LYNDHURST, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has been selected to provide design and construction management services for the development of a 50-unit affordable senior housing project, located at the corner of Valley Brook Avenue and Warren Street in Lyndhurst. The project will total five stories with mostly one-bedroom units. Building amenities include a community room, administrative offices, an activities room, laundry facilities, a mailroom and 24 off-street parking spaces. Construction is expected to begin in 2010. The project is being developed by Domus Corp., which is leasing the site for a 40-year term from the nearby Sacred Heart Catholic Church. Domus will be working in conjunction with the Catholic Charities organization of the Archdiocese of Newark, N.J. Construction financing is being provided by the HUD Section 202 program.
LYNWOOD, CALIF. — Maurius Jeffrey of Marcus & Millichap brokered the disposition and acquisition of a 13-unit apartment building in Lynwood. Located at 3582 Brenton Ave., the property sold for $1.3 million. The asset features seven one-bedroom/one-bath units, five two-bedroom/two-bath units, a two-bedroom/two-bath unit, individual garage parking and an enclosed courtyard. The buyer and seller were not disclosed.
LOUISVILLE, COLO. — KeyBank Real Estate Capital has closed a $4.9 million Fannie Mae loan for Grandview Flatirons, a 130-unit apartment community in Louisville. Built in 1990, the property is owned by Meadow Ridge Apartments Ltd.
ANAHEIM, CALIF. — Jonathan Mitchell and Christopher Stensby of Marcus & Millichap represented the undisclosed seller in the disposition of Fay Lane Apartments. Located in Anaheim, the nine-unit apartment property sold for $1.1 million.
LAKE CHARLES, LA. — Raintree Investment Corp. Thirteen has borrowed a $4.53 million refinance loan for its 172-unit Whispering Pines Apartments in Lake Charles. The loan carries a 6.25 percent interest rate and a 40-year amortization. With the loan, Raintree made $90,000 worth of upgrades to the 127,680-square-foot property. Love Funding secured the HUD loan.
GARLAND, TEXAS — Metro Wing LLC, a Denver-area investment group, has acquired a 59-unit multifamily community in the Dallas/Fort Worth suburb of Garland. The group purchased the foreclosed property, Kent Apartments, from the Wachovia Bank REO division for $900,000. Kent Apartments, which was put into foreclosure last fall, consists of one- and two-bedroom units throughout four buildings on 2.1 acres. Metro Wing has implemented a 60-day property stabilization plan and improvements are already under way.
SAN DIEGO — The Department of the Navy and Clark Realty Capital have completed the development of Pacific Beacon at Naval Base San Diego. The three-story luxury high-rise residences can accommodate more than 1,800 unaccompanied service members stationed in the San Diego metro area. Constructed by Clark Construction Group and Clark Builders Group, the property features 941 dual master suites; a Sky Terrace with a heated pool and hot tub; a rooftop lounge with fire pits, outdoor seating and barbecues; a WiFi café; game rooms; a poker room; a grand lobby with a large indoor fireplace; a courtyard with grill areas; three fitness facilities; two sand volleyball courts; two basketball courts; two horseshoe pits; a running track and a sports field. Torti Gallas and Partners provided architectural services for the project.
EL CAJON, CALIF. — John and Cynthia Grooms have acquired El Teroso Apartments in El Cajon for $3.8 million. Located at 434-456 S. Mollison Ave., the 41-unit, 32,875-square-foot property features studio, one- and two-bedroom units, as well as one- and four-bedroom houses. The property also features a pool and a landscaped courtyard. Eric Comer, Jim Neil and Merrick Matricadi of CB Richard Ellis represented the buyer and the seller, First Regional Bank, in the transaction.
MARATHON, FLA. — Miami-based Carlisle Development Group has broken ground on the 84-unit Sea Grape Apartments, an affordable housing development in Marathon. Rental rates for a one-bedroom apartment at the complex, which is located at 7155 and 7159 Overseas Highway, start at $250 per month. Amenities include a community clubhouse, a library and a domino court. The $23.3 million project is expected to deliver in December.
LOWELL, MASS — Fantini & Gorga has arranged $3 million in permanent financing for Sutton Place, a multifamily property in Lowell. The property contains five three-story buildings with 12 units in each building. The units range from one to two bedrooms. The loan was made on behalf of Bicknell Associates and was used to pay off a local bank, which resulted in a long-term fixed rate accommodation. The lender was a national life insurance company.