AUSTIN, TEXAS — The Houston office of Holliday Fenoglio Fowler has secured a $3.5 million loan for the refinancing of The Villas at San Gabriel, a 26-unit multifamily community located in Austin. Situated at 2410 San Gabriel St., The Villas at San Gabriel is fully leased by a tenant base primarily consisting of students from the nearby University of Texas. Susan Hill arranged the loan, which carries a fixed interest rate and a 10-year term, on behalf of 2410 San Gabriel LP. The lender was American National Insurance Co.
DENVER — Locally-owned RedPeak Properties Inc. has topped out its third and final building at The Seasons of Cherry Creek, a high-rise apartment property located at 3329 E. Bayaud Ave. in Denver’s Cherry Creek neighborhood. The 13-story building will offer 148 units, which brings the project to 587 studios, one- and two-bedroom units. Completion of the third building is slated for early 2010. Designed by Denver-based Fentress Architects, the new component is sustainable featuring recycled materials, materials with low VOC, Energy Star appliances and daylight dimming systems.
MADISON, ALA. — Jacksonville, Fla.-based Summit Contractors Group is underway on Continental Properties’ 360-unit The Springs at Madison Apartments development. The $21 million project is located in Madison, a suburb of Huntsville, Ala. Mouriz/Salazar Associates designed the property, which will deliver in April 2010. Financing for the project was provided by M&I Bank, an institution that has a long-term business relationship with Continental.
LARGO, MD. — Truman Drive LLC has borrowed a $4.2 million loan for its 284-unit Truman Park apartment complex. The Class A property, located on Harry S. Truman Drive in Largo, was built in 2002. Chris Black of KeyBank Real Estate Capital secured the Freddie Mac mortgage.
NEW ROCHELLE, N.Y. — New York City-based Massey Knakal Realty Services has arranged the sale of a six-story apartment building, located at 126 Franklin Ave. in New Rochelle, for $4.75 million. The elevator-served building contains 44 residences comprising 25 one-bedroom units, 18 two-bedroom units and one studio. The property features ground-floor laundry facilities, as well as 41 indoor and outdoor parking spaces. Massey Knakal’s John Barrett represented the seller, 126 Franklin Avenue Partners, and procured the buyer, Echo Bay Properties. The building traded at a 6.3 percent capitalization rate.
LOS ANGELES — Beverly Hills, Calif.-based Astani Enterprises Inc. is developing Concerto, a luxury condominium and loft development located at Ninth and Figueroa streets in downtown Los Angeles’ South Park. The $300 million project features two 30-story glass towers and a mid-rise loft building. Designed by DeStefano Partners Ltd., the development features studio, one-bedroom, two-bedroom and three-bedroom units. The units feature approximately 10-foot ceilings, full-length exterior glass walls, European cabinetry and appliances. The property also boosts a saltwater pool, cabanas and fire pits. Occupancy of the 77-unit Loft collection begins in June; occupancy of the first tower with 271 units is planned for this fall.
COFFEYVILLE, KAN. — Minneapolis-based Dominium Development & Acquisition has held the grand reopening of Dale Apartments, located in Coffeyville. Originally built in 1924 as a hotel, the apartment building underwent a $2.7 million renovation. Improvements to its 47 units included new cabinets and countertops, new appliances, new entry doors, new light fixtures and new flooring. Additional construction consisted of a new community room with a full kitchen, a new exercise room, a media room, new vending and mail areas, an improved outdoor patio area with new landscaping and sitting areas, a new laundry room and a new library.
NEW YORK CITY — Ground was recently broken for a new 103-unit affordable housing project in the Brownsville section of Brooklyn in New York City. Situated on land that fronts Watkins Street between Newport and Lott Avenue, the new community will consist of 13 four-story apartment buildings comprised of 35 one-bedroom, 57 two-bedroom, and 11 three-bedroom units with an additional unit set aside for the superintendent. There will also be on-site laundry facilities, outdoor recreation space and 22 on-site parking spaces. The development arm of The Community Preservation Corporation, CPC Resources, will oversee all aspects of the development and construction of the project until the apartments are fully leased at which point East Brooklyn Congregation will assume control. The New York City Housing Development Corporation (HDC) will finance the construction of the Watkins Street buildings by issuing $14.5 million in tax-exempt bonds and lending $5.9 million in low-interest subsidy from its corporate reserves. The total development cost is projected to be $28.5 million. In addition to HDC financing, Housing Preservation and Development will provide $6.3 million in City Capital and HOME funds subsidy through the Low Income Rental Program. During construction, the bonds will be backed by a letter of …
KELSO, WASH. — Grayson Pounder of Hendricks & Partners represented the seller, Corvallis, Ore.-based Jesse L. Coombs, in the disposition of Cowlitz River Duplexes. Located at 1420 Pacific Ave. N. in Kelso, the 26-unit property sold for $1.2 million. The buyer was Tualatin, Ore.-based David L. Nelson.
MONTEBELLO AND GLENDALE, CALIF. — Marcus & Millichap has brokered the sales of two multifamily properties in California. In the first transaction, an undisclosed buyer acquired The Greenwood Avenue Apartments in Montebello for $1.2 million. Located at 1324 S. Greenwood Ave., the seven-unit property features six three-bedroom/two-bath units and a four-bedroom/two-bath unit. Kevin Struve and Eric Chen of Marcus & Millichap represented the undisclosed seller in the transaction. In the second transaction, The Alameda Apartments in Glendale sold for $1.7 million or $186.31 per square foot. Located at 1119 Alameda Ave., the 9,288-square-foot property features 1,160-square-foot two-bedroom/two-bath units. Alan Krueger and Struve of Marcus & Millichap represented the seller in the transaction. Details of the buyer and seller were not released.