FREMONT, CALIF. — Pedro Arroyo and Jamie Clifford of Arroyo & Coates represented Shea Properties in the disposition of Carrington Apartments in Fremont. Santa Clara, Calif.-based VWF Partners LP purchased the 151-unit community for an undisclosed price. Completed in 1972 and renovated in 2001, the property features one-and two-bedroom, garden-style apartments ranging in size from 560 to 960 square feet.
CHARLOTTE, N.C. — Harrison Street Partners and The Preiss Company have borrowed $23.1 million for their 168-unit University Village Apartments. The student housing complex, located off I-85 in Charlotte, has the capacity to house up to 600 students. Financing for the loan was provided by GreenPark Financial. Bat Barber of Medalist Capital’s Raleigh, N.C., office secured the loan.
LINCOLN, NEB. — Freddie Mac has purchased a $38.7 million mortgage from Holliday Fenoglio Fowler on behalf of the borrower, Lindsey Management Co. The funds allowed Fayetteville, Ark.-based Lindsey Management to retire construction financing for The Links at Lincoln, a 51-building apartment community located in Lincoln. Amenities at the 612-unit property include a clubhouse, pool, fitness center and business center. The 10-year fixed rate mortgage transaction utilized the Freddie Mac Capital Markets Execution SM pilot.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Michigan Apartments & Plaza, a 253-unit apartment community and 15,000-square-foot retail center located near Michigan Street and Holt Road in Indianapolis. Apartment Investment and Management Co. (AIMCO) sold the property to GenNX Properties, an Indiana-based private investor, for an undisclosed amount. GenNX Properties plans to renovate approximately one-third of the apartment units and perform significant renovations of the retail center. Indianapolis-based Tikijian Associates represented AIMCO in the transaction.
PEMBROKE, MASS. — Boston-based Fantini & Gorga (F&G) has arranged $29.7 million in first mortgage financing for Alexan Pembroke Woods, a 240-unit multifamily property located in Pembroke. Amenities at the Class A community include a fitness center, a swimming pool, a community room and a business center. George Fantini, Jr., Tim O’Donnell and Derek Coulombe of F&G arranged the financing on behalf of the borrower, BC Pembroke Woods LLC. The lender was a national agency lender. BC Pembroke Woods LLC is a joint venture between Boston Capital Real Estate Partners and Trammell Crow Residential. Terms of the financing were not disclosed.
NEW YORK CITY —Long Island, New York City-based The Arker Companies has finalized the financing package for Hewitt House Apartments, an 83-unit affordable housing project located at 886 Westchester Ave. in the Longwood neighborhood of the Bronx, New York City. In addition to the residential units, the 75,300-square-foot development will contain approximately 11,500 square feet of ground-floor retail space. The residential units will be reserved for households earning up to 60 percent of the city’s annual median income, with 17 units set aside for formerly homeless families and individuals. Construction will begin this month, with completion scheduled for fall 2010. The financing package comprises $11 million in tax-exempt bonds and $4.56 million in subordinate financing provided by the New York City Housing Development Corp. Wachovia Securities is providing $7.4 million in tax credit equity, and Bank of America is providing a construction letter of credit totaling $11.1 million, as well as a $2.16 million loan to finance the retail portion of the project. Lastly, Freddie Mac, through MMA Financial, is providing credit enhancement for a $4.1 million permanent mortgage. The project is expected to cost $24.4 million.
PLAINFIELD, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of a 33-unit multifamily community, located at 715-725 Arlington Ave., for $2.4 million. The property comprises two four-story brick buildings; residences consist of a mix of one-, two- and three-bedroom units. The community was fully occupied at the time of closing. Alan Lieberman and Steven Tenenbaum of GHA procured the buyer, a New Jersey-based investment group, and represented the undisclosed seller.
BOSTON — The Federal Home Loan Bank of Boston has awarded approximately $22.1 million in grants, loans and rate subsidies for 21 affordable housing initiatives in New England. The funds were awarded as part of the bank’s Affordable Housing Program, which seeks to create or preserve rental and for-sale housing for low-income individuals and families. The bank commits 10 percent of its net profits each year to the program, which provides funds to help pay for construction, acquisition or rehabilitation costs. In Massachusetts, $10.2 million was awarded for nine projects totaling 390 units. In Vermont, $5 million was awarded for four projects totaling 158 units. In Maine, $2 million was awarded for two projects totaling 67 units. In Connecticut, $1.8 million was awarded for three projects totaling 33 units. In Rhode Island, $1.6 million was awarded for a 10-unit project. Finally, in New Hampshire, $1.5 million was awarded for two project totaling 63 units.
HOUSTON — Marcus & Millichap has completed the sale of Portofino Apartments, a 60-unit multifamily property located at 140 Surf Ct. in Houston. The vacant property totals 44,840 square feet and was constructed in 1963. Robert Su of Marcus & Millichap’s Houston office represented the seller, a financial institution. Su also represented the buyer, a private investor. The acquisition price was not disclosed.
HOUSTON — Dallas-based BMC Capital has secured a $2.91 million loan for the refinancing of a Houston multifamily community. The property, Spring Village Apartments, totals 132 units and is located at 11810 Chimney Rock Rd. The lender and the borrower were undisclosed.