Multifamily

$34.5 MILLION APARTMENT COMPLEX TRADES HANDS IN URBANA, ILL.

by admin April 2, 2013

URBANA, ILL. — Axiom Properties Inc. has sold Town & Country Apartments, a 662-unit apartment complex in Urbana, for $34.5 million, or $52,115 per unit. The apartment complex is located on 30 acres at 1032 East Kerr Ave. The multifamily property includes a 52-unit self storage facility, four swimming pools, business and fitness centers and basketball and tennis courts. Scott Harris of Marcus & Millichap represented the seller and the buyer, Colorado-based Monarch Investment and Management Group.

April 2, 2013

BERNARD ARRANGES $2M LOAN FOR BAVARIAN VILLAGE APARTMENTS

by admin April 2, 2013

CLARKSTON, MICH. — Bernard Financial Group has arranged a $2 million loan for Bavarian Village Apartments, an 81-unit complex in Clarkston, located about 38 miles north of Detroit. The borrower is Village Enterprises LLC. The lender is The Ohio National Life Insurance Co. Kevin Kovachevich of Bernard Financial Group originated the loan. Bavarian Village Apartments is located at 8863 Dixie Highway.

April 2, 2013

Seniors Housing Southeast

KANDU, BLOOM BUY TWO SENIORS HOUSING COMMUNITIES IN SOUTH CAROLINA

by admin April 2, 2013

BLUFFTON AND HILTON HEAD, S.C. — Kandu Capital LLC and its operating company, Bloom Senior Living, have acquired two seniors housing communities in Bluffton and Hilton Head, S.C., from Brookdale Senior Living for $7.2 million. The acquisition includes the Carolina House of Bluffton, a 59-unit assisted living and memory care community, which was built in 2000. The second property is Carolina House of Hilton Head, a 58-unit assisted living and memory care community built in 1999. Bloom plans to upgrade the properties.

April 2, 2013

Seniors Housing Texas

LOVE FUNDING SECURES $10.1M CONSTRUCTION LOAN FOR SENIOR FACILITY

by admin April 2, 2013

MANVEL, TEXAS — Love Funding has closed a $10.1 million construction-to-permanent loan for the development of Orchard Park of Pearland, an assisted living and memory care facility under development in Manvel. Joshua Hausfeld of Love Funding secured the 40-year loan through HUD's Section 232 LEAN program for new construction of healthcare facilities. The borrowers, McFarlin Group and Stroud Development, plan to open the facility in 2014.

April 2, 2013

Multifamily Southeast

ALLIANT ARRANGES $45.3M ACQUISITION LOAN

by admin April 1, 2013

SILVER SPRING, MD. — Alliant Capital LLC has arranged a $45.3 million acquisition loan for Woodvale Apartments, a 376-unit multifamily property in Silver Spring. Mary Dee Clancy of Alliance originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule.

April 1, 2013

Midwest Multifamily

BERNARD ARRANGES $8.8M LOAN FOR GREEN VALLEY APTS. IN CLINTON TOWNSHIP

by admin April 1, 2013

CLINTON TOWNSHIP, MICH. — Bernard Financial Group has arranged an $8.8 million loan for Green Valley Apartments, located at 42480 Green Valley Drive in Clinton Township, about 25 miles north of Detroit. The multifamily property includes 420 units. The borrower is Green Valley Apartment Complex LLC. Neil Gorosh of Bernard Financial originated the loan.

April 1, 2013

Midwest Multifamily

DEVELOPER ACQUIRES 65-UNIT MULTIFAMILY PROPERTY IN CHICAGO FOR $4.1M

by admin April 1, 2013

CHICAGO — A developer has acquired 6920 South Crandon Avenue, a 65-unit, 11-story affordable multifamily property in Chicago’s South Shore neighborhood.Scott Harris and Ryan Engle of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction. The property currently operates under a Housing Assistance Payment (HAP contract) administered by the Chicago HUD office. The HAP contract was recently renewed.

April 1, 2013

Multifamily Texas

M&M BROKERS SALE OF OAK TREE APTS. IN ARLINGTON

by admin April 1, 2013

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Oak Tree, a 20-unit apartment complex in Arlington. The community is located at 704 Lynda Lane within a half-mile of The University of Texas at Arlington. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Denninger also procured the buyer, a Canadian limited liability company.

April 1, 2013

Multifamily Western

THE METRO AT CHINATOWN SENIOR LOFTS OPENS NEAR DOWNTOWN LA

by admin March 29, 2013

LOS ANGELES — The Metro at Chinatown Senior Lofts, a 123-unit affordable senior housing property, has opened in Los Angeles’ Chinatown district. The $43-million property is located at 808 North Spring Street. The property contains two integrated structures, a seven-story building constructed in the 1920s, and a nine-story building constructed in 1916.The transit-oriented development is adjacent to Los Angeles County Metro’s gold line and it’s Chinatown Station. Leasing commenced this past January. The Metro is already 80 percent occupied. The property was developed by Meta Housing Corporation and Western Community Housing, which also served as the managing general partner.

March 29, 2013

Multifamily Western

CONSUMER CAPITAL PARTNERS TEAMS WITH FRONTRANGE CAPITAL ON MULTIFAMILY INVE

by admin March 29, 2013

DENVER — Consumer Capital Partners (CCP) has teamed with FrontRange Capital Partners to invest in the ownership and operation of 35,000 apartment units nationwide. Denver-based CCP is hoping this new partnership will diversify and strengthen its portfolio of brands and investments.CCP currently owns the successful Smashburger chain. FrontRange Capital’s specialty is owning, managing and repositioning apartment complexes.

March 29, 2013

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