NEW YORK CITY — The Community Preservation Corp. has closed a $2.1 million Freddie Mac loan to refinance a mixed-use rental building located in Manhattan, New York City. The two, five-story buildings are located at 79 Sherman Ave. and 152 Dyckman St. in the borough’s Inwood district and contain 38 apartment units, six retail stores and two office apartments. The owner and borrower is Silpar Realty.
SACRAMENTO, CALIF. — The Lofts Apartments, c/o The Reliant Group, has acquired The Lofts, a 188-unit apartment community located at 3351 Duckhorn Dr. in Sacramento. Built in 2005, the property sold for $18.5 million. The 13-building community features a mix of one-bedroom flats/lofts and two-bedroom flats/lofts. Amenities include a 24-hour fitness center, a clubhouse, a community event center, a playground, picnic and barbeque areas, a resort-style heated pool, a hydrotherapy spa, a coffee bar, a DVD library, 64 direct-access garages and 90 detached garages. The seller was The Lofts LP, c/o Pacific West Companies, and Reno, Nev.-based Hearthstone Housing Foundation. Mark Feldman of Hendricks & Partners’ San Francisco office represented both parties in the transaction.
GLENDALE, ARIZ. — Phoenix-based Irwin Union Bank has completed the $1.7 million disposition of Glen Park, an 88-unit multifamily property located at 6301 N. 64th Dr. in Glendale. The Class C property consists of 10 two-story buildings offering one-, two- and three-bedroom units, which average 795 square feet. Community amenities include covered parking, an on-site laundry facility, a pool, courtyards and landscaping. Ric Holway of Hendricks & Partners’ Phoenix office represented the seller. The buyer was not disclosed.
MOUNT DORA, FLA. — Mount Dora-based Hoffmeister Development is looking to an October groundbreaking for the 140,000-square-foot Osprey Lodge assisted living complex. The five-story property, which will cost $16 million, will be located on U.S. 441 in Mount Dora. Sarasota, Fla.-based CORE Construction Florida is serving as general contractor for the development, which is expected to open in 2011.
ATTLEBORO, MASS. — Apartment Realty Advisors (ARA) brokered the sale of Crystal Village, a 91-unit apartment community located in Attleboro. The apartment community is situated on 7.3 acres within close proximity to I-95. It contains a 100 percent market rate community comprised of one- and two-bedroom garden style units as well as 30 two-bedroom townhouse units. Amenities include a heated indoor swimming pool, a basketball court, a tennis court, a fitness center, laundry facilities, and a barbecue/picnic area. The property sold for $9 million to Village Residential, a private Massachusetts-based investor. The seller, EQR-Quail Run Vistas, was represented by ARA’s Richard Robinson, Brendan Reilly, Terry Scott and Stephen Ordway.
BRIDGEPORT, CONN. — Arbor Commercial Funding has arranged a $7.78 million loan under the Fannie Mae DUS MBS Loan product line. The loan was for a 128-unit property known as the Bridgeport Portfolio in Bridgeport. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.9 percent. The loan was originated by Stephen York of Arbor’s New York City lending office. The loan was used to refinance and pull out trapped equity that could be used towards the purchase of additional multifamily properties.
CINCINNATI — Kiesland, a Cincinnati-based full-service construction firm, has launched the development of an approximately $6 million office condominium development in Deerfield Township, a suburb northeast of downtown Cincinnati. The Venture Corporate Center, which will be located Duke Boulevard within the Governor’s Point North business park, will feature two 15,000-square-foot buildings fronting the site as well as two additional 12,500-square-foot buildings, each offering office/flex condos divisible to 3,000 square feet. The Class A complex is being built to achieve LEED Silver certification. Future plans call for a 60,000-square-foot build-to-suit facility to be built adjacent to Venture Corporate Center for S+S Fasteners Inc. Kiesland plans to relocate from its current location on Route 42 to the property upon completion.
STERLING HEIGHTS, MICH. — Love Funding has closed a $7.3 million refinance loan for Sterling Lake Apartments, which is a 261-unit multifamily community located in Sterling Heights. Love Funding secured the funds on behalf of borrower LR Management using the HUD 207/233(f) loan program. Terms of the deal include a 5.5 percent interest rate and a 35-year amortization schedule. The Sterling Lake Apartments include one and two-bedroom apartment and townhome units, as well as a 24-hour fitness center, swimming pool and clubhouse.
BRIDGEPORT, CONN. — Arbor Commercial Funding has arranged $4.16 million in Fannie Mae DUS financing for the Bridgeport Portfolio, an 87-unit multifamily property located in Bridgeport. The permanent loan carries a 10-year term with a 30-year amortization schedule and a 5.69 percent interest rate. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. The property was purchased out of distress by the borrower, which has spent the past 2 years renovating it and improving operations
SAN DIEGO — Carlsbad, Calif.-based Allgire General Contractors, serving as general contractor, has completed the construction of Studio 15, a $24.2 million multifamily property located at 70 15th St. in San Diego’s East Village area. The 122,462-square-foot property features 275 studio residences with a seating lounge area, underground parking, a resident café, a television room and interior courtyard amenities. The project was developed by Affirmed Housing Group. Rick Engineering Co. and Carrier Johnson also assisted with the project.