FOREST LAKE, MINN. — Dougherty Mortgage LLC has closed a $4.6 million Fannie Mae loan for the refinancing of Mill Pond II Apartments in Forest Lake, located about 30 miles north of Minneapolis. The borrower was Mill Pond II LLC. The 10-year loan includes a 30-year amortization schedule. The recently constructed 60-unit multifamily affordable housing property is located at 525 4th St.
CORSICANA, TEXAS — Northshore Harbor Condominiums, located off South U.S. Highway 287 at the end of Spur 294 in Corsicana, has opened its doors. The Northshore Harbor Condos are located on Richland Chambers Lake just outside Corsicana, and it features the Harbor Inn Marina and the Harbor Inn Restaurant & Club. The 36 condominium units are priced in the $170,000 to $270,000 range and feature a private balcony or patio, granite countertops and stainless steel appliances. Amenities include a saltwater pool, clubhouse, fitness center, cyber cafe and private library.
AUSTIN, TEXAS — Texas Income Property has brokered the sale of the 88-unit Highland Cove Apartments, a multifamily community located in northeast Austin. Highland Cove was constructed in 1969 and the new owner is planning to renovate the property. Christopher Tucker of Texas Income Property represented the seller in the transaction. Tucker also arranged the sale of the 22-unit Lynridge Apartments, also in northeast Austin.
LOS ANGELES — Canyon Capital Realty Advisors and Citi have teamed up to launch Canyon Multifamily Impact Fund, a multifamily workforce housing fund that will focus on underserved communities in California, Texas and Illinois. The fund is positioned to acquire and manage up to $800 million in apartment communities. Individual investments will range from $20 million to $90 million for both individual properties and multisite portfolios.
ORANGE, CALIF. – An 11-property multifamily portfolio has received a $450-million refinance. The properties contain 3,369 total units. They are located throughout Dublin, Orange, San Ramon, San Diego and Vacaville, Calif.; Denver; Portland, Ore.; Chicago; and North Bergen and Wayne, N.J. The borrowers are 11 separate entities within a fund managed by UBS Global Asset Management. The 7-year and 10-year, fixed-rate loans carry a weighted average rate of 3.01 percent. They are not cross-collateralized or cross-defaulted. Financing was arranged by CBRE Capital Markets’ Debt & Equity Finance group. The team was led by Michael Riccio. Freddie Mac provided $218.2 million in financing, while Fannie Mae provided $231.7 million.
PLANT CITY, FLA. — NorthMarq has arranged a $6.2 million loan for the refinancing of Townsgate Apartments, a 265-unit multifamily property at 1211 Goldfinch Drive in Plant City. Lee Weaver of NorthMarq arranged the financing on behalf of the borrower, Baker's Pond Group, through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The 10-year loan features a 30-year amortization schedule.
JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Royal Estates, a 176-unit apartment property at 8050 Arlington Expressway in Jacksonville. The transaction was a lender-approved short sale. The property was 50 percent occupied at the time of sale, with “a tremendous amount of deferred maintenance,” according to Marcus & Millichap. The buyer plans to rehab the property. The property, constructed in 1973, includes a leasing center, two swimming pools, courtyards, playground areas, a basketball court, a tennis court and two laundry rooms.
WAKEFIELD, MASS. — Behringer Harvard and Wood Partners have announced their investment in Alta Audubon Road, a 186-unit multifamily development in Wakefield, a northern suburb of Boston. The 5.3-acre development site at 14 Audubon Road is located off Exit 42 of I-95/Route 128. The apartment community is less than a half-mile from MarketStreet at Lynnfield, a 68-acre mixed-use development set to open this summer. Behringer Harvard Multifamily REIT I Inc. has provided equity capital for the construction of the apartment community. The project will include four- and five-story buildings next to a three-story parking facility. Construction began this month and is slated for completion in the fourth quarter of 2014. The community will be developed and constructed by affiliates of Wood Partners, an Atlanta-based firm that has six other apartment projects completed or underway in the Boston area. Apartment units will average 934 square feet each.
BOLINGBROOK, ILL. — NorthMarq’s Chicago regional office has arranged $23.8 million in first mortgage refinancing for Greenleaf Apartments in Bolingbrook, located 30 miles southwest of Chicago. The 321-unit affordable housing community for seniors is located at 502 Kildeer Drive. The borrower is Greenleaf Limited Partnership. The 19.3-year loan is fully amortizing and was placed through AmeriSphere Multifamily Finance LLC, a Fannie May DUS Lender.
SAN DIEGO — OliverMcMillanand Capri Capital Partners have broken ground on The Lofts at 688 13thStreet, a 208-unit apartment development in San Diego. The community is located in the East Village district near Downtown San Diego. The project is maintaining a two-year construction schedule, with VCC serving as the general contractor and Pappageorge HaymesPartnersandAVRP Studiosacting as the designers.
