REDLANDS, CALIF. – The 296-unit Barton Vineyard Apartments in Redlands has received a $32.7-million refinance. The Class A community is located at 26630 Barton Road. The 10-year loan features a 2.31 percent adjustable interest rate and a 30-year amortization schedule. It was arranged by Rob Cantizano of Berkeley Point Capital through Fannie Mae’s Structured ARM program.
BETHESDA, MD. — Walker & Dunlop has arranged $98 million in financing for six multifamily properties in the Southeast, consisting of 1,708 units. The firm arranged a 10-year acquisition loan for Polo Glenn Apartments in Rockledge, Fla., through Freddie Mac on behalf of the borrower, Pollack Shores Real Estate Group. In Georgia, Walker & Dunlop arranged refinancing loans through Freddie Mac for Sinclair Apartment Homes and Springdale Glen Apartments on behalf of the borrower, Cortland Partners. Priderock Capital Partners secured a 10-year acquisition loan through Walker & Dunlop, which arranged the loan through Fannie Mae. The borrower used the funds to acquire Park Place Apartments in Louisville, Ky. In the last deal, the firm arranged two, 10-year loans for multifamily properties in Louisiana — Palmetto Creek Apartments and Regency Club Apartments — on behalf of the borrower, Favrot & Shane Cos.
TOLEDO, OHIO — Campus Crest Communities has purchased 629 student housing beds, located across the street from the University of Toledo, for $13.8 million from Rochester, Mich.-based Campus Village. According to Triad, the portfolio has undergone some distress in recent years and had an occupancy rate of 80 percent during 2012. Campus Crest has plans for a substantial renovation and repositioning of the properties. The company also plans to take advantage of the close-to-campus location. Triad Real Estate Partners brokered the sale.
NEW YORK CITY — Besen & Associates has arranged the sale of apartment buildings located at 243, 244, 247, 333 & 335 E. 33rd St. in the Murray Hill neighborhood of Manhattan for $20.6 million, or $317,000 per unit. The buyer is a private investor and the seller is Five on 33rd LLC. The portfolio includes two walkups and three elevator buildings, a total of 63 apartments and two offices. The properties total 35,638 square feet, with approximately 16,000 square feet of air rights. Glenn Raff and Ron Cohen of Besen & Associates completed the transaction.
HOUSTON — Behringer Harvard has begun construction on The Muse Museum District, a 270-unit luxury multifamily community located on a 2.9-acre site in Houston's Montrose/Museum District submarket. Dallas-based Trammell Crow Residential partnered with Behringer Harvard on acquiring the site for the community. Trammell Crow will be the project's developer, and an affiliate of Trammell Crow will serve as the general contractor. The Muse Museum District will span four stories and sit atop a two-level parking garage. The community will feature a cyber cafe, business center, fitness center, luxury swimming pool and dog station. Construction is scheduled to wrap up in the fourth quarter of 2014.
DICKINSON, TEXAS — Rockwood Real Estate Advisors has brokered the sale of the 108-unit Bayou Village, a Class B apartment community located in Dickinson. Bayou Village's amenities include covered parking, a swimming pool, laundry facility and picnic areas. The property is 96 percent occupied. Jordan Cortez and Michael Anderson of Rockwood represented the seller, Bayou Dickinson LLC, in the transaction. The buyer was a California-based investor.
REDLANDS, CALIF. – The 296-unit Barton Vineyard Apartments in Redlands has received a $32.7-million refinance. The Class A community is located at 26630 Barton Road. The 10-year loan features a 2.31 percent adjustable interest rate and a 30-year amortization schedule. It was arranged by Rob Cantizano of Berkeley Point Capital through Fannie Mae’s Structured ARM program.
HUNTSVILLE, ALA. AND CORDOVA, TENN. — Boston-based Panther Properties Investment LLC has acquired a three-property multifamily portfolio, totaling 740 units, for $75 million. The three Class A apartment communities include the 276-unit Huntsville Parc at the Arsenal in Huntsville, the 238-unit Villas at Grays Creek in Cordova and the 226-unit Carrington at Houston Levee in Cordova. The acquisition marks Panther's first investment in Alabama and second and third in Tennessee. The private equity real estate firm acquires, develops and manages Class A apartment communities in the Southeast.
CHARLOTTE, N.C. — Gvest Partners plans to build a new 340-apartment community in Charlotte's historic arts district. Construction is expected to start soon on The Yards at NoDa, a $37 million development in the NoDa district, which is home to galleries, restaurants, bars and performing spaces. The property will include studio, one-, two- and three-bedroom apartments. Amenities will include a resort-style pool, fitness center, clubhouse and a dog park. Gvest is providing the equity investment for the new development and Wells Fargo provided the construction financing.
ATLANTA AND KANSAS CITY, MO. — Ares Commercial Real Estate Corp. has closed two loan commitments totaling $132.6 million, including a $107.1 million first mortgage loan collateralized by multifamily properties in Atlanta and a $25.5 million first mortgage loan collateralized by office properties in Kansas City, Mo. A sponsor group including Cortland Partners of Atlanta used the $107.1 million loan to finance the acquisition and property improvements of three multifamily properties in Atlanta. The $25.5 million loan was collateralized by two Class A office buildings in the Overland Park submarket of Kansas City.