receiver retained Marcus & Millichap to sell a number of additional Sunwest assets.
NEW YORK CITY — The New York City office of CB Richard Ellis (CBRE) Capital Markets has arranged a $2 million first mortgage for the refinancing of two residential buildings located on Manhattan’s Upper East Side. The first property is 1275 Third Avenue, a five-story building containing 9 apartments and a ground-floor retail space occupied by Scoop, which just signed a lease renewal. The second property is 314 E. 70th St., a five-story building containing 15 apartments and a ground-floor retail space occupied by restaurant Shabu-Shabu. The non-recourse loan carries a 5-year term with a 30-year amortization schedule and a 6.12 percent interest rate. It was arranged by CBRE’s Keith Kurland. The borrower and lender were not disclosed.
SAN ANTONIO — The San Antonio office of The NRP Group has received approval from the Texas Department of Housing & Community Affairs for nine new affordable housing projects totaling 786 units. The projects include: Montabella Pointe, a 144-unit single-family project located in San Antonio; Golden Bamboo II, a 116-unit multifamily project located in Houston; Costa Emeralda, a 112-unit multifamily project located in Waco; Four Seasons at Clear Creek, a 96-unit multifamily projects located in Fort Worth; Ventana Pointe, a 96-unit senior housing project located in Houston; Tierra Pointe, an 80-unit multifamily project located in Karnes County; Crestshire Village, a 74-unit multifamily project located in Dallas; Casa Brazoria, a 36-unit single-family project located in Clute; and San Juan Square III, a 32-unit multifamily project located in San Antonio. Construction will begin in 2010. NRP partners for the projects include Merced Housing Texas, NRC, VN Teamwork, San Antonio Housing Authority, The Thomas RPDC Company, Housing & Community Services Inc. and the Texas Housing Foundation.