LAKE ZURICH, ILL. — Sue Blumberg of NorthMarq Capital’s Chicago office has arranged approximately $15.3 million in first-mortgage financing for Landings of Lake Zurich, a 206-unit multifamily community located in Lake Zurich. The borrower, Landings Capital Partners, secured the financing with 10-year term and 30-year amortization schedule. Funding was provided through Amerisphere through Fannie Mae.
CHICAGO — Essex Realty Group has brokered the sale of a 28-unit walk-up apartment building located at 1456-1458 W. Thorndale Ave. in Chicago. Matt Welke of Essex negotiated the transaction for both parties, with Mike Tetrick, also of Essex, providing additional services for the undisclosed buyer. The property, which features 21 studios and seven one-bedroom units, traded for approximately $1.36 million.
HOUSTON — California-based Francis Property Management has acquired Gables Augusta, a 312-unit multifamily property located in Houston. The property is situated at 2660 Augusta Dr. within the city’s Galleria submarket. Constructed in 2004, it features loft-style residences in a four-story complex. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry, all of CB Richard Ellis, represented the seller, Gables Residential, in the transaction. International Realty Concepts represented Francis Property Management. The acquisition price was not disclosed.
LEMON GROVE, CALIF. — Community Collective and the city of Lemon Grove have completed the development of Citron Court, a 36-unit multifamily community located at 7385 Broadway in Lemon Grove. The five-building community features studio, one-, two- and three-bedroom units; 2,200 square feet of commercial/retail space; an on-site management office; a community meeting room; a computer learning center; a children’s play area and a laundry room. The eco-friendly property utilizes a photovoltaic system, ENERGY STAR-rated appliances, low-flow water fixtures, dual-flush toilets and Low-E windows. Allgire General Contractors served as general contractor for the project, which was designed by Foundation for Form.
TUSTIN, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of two multifamily properties in Tustin. The two properties offer a total of 117 apartment units. Michael Derk arranged the financing on behalf of the undisclosed borrower. Terms of the loan include a fixed rate of 6.25 percent for the first 5 years, a 30-year amortization schedule and a 65 percent loan-to-value.
ORLANDO, FLA. — Avalon Park Group will start construction early next year on the first phase of a 265,000-square-foot senior housing facility in its mixed-use Avalon Park community in Orlando. The $21 million initial phase of the four-story building calls for 130 units. The project’s total cost is expected to reach $35 million. Winter Park Construction Co. is providing consulting services, and Cuhaci & Peterson Architects will design the property.
ARKANSAS — CSCV – Arkansas has borrowed $61.02 million in financing for the purchase of a 12-property nursing home portfolio in Arkansas. The complexes encompass 1,255 beds. Walker & Dunlop arranged the HUD loans through the LEAN financing process at an 85 percent loan-to-value ratio. The 35-year loans carry a 35-year amortization rate.
FOREST PARK, ILL. — Essex Realty Group has arranged the sale of 7542 West Adams Street, a 40-unit walk-up apartment property located in Forest Park, for $1.11 million. The property contains 32 studio units and eight one-bedroom units. Doug Fisher and Jim Barcelona of Essex represented the seller. David Goss and Jon Morgan, also of Essex, represented the buyer. Both parties were undisclosed.
CLINTON TOWNSHIP, MICH. — Stamford, Conn.-based Alliant Capital has secured $10.2 million for the refinancing of Eastwood Village, a 351-unit apartment community located in Clinton Township. Constructed in 1987, the property consists of 29 two-story, garden-style buildings. Occupancy was 92 percent at the time of closing. The borrower was Paragon Properties. The lender was Fannie Mae and the loan was secured through the lender’s DUS Extended Rate Lock program.
PITTSBURGH — Marcus & Millichap has completed the $29.75 million disposition of Chestnut Ridge, a 468-unit apartment community in Pittsburgh. Matthew Friedman of Marcus and Millichap’s National Multi Housing Group in Encino, and David Poluszejko, of the firm’s Pittsburgh office, represented the seller, an institutional investor, and the buyer, a local private investor. The property is located at 3200 Chestnut Ridge Dr. in Robinson Township, within the prominent Montour School District. Robinson Township is one of the fastest-growing communities in Pittsburgh. Developed in 1986, the 359,760-square-foot complex features 31 buildings set on 25 acres of maturely landscaped grounds. The asset consists of five different one- and two-bedroom layouts. The units have private entrances, full-size washers and dryers, ceiling fans, a breakfast bar and walk-in closets. Select units feature vaulted ceilings with skylights and wood-burning fireplaces. Community amenities include a newly renovated clubhouse with wireless Internet access, a pool, a park-like recreation area with grills, a sand volleyball court, lighted tennis courts and indoor basketball and racquetball courts. The property also has a tanning salon, a fitness center and ample parking, including carports and attached garages.