NEW YORK CITY — Community Preservation Corp. (CPC) has secured a $5 million second mortgage for Executive Towers, a cooperative apartment building located at 1020 Grand Concourse in the Lower Concourse neighborhood of the Bronx, New York City. The 24-story building includes 455 units, 38,000 square feet of office space and a 284-space parking garage. CPC arranged the financing through Freddie Mac. Proceeds will be used to fund a capital improvements program for the community that includes restorations to the garage and façade, elevator upgrades, the replacement of convection units, and upgrades to the hallways and the lobby. The borrower is the building’s co-op, Executive Towers Owners Corp., which was sponsored by H&R Executive Towers LLC. CPC originally financed a $3.8 million construction loan for the property in 1996, which was also used for capital improvements. The loan was converted to a Freddie Mac loan in 1999.
EL CAJON, CALIF. — A partnership sponsored by R&V Management Corp. has acquired Coral Gardens, a 200-unit multifamily complex in El Cajon, for $19.75 million. Located at 425 E. Bradley Ave., the community offers one- and two-bedroom units ranging in size from 678 to 864 square feet. Additionally, the community features garages, a swimming pool and spa, a playground and on-site laundry facilities. The seller was Essex Property Trust. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented both parties in the transaction.
NORWALK, CALIF. — Advanced Real Estate Services Inc., a TIC syndicator, has acquired The Courtyards, a 153-unit apartment community located at 12401 Studebaker Rd. in Norwalk, for $21.9 million. The garden-style community offers 72 one-bedroom/one-bath units and 20 three-bedroom/two-bath units. Additionally, the property features two swimming pools, a whirlpool spa, an arbor-covered picnic/barbeque area, a recreation room, a fitness center and two laundry facilities. Stewart Weston of Marcus & Millichap represented both parties in the transaction. Kennedy Wilson Multifamily Management Group sold the property.
AURORA, COLO. — Davis, Calif.-based Pilgrim Partners LLC has acquired Turnberry at Heather Ridge, a 268-unit apartment community located at 2038 S. Vaughn Way in Aurora. San Diego-based Fairfield Duck Creek LP sold the property for $15.1 million or $56,343 per unit. Built in 1972, the property offers one- and two-bedroom units ranging in size from 665 to 1,090 square feet. Community amenities include a clubhouse with a business center; carports; an on-site laundry facility; a playground; two heated pools; and a fitness center. John Laratta of Hendricks & Partners’ Denver office represented the buyer in the transaction.
CLEARWATER, FLA. — Wisco 1 has purchased the 184-unit Long Branch Apartments from Denver-based New South Properties for $6.99 million. The Clearwater property is 30 percent vacant, and Wisco plans on spending $1 million to renovate the complex. NAI Tampa Bay’s John Burpee brokered the purchase, and John Stone of Colliers Arnold’s Clearwater office represented the seller.
CONNEAUT, OHIO — Love Funding has processed one of the first applications under the LEAN loan program, HUD’s new healthcare program for acquisition, refinance, new construction and substantial rehabilitation loans. The LEAN program, which was formed to make the HUD 232 program process easier and more efficient, provides non-recourse assumable loans for new and existing assisted living, board and care, and intermediate or skilled nursing care facilities. Robert Smallwood of Love Funding’s Cleveland office used the LEAN processing to secure an approximately $6.51 million acquisition loan for Villa at the Lake, an assisted living facility located in Conneaut. Situated on an approximately 8.6-acre site, the 59,125-square-foot facility includes 90 single units and single-deluxe suites. Financing was based on a 6.4 percent fixed interest rate, with a 35-year amortization schedule. The loan marks the fourth deal that Love Funding has completed for Lawton, Mich.-based Randall Residence.
ALBANY, N.Y. — Albany-based Omni Housing Development has completed the rehabilitation of Eagle Court Apartments, a three-story affordable housing building located on Morton Avenue in Albany. The walk-up, brick building includes 33 one-bedroom units averaging 637 square feet and nine two-bedroom apartments averaging 800 square feet. Units are available to rent by tenants earning less than 60 percent of the area median income. The completion of Eagle Court Apartments is part of Phase I of a $22 million revitalization of Albany’s South End. Phase I construction will conclude with the completion of 10 new townhomes on Broad Street, scheduled for January. The townhomes will offer lease-to-own opportunities to residents. Phase II construction, which will begin in 2009, will add 43 additional apartment units. Funding for the project is being provided by the Housing Trust Fund of the New York State Division of Housing and Community Renewal, as well as federal tax credits allocated by the organization; KeyBank; Key Community Development Corp.; and the Federal Home Loan Bank of New York.
MORRISTOWN, N.J. — Construction is advancing for two residential buildings located within a $500 million mixed-use project located in Morristown that is being developed by Rosewood. The first project, 40 Park, is a seven-story residential condominium building. It features 73 units, including 13 penthouses that range in price from $400,000 to more than $2.3 million. The retail component of the project, The Shops on the Green, contains more than 70,000 square feet of street-level retail space. The 40 Park building serves as the anchor for two adjacent buildings: The Metropolitan, a seven-story, 130-unit rental apartment building; and The Lofts, a 30-unit condominium property. The second project is The Highlands at Morristown Station. The transit-oriented development features 219 apartment units and 8,000 square feet of retail space, all located near the Morristown Train Station. Cushman & Wakefield is serving as the exclusive leasing agent for the retail component of both projects. The leasing team consists of Rick Rizzuto, Michael Stone and Jim Postell, all of the firm’s Morristown office. 40 Park is being developed by Roseland Property Group, Woodmont Properties and Epstein Land Co. Completion of 40 Park’s The Shops on the Green is scheduled for spring 2010. Completion for the …
ABINGTON, MASS. — Boston-based Fantini & Gorga (F&G) has secured $30.7 million in fixed-rate, first-mortgage financing for Abington Woods, a 180-unit multifamily property located in Abington. Situated on 36 acres along Route 18, The Class A community comprises 16 buildings containing 180 two-bedroom units. Community amenities include a clubhouse that features a media room, a fitness center and an indoor swimming pool with a retractable roof. The property was constructed in early 2008. The loan was originated F&G’s Tim O’Donnell, George Fantini, Jr., and Derek Coulombe. The lender was one of F&G’s correspondent life insurance companies. Terms of the financing were not disclosed.
LYNN, MASS. — Arbor Commercial Funding has closed on an $8.32 million loan for Marian Gardens, a 94-unit apartment community located in Lynn. The loan caries a 6.42 percent interest rate, a 10-year term and a 30-year amortization schedule. It was originated by John Kelly of Arbor Commercial Funding’s Boston office on behalf of the borrower, a Boston-based provider of affordable housing. The loan was funded under the Fannie Mae DUS product line. Arbor Commercial Funding is a wholly owned subsidiary of Uniondale, N.Y.-based Arbor Commercial Mortgage.