VILLA PARK, ILL. — The Chicago office of Holliday Fenoglio Fowler (HFF) has secured a $31 million loan for the refinancing of Lincoln at Ovaltine Court, a 344-unit multifamily property located at One Ovaltine Court in Villa Park. Part of the property consists of a redevelopment of the former Ovaltine headquarters; the four-story factory building was converted into 121 loft-style homes. The remaining space at the 14-acre site contains 223 residences and six commercial units. Individual units range from 673 to 1,318 square feet and feature 9- to 16-foot ceilings, balconies and patios, fireplaces, and direct-access garages. Community amenities include a fitness center, a business center, a resident clubroom, an outdoor swimming pool and a sundeck. Matthew Schoenfeldt and Mike Kavanau of HFF represented the borrower, a partnership between Lincoln Property Co. and the AFL-CIO Building Investment Trust. The loan is for a 5-year term with a 5.35 percent fixed interest rate, and was provided by Freddie Mac.
TEANECK, N.J. — Greg Pine of Gebroe-Hammer Associates has completed the $3.15 million sale of a garden apartment complex in Teaneck. The 24-unit facility is comprised of four two-story buildings with eight one-bedroom and 16 two-bedroom apartments. Located at 171-183 Ft. Lee Rd. between Beech and Woodbine streets, the facility was 99 percent occupied at the time of the sale. Pine represented the seller, Beech Lee Associates, and procured the buyer in the transaction.
DOWNEY, CALIF. — Wells Fargo & Co. has closed a $53 million Fannie Mae loan for the refinancing of Park Regency Club Apartments in Downey. The loan carries a 7-year term plus a 1-year extension option. The 460-unit community features two swimming pools, a heated spa, barbeque grills, tennis courts, two fitness centers, a children’s playground and a multi-level clubhouse. Phil Morse of Wells Fargo Multifamily Capital in McLean, Va., originated the loan, with Doug Thompson of HFS Capital Advisors Inc. as a correspondent. The borrower, an affiliate of Gehr Enterprises, plans to use the proceeds to diversity its real estate portfolio in the Manhattan, N.Y., hospitality market.
ALBUQUERQUE, N.M. — Philadelphia-based NWJ Albuquerque Investment Fund II LLC has purchased Theta Apartments, a 49-unit apartment community located in Albuquerque, for $2.3 million. Built in 1972, the five-building community consists of 48 two-bedroom/two-bath units and one one-bedroom/one-bath manager’s unit. At the time of acquisition, the property was 97 percent occupied. Kunal Chothani of Investment Property Advisors represented the buyer; Pat Frerkes of Sperry Van Ness/Pat Frerkes Investments LLC represented the seller, Littleton, Colo.-based SIDMAR LLC, in the transaction.
BIRMINGHAM, ALA. — Alpine Partners, a subsidiary of Minturn Properties, has acquired Alpine Village, a 160-unit multifamily complex, from an affiliate of Harbor Group International, for $7.2 million. The community features one-, two- and three-bedroom units, averaging 916 square feet. Amenities include a swimming pool, a tennis court, a fitness center and a playground. The property was 94 percent occupied at the time of sale. Meredith Ray and Robert Simon of Corporate Realty Advisors represented the buyer.
ST. LOUIS — KAI Design & Build will soon begin construction of the second phase of Cambridge Heights, a three-phase, $45 million mixed-income housing community located in St. Louis. Phase II, which will cost $15 million and commence in June, will consist of 102 rental units, 72 of which will be designated as affordable housing. This phase, along with the 20 for-sale homes that make up Phase III of the project, is scheduled for completion in fall 2009. The first phase, which was completed in June 2007, includes a playground and 20 buildings containing 121 residential units, as well as a management/community facility. Community amenities will include two playgrounds, a community meeting space, a computer center and secure resident parking. St. Louis-based Cochran Redevelopment Partners is developing the project in partnership with various city, state and national government housing organizations. KAI is serving as construction manager, general contractor and project architect. Cambridge Heights replaces a distressed 500-unit housing project that was ordered to be demolished by the Department of Housing and Urban Development.
ROCKY HILL, CONN. — Renovations have begun on The Glenbrook at Rocky Hill, a garden-style apartment community in Rocky Hill. The community includes 400 one-, two- and three-bedroom residents set on 40-plus acres within close proximity to Interstate 91. Renovations include new kitchens, bathrooms, balconies and common areas, as well as new landscaping, walking paths, exterior siding and energy-efficient windows and sliders.
AUSTIN, TEXAS — Transwestern Realty Finance Partners LLC has closed a $6.5 million mezzanine construction for the development of Residences at Oak Hill. The Class A apartment complex, which is located on U.S. 71 in the Southwest Hills area of Austin, comprises 276 units. McShane Corp. is the project’s sponsor.
COLUMBIA, S.C. — Jupiter, Fla.-based Asset Development Management has acquired Riverview Apartments, a 220-unit multifamily complex in northwest Columbia, from Virginia Beach, Va.-based Sterling Partners, for $12 million. Property features include a clubhouse, a fitness center, a swimming pool and tennis courts. The complex is located at 4501 Bentley Dr., near the University of South Carolina. Steve Mack and Jim Sewell of Hilton Head, S.C.-based Coastal Apartment Advisors were the sole brokers and exclusively represented the seller.
NEW YORK CITY — The GLC Group is constructing Nforth, a ground-up residential community in the Williamsburg neighborhood of Brooklyn, New York City. Designed by Karl Fisher with interior design by Andres Escobar, the four-story building contains 37 units. Units range in size from a 480-square-foot studio to a 1,286-square-foot two-bedroom unit. Prices for the residences begin at $375,000. Occupancy is slated for this fall. The Developers Group is the exclusive marketing and sales agent for the project.