LAFAYETTE, LA. — The Columbus, Ohio, office of Grandbridge Real Estate Capital has secured a $24 million mortgage for the 205-unit The Quarters at Rue Principale, a student-housing complex located on the University of Louisiana at Lafayette campus. The property, which was built in 2007, is fully leased for the spring 2008 semester. Fannie Mae financed the 10-year, fixed-rate loan that includes 2 years of interest-only payments and a 30-year amortization schedule.
COLUMBUS AND DUBLIN, OHIO — The Columbus office of Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged more than $40 million in first mortgage loans for four multifamily properties in Ohio. The company has arranged $7.3 million in refinancing for The Ridge at Chestnut Hill, a 150-unit multifamily community located in Columbus. The loan was funded by Grandbridge and sold to Fannie Mae under its DUS Early Rate Lock program. Situated on a 12.5-acre site, the Class A apartment community is comprised of 10 buildings. Also in Columbus, Grandbridge has arranged approximately $9.5 million in first-mortgage financing for Spingburne Apartments. The 224-unit senior-oriented multifamily community is comprised of 28 garden-style buildings situated on a 12.59-acre site. The loan was sold by Grandbridge to Fannie Mae under the standard DUS program. Additionally, fixed-rate first mortgage loans were secured by two communities in Dublin, Karric South Apartments and Karric North Apartments, at approximately $8.13 million and $15.24 million, respectively. Both loans were sold by Grandbridge to Fannie Mae under the standard DUS program. Situated on an 11.63-acre site, Karric South Apartments is a 190-unit senior-oriented multifamily community. Adjoining Karric South Apartments, Karric North Apartments is a 350-unit senior-oriented community, which comprises 46 …
LOS ANGELES —West End Properties has purchased a 20,000-square-foot apartment complex, located at 4262 Lindblade Dr. in Los Angeles, from a private seller for more than $3.8 million. Michael Hibbert of Charles Dunn’s Los Angeles office brokered the transaction.
VALRICO, FLA. — Thomas D. Wood & Co.’s Susan Traino and Christian Johannsen have arranged a $5 million loan for the 224-unit Bloomingdale Woods Condominiums, located at 3431 Eagle Ridge Rd. in Valrico. The 6.75 percent, 5-year loan, which was financed through a regional bank, comes with a 25-year amortization.
NORTHVALE, N.J. — New Jersey-based Whitman has completed environmental remediation and site work for a 6-acre land parcel located in Northvale. Formerly a television set, the site contained extensive contamination from underground storage tanks operated by a land development and construction business that had previously operated on the site. The site’s developer, Rio Vista, plans to redevelop the property into Rio Vista Greens, an 88-acre multifamily community. The project will include the construction of townhouse and apartment-style units, as well as a three-story clubhouse, a pool and other recreational facilities. The state of New Jersey provided technical and financial assistance for the remediation through its Brownfield Reimbursement Program. The construction timetable for the multifamily project was not disclosed.
TRENTON, N.J. — Meridian Capital Group has secured $4.91 million in acquisition financing for a three-story apartment building located at 507 Grand St. in Trenton. The elevator-served building contains 63 residential units. Russ Drebin of Meridian’s New Jersey office originated the loan, which contains a 5-year term and a 5.62 percent interest rate. The borrower is Connolly Properties. The lender was undisclosed.
DALLAS — Houston-based The Hanover Company, in partnership with MetLife, Inc., is nearing completion for 1900 McKinney, a 27-story apartment tower located in Dallas. The 230-unit project will contain a mix of one- and two-bedroom residences ranging in size from 1,065 to 2,400 square feet, with prices averaging $2.50 per square foot. Individual units feature high ceilings, expansive windows with UV protective solar shades, custom cabinetry, beech hardwood and travertine flooring, Berber carpeting in bedrooms, and other luxury finishes. Community amenities include a dedicated concierge, valet service, in-room dining from select restaurants, a fitness club with a personal trainer, wireless Internet access, an executive lounge, a rooftop terrace, a heated pool and a private entertainment suite. The project will be seeking LEED certification from the U.S. Green Building Council. First move-ins are expected in September. The project was designed by Gromatzky Dupree & Associates.
MONTCLAIR, CALIF. — Hendricks & Partners (H&P) has brokered the sale of Cambridge Park, a 165-unit apartment community located at 9200 Monte Vista Ave. in Montclair, for $29.25 million. Situated on 8.24 acres, the townhouse-style community comprises 22 two-story buildings in a mix of two- and three-bedroom units. Residences average 1,096 square feet, and some include direct access, two-car garages. Joe Leon of the H&P’s Newport Beach office and Paul Runkle the firm’s Inland Empire office represented the seller, San Mateo, Calif.-based Montclair 8-B C/O Acacia Capita Corp. The property was acquired by Beverly Hills, Calif.-based K-W Properties, Inc. C/O Kennedy Wilson.
LINDEN, N.J. — Construction has been completed for John T. Gregorio Towers, a seven-story, 78-unit senior housing project located in Linden. Amenities for the facility include a multi-purpose room, an outdoor area, tenant lounges on each floor, and activity rooms that include laundry facilities, visiting areas, physicians services, a beauty salon and a computer room. The project was designed by Gran Kriegal Associates for the developer, City of Linden Housing Corp. Funding was provided by the Housing and Urban Development Authority and Linden Housing Corp.
MCLEANSBORO, ILL. — Swansea, Ill.-based Holland Construction Services is building the 30,430-square-foot Fox Meadows supportive living facility, which will be located on South Marshall Avenue in McLeansboro. The $4 million facility will include 41 studio and one-bedroom apartments for adults aged 65 and older. With a central full-service kitchen and dining room at the property, each individual unit features a kitchenette. The building, which is slated for completion in November, was designed by Sugar Grove, Ill.-based Gleason Architects. Upon completion, Blair Minton and Associates Inc. will manage Fox Meadows.