LUBBOCK, TEXAS — Alliant Capital has provided a $3.04 million loan for the refinancing of a Lubbock apartment community. Raider Station is a 103-unit, garden-style property that comprises nine, two-story buildings. The loan carries a 5.67 percent interest rate, a 10-year term with a 30-year amortization schedule, and 9.5 years yield maintenance. The borrower was not disclosed
HOUSTON — BMC Capital has originated a $4.35 million loan for the refinancing of Spring Branch Apartments, a 140-unit multifamily community located in Houston. The loan carries a 10-year term with a 27-year amortization schedule and a fixed interest rate. The borrower and lender were not disclosed. In addition, BMC originated a $510,000 construction-to-permanent loan for the acquisition and renovation of a restaurant property located in Euless, Texas. The building will be converted to a Golden Chick Restaurant. The loan features a 5-year term with a 25-year amortization schedule, a fixed interest rate and a 75 percent loan-to-value ratio.
NORTH HOLLYWOOD, CALIF. — Jonathan Cook of Investment Real Estate Associates (IREA) represented the undisclosed buyer in the acquisition of Cloisters Apartments in North Hollywood. Located at 4824 Satsuma Ave., the 10-unit multifamily property sold for $1.73 million. Amenities include off-street covered and open parking, a pool, landscaping and laundry facilities. Chris Thompson, also of IREA, represented the undisclosed seller in the transaction.
SHERMAN OAKS, CALIF. — Ed Fischer of Hendricks & Partners represented Los Angeles-based Moorpark Premier Properties in the disposition of 15146 Moorpark Street in Sherman Oaks. Santa Monica, Calif.-based 15146 Moorpark Street purchased the 7-unit townhome property for $2.3 million or more than $328,000 per unit.
PORTLAND, ORE. — American West Coast Properties has purchased Grant Manor Apartments, a 5-unit multifamily building located at 12650 SW Grant Ave. in Portland. Patrick J & Patricia Hefferman sold the property for an undisclosed price. Naz Parsiani of Bluestone & Hockley Real Estate Services represented the buyer; Bill Marquard of The Hasson Company Realtors represented the seller in the transaction.
LOUISVILLE, KY. — Columbus, Ga.-based Flournoy Development has sold the 328-unit Terraces at Forest Springs apartment complex to St. Louis-based Michelson Realty Co. for $22.87 million. The complex, which is 92 percent occupied, is located at 3501 Terrace Springs Dr. in Louisville. Terraces at Forest Springs features a fitness center, a car wash center and lighted tennis courts. Cushman & Wakefield’s Nathan Swenson, Mike Kemether, David Gutting, David Wagner, Chris Spain, Larry Orr, Brandon Whitesell and Steve West brokered the sale.
COUNCIL BLUFFS, IOWA — General contractor Lund-Ross Constructers has begun work on the Harvester Artist Lofts, a 36-unit live/work apartment community in the Omaha, Neb., suburb of Council Bluffs. Artspace, a Minneapolis-based non-profit real estate developer purchased the four-story, 80,797-square-foot Harvester building to further its mission of building affordable live/work space for artists. Lund-Ross is overseeing the redevelopment and historic renovation of the building, which will feature 36 apartment units and 5,500 square feet of space for studio artists and compatible businesses upon completion.
QUINCY, MASS. — Arbor Commercial Funding recently funded a $4 million loan under the Fannie Mae DUS® Small Loan product line for Green Realty Apartments, a 54-unit complex in Quincy. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Kelly in Arbor’s Boston lending office.
CAMBRIDGE, MASS. — Fantini & Gorga has arranged $3 million in permanent financing for 881-885 Massachusetts Ave. in Cambridge on behalf of a Boston-based realty trust. The property, located between Central and Harvard Squares, consists of two adjoining, seven-story brick buildings at the corner of Lee Street. Each structure contains 28 apartments, primarily two bedrooms, and with several one-bedroom types. Half of the building underwent a complete renovation, and the other side is slated for renovation shortly. The lender was a major Massachusetts-based financial institution.
FRIENDSWOOD, TEXAS — The Woodlands, Texas-based LMI Capital has arranged $1.95 million in debt for the acquisition of the 76-unit Bridgestone Apartments project in Friendswood. Brandon Brown of LMI Capital worked on behalf of Shadowbrooke at Friendswood LLC to secure the 10-year, fixed-rate Fannie Mae loan with one of the firm’s DUS lending sources.