BOISE, IDAHO — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has arranged a $1.25 million loan through Fannie Mae DUS® Small Loan product line for the 44-unit Maple Grove Apartments in Boise. Terms of the 10-year loan include a 30-year amortization schedule and a note rate of 5.5 percent. Jon Red of Arbor’s Spokane, Wash., office originated the loan on behalf of the undisclosed borrower.
HYATTSVILLE, MD. — Equity Residential has opened its latest luxury apartment property, Mosaic at Metro, a transit-oriented development located at 6210 Belcrest Rd. in Hyattsville. The complex, which sits next to a Metro station, is more than 70 percent leased. Amenities include a game room, business and fitness centers and swimming pools.
ILLINOIS — Love Funding has secured a $10 million equity placement for the development of 10 memory care facilities in Illinois. Leonard Lucas of Love’s Boston office originated the transaction on behalf of Tricom Development and its operator, Senescent Healthcare of Illinois. Tricom and Senescent recently closed on the construction loan for the first project, a 40-unit facility located in Loves Park. The venture plans to close on the construction loan for a second facility located in Sycamore in June.
OAK HARBOR, WASH. — Locally based First American Exchange has acquired Villa Marina in Oak Harbor. Located at 101 S.E. Ely St., the 24-unit apartment community sold for $1.32 million. The buyer plans to renovate the property. Steve Hertling of Coldwell Banker represented the buyer; John Shaw of Hendricks & Partners’ Seattle office represented the seller, Nevada City, Calif.-based Pacific Realty Exchange, in the transaction.
COLUMBIA, MD. — NorthMarq Capital has arranged a $51.4 million loan for the 531-unit Columbia Town Center. Located in Columbia, the multifamily property is owned by a fund controlled by ING Clarion Partners. AmeriSphere Multifamily Finance, a Fannie Mae DUS lender, financed the 10-year loan. Frank Relihan, Kenneth Gentzel, and Gary McGlynn of NorthMarq Capital’s Washington, D.C., office arranged the loan.
WENTZVILLE, MO. – O’Fallon, Mo.-based Twin Oaks Estates has broken ground for a new senior living center located in Wentzville. Twin Oaks at Heritage Pointe will feature 142 units, including a 50-bed assisted living facility, a 60-unit independent living apartment building, and 32 garden homes that feature a variety of services, including memory care. Amenities include community or private dining, a library, a computer lab, a beauty and barber shop, an ice cream parlor, a chapel, a movie theater and a spa. The construction division of Gundaker Commercial Group is serving as general contractor. The garden homes will be available starting in the fall from $160,000. Completion of the rest of the community is expected in spring 2010.
WEST NEW YORK, N.J. — The Kislak Company has completed the sale of two apartment buildings comprising 49 units in West New York. The sales included a 25-unit property located at 401 53rd St. for $2.19 million and a 24-unit property located at 5111 Palisade Ave. for $2.25 million. Don Baxter and Jonathan Greenberg of Kislak represented both parties in the transactions. The buyer of each property intends to renovate the units and increase value. At the time of closing, both properties were 100 percent occupied. In each transaction, the buyer’s financing was arranged by Elliot Treitel of Meridian Capital. Feinstein, Raiss, Kelin & Booker, LLC also represented the buyer in each transaction.
PATERSON, N.J. — CB Richard Ellis' Private Client Group has brokered the $1.75 million sale of a 25,000-square-foot mixed-use facility in Paterson. The facility, which is located at 33-43 Park Ave., contains four retail units and seven residential apartments, as well as a basement and a rear parking lot. The building, which is now 100 percent occupied, is scheduled to undergo renovations to the façade, parking lot and the formerly vacant supermarket, which is the largest of the four retail units. Dean Marchi and Charles Berger of CB Richard Ellis represented the seller, a trustee acting on behalf of the lender, in the transaction. Stephen D'Amato, also of CB Richard Ellis, represented the buyer in the leasing component of this transaction.
SAN JOSE, CALIF. — Justin Bautista and Chris Shaheen of NAI BT Commercial’s multifamily group brokered the transaction of two multifamily properties in downtown San Jose. The buyers, Clifford Felchie and Stan & Sheila Redd, are a partnership that owns more than 200 multifamily units in the area. The partnership acquired a 30-unit apartment community located at 51 S. 19th St. from 51 Newco LLC for $3.6 million or $120,000 per unit. Built in the 1960s, the property offers two-bed/one-bath townhouse units. United Commercial Bank provided financing for the transaction. Additionally, the partnership purchased a triplex located at 57 S. 19th St. from Story & King Properties LLC for $550,000.
CEDAR RAPIDS, IOWA — Alliant Capital has arranged a $10.9 million loan for the refinancing of Goldfinch Meadows, a 328-unit multifamily community located in Cedar Rapids. Goldfinch Meadows comprises 39 two-story buildings with a mix of one- and two-bedroom units. It was constructed in two phases in 2004 and 2006. The non-recourse loan includes a 10-year term and a 5.66 percent fixed interest rate. The borrower was a private investor.