FORT COLLINS, COLO. — UPR Investments LLC has acquired a 24-unit multifamily property for approximately $1.1 million. The property is located at 632-636 N. Shields in Fort Collins. Erik Broman and Brian Mannlein of Marcus & Millichap’s Fort Collins office represented the undisclosed seller in the transaction.
RALEIGH, N.C. — CB Richard Ellis Capital Markets has secured a $11.55 million loan for a Delaware Statutory Trust to finance the acquisition of Midtown Crossing. The 228-unit Raleigh apartment complex encompasses 11 buildings, a swimming pool, a picnic area and a children’s play area on 23 acres. The borrower’s plans for the property include unit upgrades and $200,000 in exterior renovations. Freddie Mac financed the 7-year loan, which comes with an interest-only rate of 3.63 percent and a 30-year amortization. Keith Braddish, Jason Gaccione, Robert LaChapelle, Richard Jordan, Matt Forgione and Steve Heffner of CB Richard Ellis Capital Markets arranged the loan.
CHICAGO — Harley Ellis Devereaux is providing planning and architectural services for two affordable senior living facilities currently underway in Chicago. The G&A Senior Residence of Eastgate Village, which is located at 300 E. 26th St., has topped out construction at nine stories. Situated adjacent to Mercy Hospital, The G&A Senior Residence of Eastgate Village will consist of 117 one-bedroom units. Amenities at the property include a fitness center, a multi-purpose room with a common use kitchen, and a ninth-floor residence lounge and terrace with lakefront views. G&A Construction and Development is developing the building; Fred Teitelbaum Co. is the general contractor for the project. The project is slated for completion in May. Located at 3251 E. 92nd St., The Victory Centre of South Chicago has topped out construction at five stories. The $17.9 million affordable supportive living community will house 112 studio units, each with a private bathroom and kitchenette. The project, which was designed to achieve LEED Certification, has been approved for certification by the Illinois Department of Healthcare and Family Services Medicare Waiver Program. Pathway Senior Living is developing the property; Pepper Construction is providing general contracting services. The project is scheduled for completion in the spring.
NEW ROCHELLE, N.Y. — The NDR Group has completed Garito Manor at Union Square, a 102-unit affordable senior housing facility located at 180 Union Ave. in New Rochelle. The community consists of studio, one- and two-bedroom apartments. Community amenities include a fitness room, a beauty parlor and barber shop, a library, a lounge, an outdoor garden and sitting area, a kitchen, a multi-purpose room, a computer room and 24-hour security and concierge service. The income limits are approximately $35,500 to $42,500 for single seniors and approximately $40,750 to $48,750 for couples.
OKLAHOMA CITY — Capmark Finance has arranged $32.5 million for the refinancing of The Highlands Apartments, an 896-unit, Class B multifamily community located at 12701 N. Pennsylvania Ave. in Oklahoma City. Situated on 40 acres, the community comprises 98 buildings, with an average monthly rent of $590. The property was 98 percent occupied at the time of closing. Stewart Campbell of Capmark’s New York City office secured the financing through Freddie Mac by way of the Freddie Mac Capital Markets Execution product. Terms of the loan include a 6.3 percent fixed interest rate, an 80 percent loan-to-value ratio, and a 10-year term with 2-years interest only, followed by a 30-year amortization schedule. The borrower was undisclosed.
PORTLAND, ORE. — Guardian Management LLC has signed preliminary agreements to acquire the real estate portfolio of Orange County, Calif.-based Atherton-Newport Investments, which filed for Chapter 11 bankruptcy protection in January 2008. The assets include more than 4,000 apartment units located in Las Vegas, Phoenix, Seattle and Miami. Guardian plans to acquire the assets through the implementation of its first strategic investment fund, which was utilized to acquire the Southern California and Arizona offices of Sperry Van Ness. Pacific Northwest-based Avalon Holdings initiated and structured the transaction.
NEW YORK CITY — Construction has begun for The Roscoe C. Brown, Jr. Apartments, a 279-unit affordable housing community located at 3952 Third Ave. in the Bathgate neighborhood of the South Bronx, New York City. Designed by Meltzer/Mandl Architects, the project will include studio, one-, two- and three-bedroom rental units, as well as 6,100 square feet of ground-level retail space, administrative offices and 34 on-site parking spaces. Of the 279 units, 20 percent will be reserved for applicants earning 40 percent or less of the area median income (AMI), with the remainder reserved for applicants earning 60 percent or less of the AMI. The community will include two large outdoor recreation areas with adjoining community rooms and kitchenettes. The lobby will be carved out of a large stone feature presently on the site, with most of the remaining building constructed above the feature. Completion is scheduled for 2010. The project is being sponsored by Phipps Houses.
GALVESTON, TEXAS — Capmark Finance has arranged $3.8 million in floating-rate financing for the acquisition of The Oceanfront Loft Apartments, a 102-unit multifamily community located in Galveston. Situated on approximately 3 acres of waterfront property at 7820 Seawall Blvd., the community consists of three four-story buildings, with three floors of residential units over a concrete podium parking deck. Amenities include a swimming pool, a spa, a fitness center, and volleyball and tennis courts. Brant Smith and Andy Hill of Capmark’s Houston office originated the non-recourse loan. Terms of the financing include an adjustable interest rate, a 7-year term with the first 2 years interest only, followed by a 30-year amortization schedule. The borrower was Seaside Point Partners LLC. Capmark arranged the loan with Freddie Mac through the lender’s Capped ARM program.
CHULA VISTA, CALIF. — Chula Vista-based Imperial Villa Apartments FLP has acquired Casa La Paz, an apartment complex located at 370 K St. in Chula Vista. San Diego-based Salomon Development Co. sold the 96-unit property for $12 million. Steve Huffman of Hendricks & Partners’ San Diego office represented the buyer in the transaction.
MANTECA, CALIF. — Vancouver, Wash.-based Prestige Care Inc. has completed the development of Prestige Senior Living at Manteca, an $11.5 million senior-living facility. Located at 1130 Empire Ave. in Manteca, the 114-unit property is one of the city’s first assisted-living facilities. The 85,000-square-foot, one- and two-story building features 90 assisted-living units, each with its own balcony, and a 24-unit memory care wing for residents with Alzheimer’s and related illnesses. Community amenities include large kitchen and dining facilities, a hair salon, a computer area, a spa, a fitness room and a convenience store. Additionally, the property offers two outdoor areas with planter-box gardens for use by the residents. Sundt Construction Inc. served as general contractor, while LPA Sacramento Inc. provided architectural services for the project.