ARLINGTON, TEXAS — La Joya, a 185-unit apartment community in Arlington, has traded hands. Wells Fargo Bank, N.A., as Trustee for CSFB 2003-C3 c/o Centerline Servicing of Irving, Texas, sold the property to La Joya Arlington Apartments of Dallas. The property is located at 1707 New York Ave. Tom Burns and Jay Gunn of the Dallas office of Hendricks & Partners represented the seller in the transaction. The acquisition price was not disclosed.
LOS ANGELES — Los Angeles-based 1746 N. Kingsley LLC has purchased 1746 North Kingsley Avenue, an apartment community in Los Angeles. Located at 1746 N. Kingsley Dr., the community offers 17 units. Los Angeles-based 1746-1750 ½ North Kingsley Drive LLC sold the property for $2.74 million. Dean Zander of Hendricks & Partners’ Los Angeles office represented the buyer in the transaction.
MOORESVILLE, N.C. — Construction on the second phase of Charlotte, N.C.-based Faison Enterprises’ 312-unit Waterlynn Ridge apartment complex, located on I-77 at Exit 33 in Mooresville, will be complete by the end of this year. The property comprises one, two and three bedroom units, and amenities include a fitness center, a community pool and a NASCAR-inspired media room. Superior Construction’s Charlotte office completed the first buildings in April. Waterlynn Ridge is one of the first developments in Waterlynn Place, a mixed-use project that will include townhomes, offices and single-family residences.
HATTIESBURG, MISS. — Chad Thomas Haywood of Capmark Finance’s Birmingham, Ala., office has originated $12.3 million in permanent, fixed-rate debt financing for the 164-unit Belmont of Hattiesburg Apartments, located at 147 98 Place Blvd. in Hattiesburg. An affiliate of Mississippi-based Dawn Properties borrowed the 7-year loan, which comes with a 30-year amortization and a fixed rate of 5.8 percent. The loan was financed through Capmark’s Freddie Mac multifamily program.
JEFFERSONVILLE, IND. — Dallas-based BMC Capital has originated a $3 million refinancing loan for Mayfair Apartments, a 244-unit property located at 1201 Harmony Lane in Jeffersonville. The undisclosed borrowers are long-term owners of the multifamily community. The fixed-rate financing was based on a 10-year term, with a 30-year amortization schedule.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a 26-unit multifamily property located at 199 Bay 17th St. in Brooklyn, New York City, for $2.77 million. Matthew Fotis and Dolly Amigon of the firm’s Brooklyn office represented the seller and secured the buyer; both parties were undisclosed. The property traded at a price of $126 per square foot and a 5.25 percent capitalization rate.
NEW YORK CITY — The Community Preservation Corporation and the New York Department of Housing Preservation & Development (HPD) have provided a $4.7 million construction loan for the rehabilitation of three residential buildings located in the Flatbush neighborhood of Brooklyn, New York City. Two of the properties are vacant and the third is partially occupied. They comprise 2516 Newkirk Ave., 561 Rogers Ave. and 2506 Albemarle Rd. Once the renovations are complete, the three buildings will provide 25 rental apartments for low-to-moderate income families. The buildings will contain one one-bedroom apartment, 18 two-bedroom apartments and six three-bedroom apartments; rents will range from $1,000 to $1,100 per month. The developer, Nayelli Partners, acquired the properties for $50,000 under HPD’s Third-Party Transfer Program.
LOS ANGELES — Meruelo Maddux Properties Inc. has received an $84 million loan for the construction of a 35-story, high-rise multifamily project, which is located at 717 W. Ninth St. in Los Angeles. The loan will be used to fund the remaining development needs of the project, fund an interest payment reserve and fund a real estate tax and insurance reserve. Located at the intersection of Flower and Ninth streets in downtown Los Angeles, the project will feature 214 luxury apartment homes with resort-style amenities, including a lap pool and whirlpool spa, a fitness facility, a living room/library and an outdoor social area with barbeque grills and fire pits. Additionally, the project is seeking LEED Silver certification. The financing was provided by an affiliate of Canyon Capital Realty Advisors LLC.
TUCSON, ARIZ. — Santa Barbara, Calif.-based Nevins Adams Lewbel Schell (NALS) has acquired Finisterra, a 300-unit apartment complex in Tucson, for $32.5 million. Located at 6795 E. Calle La Paz, the community consists of 21 two-story, garden-style buildings totaling approximately 289,545 square feet. The property features one-, two- and three-bedroom units in five individual floorplans. Community amenities include a clubhouse with kitchen, computer room, heated swimming pool, spa, fitness center and barbeque area. Units feature 9-foot ceilings, air conditioning, dishwashers, disposals, frost-free refrigerators with icemakers, private balconies/patios and washer/dryers. The seller was Tucson-based Finisterrra Community I LLC. Art Wadlund of Hendricks & Partners’ Tucson office brokered the transaction.
ORLANDO, FLA. — Habitat For Humanity Orlando has begun raising money for its $6 million, 58-unit townhome development Staghorn Villas, which is located at the intersection of Staghorn Drive and Silver Star Road in Orlando. The property, which will be partially funded by the Orlando-based companies CHEP USA and HD Supply, will encompass 10 buildings, each housing four to six units. The 3.9-acre development will deliver in the spring of 2011.
