GRAND PRAIRIE, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged an $8 million loan for the refinancing of Corey Place Apartments, a 276-unit multifamily community located at 602 W. Pioneer Pkwy. in Grand Prairie. The property was renovated in 2008 and was 95 percent occupied at the time of the sale. HFF’s Travis Anderson secured the financing on behalf of Granite Redevelopment. The loan includes a 10-year term and a 5.76 percent fixed interest rate. The lender was Wachovia Multifamily Capital, which utilized Fannie Mae’s DUS program. Proceeds from the loan will be used to refinancing an existing acquisition and rehab loan.
NORTH LITTLE ROCK, ARK. — Charlotte, N.C.-based Grandbridge has arranged a $21.28 million first mortgage for the 288-unit Lexington Park Apartments, located at 7601 Vestal Blvd. in North Little Rock. The 10-year loan, which was funded by Fannie Mae through its DUS program, carries an interest rate in the mid-5 percent range and a 30-year amortization. The Class A apartment complex features a pool, a recreation area and a clubhouse. David Boerner of Little Rock–based Plunkett Boerner & Associates and Alan Tapie of Grandbridge’s Atlanta office secured the loan.
TOLEDO, OHIO — Toledo-based Health Care REIT has closed on $133 million in first-mortgage financing secured by 12 senior housing properties. The locations of the properties were not released, and they contain multiple levels of healthcare service. The loan carries a 10-year term and a 6.1 percent fixed interest rate. KayBank Capital Markets originated the loan and intends to sell it to Freddie Mac.
DORCHESTER, MASS. — Urban Strategy America Fund, an investment fund controlled by New Boston Real Estate, has closed on financing for the construction of Phase II of the residential component of Olmsted Green, a 42-acre mixed-use project located in Dorchester. The residential component focuses on affordable housing. Phase II will comprise seven new buildings containing 50 affordable rental units in a mix of one-, two- and three-bedroom units. Phase I, consisting of rental apartments and for-sale housing, was completed in late 2008. Once complete, the residential component of the project will also include 287 for-sale townhomes, 60 units of affordable senior housing and a 123-bed skilled nursing and mental health facility. Olmsted Green is being developed by Lena New Boston, a joint venture between New Boston Fund and Lena Park Community Development Corp. The Phase II housing project received funding from the various Massachusetts state sources, including the Department of Housing and Community Development, the Affordable Housing Trust Fund, HOME Funds and the Facilities Consolidation Fund. The city of Boston provided funding from its Neighborhood Housing Trust, as well as the Department of Neighborhood Development’s HOME Funds. The permanent lender is the Massachusetts Housing Partnership, and Bank of America is …
SAN DIEGO — San Diego-based Malic Property Management has acquired National Avenue, a 37-unit apartment complex located at 4150 National Ave. in San Diego, for $1.64 million. Built in 1968, the property consists of 18 studios, 18 one-bedroom/one-bath units and one two-bedroom/one-bath unit. The seller was Steven K. Vorres and Cynthia J. Vorres, trustees of the Vorres Family Trust of San Marcos, Calif. Allen Chitayat and Josh Browar of Hendricks & Partners’ San Diego office represented the buyer in the transaction.
PENSACOLA, FLA. — A privately-owned partnership has sold the 114-unit Veranda senior housing complex to the Rauls family of Georgia, a senior housing owner and operator, for $10.2 million. The property is located at 6982 Pine Forest Rd. in Pensacola. The 143,640-square-foot complex was built in 2004 and is currently 61 percent occupied. CLW Health Care Services Group of Tampa, Fla., represented the seller.
GASTONIA, N.C. — Kevin Jenkins of NorthMarq Capital’s Charlotte, N.C., office has arranged $2 million in bridge financing for Great Circle Properties’ 126-unit Highland Hills Apartments. The complex is located at 1081 Sims Circle in Gastonia. CIBC provided financing for the loan, which is based on a 2-year, interest-only term.
INDIANAPOLIS — Indianapolis-based Tikijian Associates has negotiated the $3.2 million sale of The Argyle on Mass Ave, a 36-unit multifamily building located on Massachusetts Avenue within the Arts & Theater District of Indianapolis. The three-story property features ground-floor and basement retail space, as well as 33 one-bedroom and three two-bedroom apartments on the second and third floors. Retail tenants include Aesop’s Tables Mediterranean Restaurant, Buon Gusto Unique Events and Michael’s on Mass. Tikijian Associates represented the seller, Tony Wishart. The buyer, Shelbyville, Ind.-based Evergreen Investment Corp., plans to complete between $200,000 and $300,000 worth of capital improvements to the property. Approximately 6,000 square feet of ground-floor retail space is currently vacant.
COLUMBUS, OHIO — Marcus & Millichap has completed the sale of Countryside Apartments, a 229-unit multifamily property located in Columbus, for $5.12 million. The property, which is located at 5051 Open Meadows Dr., includes one-, two- and three-bedroom apartments, as well as two-bedroom townhome units. Amenities include a fitness center, garages, laundry facilities, a hot tub and an outdoor swimming pool. Occupancy was 85 percent at the time of closing. J. Rosenbusch and Matthew Gockstetter of Marcus & Millichap represented the seller, an undisclosed partnership, as well as the buyer, a limited liability corporation.
INDEPENDENCE, MO. — NorthMarq Capital has secured $16.35 million in first-mortgage, acquisition financing for Pepperwood Apartments, a 300-unit multifamily property located in Independence. Sue Blumberg and Paul DeKruiff of NorthMarq’s Chicago office and David Farrell of the firm’s Kansas City, Mo., office originated the loan, which contains a 7-year term, a 30-year amortization schedule and a capped adjustable rate. The borrower was JVM Pepperwood Apartments LLC and the lender was Freddie Mac.