DEKALB, ILL. — Cambridge Realty Capital Cos. has provided a $6.5 million FHA-insured first mortgage loan for Pine Acres Care Center, a 119-bed skilled nursing home facility located at 1212 S. 2nd St. in Dekalb. The loan will be used to refinance the property and fund a 5,075-square-foot addition. The fully-amortized, 40-year HUD Section 232 healthcare loan was arranged for the company’s owner, an Illinois limited liability company, by Cambridge Realty Capital of Illinois. The interest rate was not disclosed.
Multifamily
WEST LAFAYETTE, IND. — David Woida in the Milwaukee regional office of NorthMarq Capital has arranged $9.94 million in first mortgage financing for the acquisition of the Fairway Apartments located in West Lafayette. The 167-unit community, which is largely occupied by students, is situated within 1 mile of the University of Purdue campus. Financing was based on a 7-year term with 4 years interest only, and a 30-year amortization schedule. Through its seller-servicer relationship with Freddie Mac, NorthMarq arranged the loan for the borrower, Gross & Cohen Purdue LLC.
RANCHO CUCAMONGA, CALIF. — Rancho Cucamonga-based Workforce Homebuilders LLC, in partnership with National Community Renaissance and Hope through Housing, has broken ground for the construction of Villaggio at Route 66, a master-planned 166-unit mixed-income apartment community in Rancho Cucamonga. The Tuscan-inspired project will consist of 100 two-bedroom units and 66 three-bedroom units ranging in size from 887 to 1,088 square feet and offering Energy Star appliances, wiring for high-speed Internet access, an outdoor patio/balcony and garage. Approximately 80 percent of the units are set aside for individuals earning 35 to 60 percent of the area’s median income. KTGY Group Inc. Architecture and Planning are providing architectural services for the project.
JACKSONVILLE, FLA. — Houston-based The Morgan Group has broken ground on the first phase of the 270-unit Arelia James Island, expected to deliver next April. The apartment complex is located at the intersection of Gate Parkway and Burnt Mill Road in Jacksonville. Amenities include a pool with a cabana kitchen, a fitness center equipped with plasma televisions, a business center, a coffee bar and a high-speed Internet café. This is the company’s second project on Jacksonville’s south side.
SALT LAKE CITY — Jeff Davis of Salt Lake City-based Realty Pro represented the undisclosed buyer in the acquisition of Casa Grande Apartments in Salt Lake City. The 21-unit multifamily property sold for $1.11 million. Nathan Nelson of Marcus & Millichap represented the undisclosed seller in the transaction. The property is located at 1485 S. Roberta St.
FAYETTEVILLE, N.C., AND CHESAPEAKE, VA. — Uniondale, N.Y.-based Arbor Commercial Funding recently secured two loans in North Carolina and Virginia through the Fannie Mae DUS program. The company arranged $16.16 million to refinance the 216-unit Jamestown Commons apartment complex in Fayetteville. The 10-year loan comes with a rate of 6.41 percent and a 30-year amortization schedule. The 124-unit Commons at Churchland in Chesapeake received a $5.53 million loan under the Fannie Mae DUS MAH product line. The 5-year loan has a 5.02 percent rate and a 30-year amortization schedule.
LINCOLN, NEB. — The Dallas office of Holliday Fenoglio Fowler has arranged $38.7 million in financing for the Links at Lincoln, a 612-unit multifamily property located at 375 Fletcher Ave. in Lincoln. The 10-year fixed-rate loan was arranged through Freddie Mac. Brian Carlton of Holliday Fenoglio Fowler worked to secure financing on behalf of the borrower The Links at Lincoln LP and Fayetteville, Ark.-based Lindsey Management Co. The community, which is 97 percent leased, features one- and two-bedroom units. Residents at the community have access to a golf shop and unlimited golf privileges at the adjacent Links at Lincoln golf course, which is owned and managed by a Lindsey-affiliated company. Financing was used to retire the property’s construction loans.
MINNEAPOLIS — Colliers Turley Martin Tucker’s multifamily investment team has brokered the sale of Uptown City Apartments located at 714 and 1220 West Lake St. in the Uptown neighborhood of Minneapolis. The two-building mixed-use community includes 163 apartments, 222 enclosed parking spaces, a 59-car public parking garage and a 4,000-square-foot retail component. Invesco Real Estate has acquired the Class A urban infill property from Cornerstone Real Estate Advisors LLC and Village Green Cos. Gina Dingman, James McCaffrey and Julie Lux of Colliers Turley Martin Tucker represented the seller in the transaction. The acquisition price was not disclosed.
DENVER — American Realty Advisors has acquired ALARA® Greenwood Village, a 304-unit multifamily community located within Denver Technological Center in Denver. Built in 1995, the property comprises 36 two- and three-story buildings with townhome-style floorplans offering full-sized washer/dryers, private patios/balconies and direct access parking garages. Additionally, the community features a clubhouse, a fitness center, a racquetball court, a spa and sauna, a theater room and an outdoor area with a heated pool. The seller and acquisition price were not disclosed.
SUN CITY, ARIZ. — MC Companies has partnered with an investment group to acquire The Fountains at Sun City, a 182-unit apartment community located in Sun City. Terms of the transaction were not disclosed. This transaction is MC Companies’ third apartment acquisition within the last 150 days. Most recently, the company acquired Bay Harbour in Houston and Cooper’s Hill in Austin, Texas.