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.
Multifamily
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.
ENCINO, CALIF. — Newmark Realty Capital has arranged a $45 million construction loan for a fully entitled mixed-use development in Encino. Located along Ventura Boulevard, the property will consist of 125 Class A multifamily residential units and more than 17,000 square feet of ground-level retail space. The development is currently under construction and slated for completion in 2010. George Mitsanas of Newmark Realty Capital arranged the financing for the undisclosed borrower.
WARRENSBURG, MO. — Irving, Texas-based Collegiate Development Services, in a joint venture with Harrison Street Real Estate Capital, has completed Collegiate Station at Warrensburg, an apartment community located at 502 S. Main St. in Warrensburg. The 120-unit complex, which is situated on an 8-acre site, will serve the students of the University of Central Missouri. The project includes five three-story buildings that house 60 two-bedroom and 60 four-bedroom apartments. Property amenities include individually locked bedrooms, a swimming pool and a 5,700-square-foot clubhouse, which features two plasma screen televisions, a computer lab, a fitness center and a pool table. Collegiate Contracting Services provided construction services; Collegiate Management Group is managing the property. Construction financing was provided by KeyBank.
ST. LOUIS — The St. Louis office of Minneapolis-based NorthMarq Capital has arranged $34.2 million in first mortgage financing for the Waterford Apartment portfolio. The four-property portfolio houses 746 units located in St. Louis. Financing was based on a 10-year term, with a 30-year amortization schedule and the first 2 years interest-only. The loan was arranged by David Garfinkel of NorthMarq through the company’s affiliation with AmeriSphere Multifamily Finance.
LONG BEACH, CALIF. — Long Beach-based HCP Inc., a real estate investment trust, has placed $319 million of secured financing for 16 of the company’s senior-housing assets. The company placed $140 million of 5-year secured debt on four assets and $179 million of 8-year secured debt on 12 assets. The properties are cross collateralized and the debt has a weighted average interest rate of 6.39 percent. The debt was purchased by Fannie Mae. As of June 30, 2008, HCP’s portfolio of properties totaled 706 properties — 267 senior housing, 107 life science, 256 medical office, 25 hospital and 51 skilled nursing.
KISSIMMEE, FLA. — Orlando, Fla.-based Roger B. Kennedy Inc. has broken ground on the $27.5 million Westgate Town Center Building 4000. The eight-story Kissimmee vacation rental property is being constructed for Westgate Resorts and was designed by Jacksonville, Fla.-based Bergman Associates-Architects. The building will deliver in December.