NEW YORK CITY — The Community Preservation Corporation (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided an additional loan of $2.9 million for the renovation of two rental buildings in the Hamilton Heights section of Harlem in Manhattan, New York City. The two six-story buildings are located at 540-550 West 144th Street and contain 60 rental units. The original loan was $7.9 million, but CPC provided an additional $535,000 on its portion of the loan and HPD has provided an increase of $2,453,359 for the installation of a new elevator and new sheetrock, improvements not initially included in the scope of work. The developer is a Housing Development Fund Corporation, which is sponsored by the Urban Homesteading Assistance Board.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $3.7 million in acquisition financing for Forest Pointe Apartments, a 270-unit multifamily community located in Houston. LMI’s Brandon Brown secured the loan, which carries a fixed interest rate. The borrower and lender were undisclosed.
SHERMAN OAKS, CALIF. — Jared Levine of RE/MAX Commercial – Sherman Oaks represented the undisclosed Los Angeles-based buyer in the acquisition of a two-building multifamily property. Located in Sherman Oaks, the 80-unit property sold for $9.5 million. Hirsch Sherman of RE/MAX Commercial – Sherman Oaks represented the undisclosed San Fernando Valley, Calif.-based seller in the transaction.
COLORADO SPRINGS, COLO. — Love Funding has secured a $9.4 million refinance loan for Apollo Village, a multifamily property located in Colorado Springs. The 496,623-square-foot property features 216 apartment units. The borrower, Apollo Apartments LLC, received a 6.25 percent fixed-rate loan with a 35-year amortization schedule.
TUPELO, MISS. — John Segrest of Charlotte, N.C.-based Grandbridge Real Estate Capital’s Birmingham, Ala., office has secured a $3 million fixed-rate, non-recourse loan for the 112-unit Feemstaer Lake Apartments. The property stands on 7.3 acres near the University of Mississippi in Tupelo. The 19-year-old property is 96 percent occupied. Fannie Mae’s ERL program provided financing for the 10-year loan. The loan carries an interest rate in the mid-6 percent and a 30-year amortization.
SARATOGA SPRINGS, N.Y. — Construction is advancing for the $18 million rehabilitation of Embury Apartments, an affordable senior housing community located in Saratoga Springs. Construction at the twin 14-story towers, which were built in 1972, will include the conversion of 32 studio units into 16 two-bedrooms units, bringing the community’s total to 192 units from 208. Additional improvements will include the removal and replacement of asbestos flooring, the replacement of all windows and interior insulation, the installation of handrails and ADA-approved bathrooms in common areas, and the addition of a wireless Internet hub. Embury Apartments is owned by The Wesley Community, with Omni Housing Development serving as co-developer for the rehab project. CK Dennis is providing design services, and MLB Construction Services is serving as general contractor. Completion is scheduled for summer 2010.
WORCESTER, MASS. — Boston-based NAI Hunneman has brokered the sale of Edgemere Gardens, a multifamily property located at 2 Pineland Ave. in Worcester, for $1.55 million. The property comprises a brick, walk-up apartment building containing 17 two-bedroom units and seven one-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Hogan Children’s Trust, and procured the buyer, Pineland Partners LLC.
SAN BENITO, TEXAS — Dallas-based RightQuest will break ground this summer for the Villages at Paseo Real, a two-phase multifamily project located on 18 acres along Paseo Real Highway in San Benito. The Class A community will contain 260 one-, two- and three-bedroom units with rents ranging from $600 to $950. Amenities will include a business center, a fitness center, a clubhouse with a media center, a resort-style swimming pool, a playground, covered parking, storage units and laundry facilities. The second phase of development will possibly include small-shop retail space along Paseo Real Highway. The first units are expected to be available for occupancy by summer 2010. RightQuest is developing the project on behalf of the owner, Brownsville, Texas-based Villages of Paseo Real LP. The project architect is San Antonio-based B&A Architects. The San Antonio office of Capstone Real Estate Services will provide leasing and property management services. Construction financing was provided by IBC Bank.
MONTGOMERY, ALA. — Ronen Abergel of Arbor Commercial Funding’s New York office has secured a $32.35 million loan for the 520-unit Vintage Pointe apartment complex. The property is located at 5600 Carmichael Rd. in Montgomery. The 10-year loan was financed under the Fannie Mae DUS MBS ARM product line. It carries a 6.11 percent interest rate and a 30-year amortization.
HOUSTON — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged $7.1 million in construction and mezzanine financing for Corinthian Village Senior Living, a 124-unit affordable senior housing project located in Houston. The project will be the latest phase of the Corinthian Pointe master-planned development. Of the project’s 124 units, 40 of those will be reserved for low-income residents. Amenities will include an activity room, a fitness center and a clubhouse. Completion is scheduled for 2010. The financing package was arranged by Grandbridge’s Jim Kirkpatrick on behalf of the borrowers, George E. Johnson Development and Corinthian Pointe Senior Living Corp. The financing includes a $6.4 million construction loan provided by Trustmark National Bank and a $700,000 mezzanine loan provided by The United Methodist Foundation of the Texas Annual Conference. In addition, the city of Houston provided $3.37 million in HOME funds for the project.