DALLAS — The Houston office of Aries Capital has secured a $3.57 million loan for LaVita, a 162-unit multifamily property located in Dallas. The property was constructed in 1973 and is situated on Lovers Lane. It comprises one- and two-bedroom apartments, and amenities include a clubhouse, a pool, a fitness center and a business office. The loan carries a 3-year term with a 20-year amortization schedule, a fixed interest rate and a 53 percent loan-to-value ratio. Leonard Smith of Aries arranged the loan on behalf of the borrower, which plans to use the proceeds to renovate this property, as well as another in its portfolio. The borrower was a local bank.
SANTA CRUZ, CALIF. — Sundt Construction has been selected to provide preconstruction services for a new student-housing project at the University of California Santa Cruz. Located on the east side of campus in Santa Cruz, the $100 million, two-building project will accommodate 600 students in apartment-style housing. The project will feature a green roof and a full commercial kitchen with café-style seating. Construction is slated to begin this fall.
SAN DIEGO — Carlsbad, Calif.-based Forster Family Trust has acquired 4055 Utah Street in San Diego. The 10-unit multifamily property sold for $1.08 million. The seller was La Mesa, Calif.-based Robert E. Cota et al. Chad Bramwell of Hendricks & Partners’ San Diego office represented the buyer in the transaction.
TINLEY PARK, ILL. — The Chicago regional office of NorthMarq Capital has arranged first-mortgage financing totaling $8.1 million for a 309-unit apartment community in Tinley Park. The borrower was Edenbridge LLC; the lender was AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Sue Blumberg of NorthMarq originated the loan. The Edenbridge Apartments feature a mix of mid-rise, garden-style and townhome units near the Tinley Park Convention Center, First Midwest Amphitheatre and the city’s newly renovated downtown area. The long-term, fixed-rate financing at 5.5 percent was based on a 10-year term with a 30-year amortization schedule.
HULL, MASS. — Flynn / Boston Realty Advisors has arranged the sale by auction of seven residential condominium units at Oceania, a newly constructed condo property located in Hull, for a combined $4.5 million. Oceania contains 16 units in a mix of two- and three-bedroom units. Many of the units include offices/dens, as well as large balconies overlooking Cape Cod Bay and the Boston skyline. Winning bids ranged from $530,000 for a 2,882-square-foot unit to $875,000 for a 2,798-square-foot penthouse unit that features its own roof deck. These units were originally priced at $1.22 million and $1.42 million, respectively. Oceania is owned by Weymouth, Mass.-based Seven Hills LLC.
HOUSTON — Capmark Finance has arranged $8.5 million in acquisition financing for Ashford Court Apartments, a 442-unit multifamily property located in Houston. The property was originally built in 1983 and renovated in 2006 by the previous owner. Ashford Court contains apartment and townhome units, with the average unit size totaling 641 square feet. The property was 93 percent occupied at the time of closing, and the average monthly rent was $585. The borrower, Ashford Court LLC, plans to complete more than $1 million in renovations in an effort to increase energy efficiency and lower operating costs. Andy Hill with Capmark’s Houston office originated the transaction. The non-recourse loan carries a 5.44 percent fixed rate, a 10-year term and a 30-year amortization schedule.
RANCHO CUCAMONGA, CALIF. — The New York office of Holliday Fenoglio Fowler (HFF) has arranged a $23.28 million loan for the refinancing of Ironwood Apartments, a 260-unit apartment community located in Rancho Cucamonga. Located at 11100 4th St., the 94-percent occupied property features one-, two- and three-bedroom units averaging 920 square feet. Whit Wilcox of HFF secured the 7-year, adjustable-rate loan through Freddie Mac for the borrower.
SANTA MONICA AND HOLLYWOOD, CALIF. — Hamid Soroudi and Kimberly Roberts-Stepp of Charles Dunn Co. has negotiated three multifamily transactions totaling more than $7.42 million in Santa Monica and Hollywood. In a $1.41 million all-cash transaction, E6 LLC acquired a five-unit, 3,256-square-foot property, which is located at 844 14th St. in Santa Monica. Roberts-Stepp represented the buyer in the transaction. Also in Santa Monica, Xenon Investment Corp. sold 1901 Sixth Street, a 16-unit, 14,399-square-foot multifamily property to 1626 N. Fuller LLC for $2.97 million. Soroudi represented the seller; Roberts-Stepp represented the buyer in the transaction. In the final transaction, Jay Harek acquired 1626 N. Fuller Avenue, a 12,540-square-foot multifamily property in Hollywood, from 1626 N. Fuller LLC for $3.05 million. Roberts-Stepp represented the buyer; Soroudi and Roberts-Stepps represented the seller in the transaction.
DENVER — 1620 Grant Street LLC has purchased Winbro, a 66-unit apartment complex in Denver, for $2.12 million. The buyer plans to make capital improvements to the property, which is located at 1620 Grant St. Frank Farrell of Hendricks & Partners’ Denver office represented the seller, Winbro Investors LLC, in the transaction.
CASSELBERRY, FLA. — LaSalle Investment Management has borrowed $18.25 million for its 408-unit Harbor at Lake Howell apartment complex. The property, which sits on 34 acres at 1280 Vinings Lane in Casselberry, is 90 percent leased. Apartment amenities include two swimming pools, a tennis court, a fitness center and a business center. Freddie Mac financed the 7-year, adjustable-rate loan. John Rose of Holliday Fenoglio Fowler’s Dallas office and Paul Stasaitis and Elliott Throne of the firm’s Coral Gables, Fla., office secured the loan.