DAYTON, OHIO — UnitedHealthcare and U.S. Bank have celebrated the grand opening of Germantown Village, a new, 60-unit affordable housing community in Dayton’s Germantown-Broadway area. UnitedHealthcare invested $8.9 million in the $12.8 million affordable-housing community through a partnership with U.S. Bank subsidiary U.S. Bancorp Community Development Corp. UnitedHealthcare’s funding was secured through the use of Low-Income Housing Tax Credits (LIHTC), which was approved by the Ohio Housing Finance Agency. U.S. Bank also provided a construction loan for the development, bridging the LIHTC equity during construction. Additional funding was provided by the U.S. Department of Housing and Urban Development, the Ohio Housing Finance Agency and the city of Dayton. Developed by The Michaels Organization, the four-acre community includes 60 apartments in five two- and three-story buildings. Apartments include Energy Star appliances, ceramic tile and ceiling fans, among other amenities.
ALGONQUIN, ILL. — Maverick Commercial Mortgage Inc. has arranged an $11.2 million construction loan that will fund the completion of a 63-unit multifamily development in suburban Chicago. Riverside Plaza is a Class A residential and retail property located along the Fox River near the intersection of Route 31 and Route 62 in Algonquin. Riverside Plaza Development LLC, which acquired the property from the developer in 2011, will use the loan to complete exterior modification and interior build out of the apartments and ground-floor retail units. The five-story property features 9,101 square feet of retail space and 102 indoor parking spaces. An East Coast private lender funded the loan. The limited recourse loan includes a two-year term.
SAN ANTONIO — Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Ridge at Bandera, a 120-unit multifamily community in northwest San Antonio. Built in 1992, the complex offers one- and two-bedroom layouts with an average unit size of 760 square feet, as well as a swimming pool and fitness center. Will Balthrope and Scott Lamontagne of IPA and Moses Siller of Marcus & Millichap represented the seller, an opportunity fund based in the Northeast. A family office located in Kentucky purchased the property, which is located at 10950 Biering Lane, near the intersection of Loop 1604 and Bandera Highway.
SEATTLE – The 36-unit Central Element in Seattle has sold to a private investor for $7.7 million. The community is located at 209 22nd Ave. South in the city’s Central Business District. It was built in 1967. Dan Swanson of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a limited liability company, in this transaction.
AUSTELL, GA. — Atlanta-based Bull Realty has arranged the sale of two apartment communities totaling 344 units in Austell, a suburb of Atlanta. The communities include the 200-unit Hunter’s Grove Apartments and the 144-unit Parkview Apartments. Ernie Eden and Mike Terry of Bull Realty were the sole brokers in the transactions. Wilbarcol Ventures purchased the two communities, as well as the 146-unit Kingsley Village Apartments in Austell, from QR Capital for $16 million. H.J. Russell & Co. will manage the new communities in conjunction with Lifehouse Partners.
BROWNSBURG, IND. — Eastern Union Funding has arranged a $20.7 million loan for the refinancing of the 250-unit Legacy Park Apartments in Brownsburg, located about 17 miles northwest of Indianapolis. Completed in 2011, the Class A apartment community is fully leased. Greystone Servicing Corp. provided the 35-year HUD loan, which features an interest rate of 4.05 percent and a loan-to-value ratio of 83.3 percent. The borrower plans to use part of the proceeds from the loan to pay off the construction loan. Shaya Ackerman, senior managing director, and Ira Zlotowitz, president of Eastern Union, arranged the loan.
NEW YORK CITY — Vornado Realty Trust has acquired the land and air rights above a development site at 220 Central Park South in Manhattan for $194 million. Extell Development Co., builder of the nearby One57 luxury-condo tower, was the seller, according to Bloomberg. Vornado says the deal will enable the company to begin work on a 920-foot luxury residential condominium tower at the site. Robert A.M. Stern Architects will design the 472,000-square-foot tower, which will have unobstructed views of Central Park.
NEW YORK CITY — HFF has arranged a $62.4 million construction loan for the redevelopment of 12 East 13th Street, a residential condominium project in Manhattan’s Greenwich Village neighborhood. HFF worked on behalf of the borrowing team of DHA Capital, Continental Properties and Ramius. Apollo Commercial Real Estate Finance provided the non-recourse loan. Proceeds of the loan will be used to redevelop an eight-story parking garage into a 12-story, luxury residential condominium property called 12 East 13th Street. The building is located south of Union Square between University Place and Fifth Avenue. The project is slated for completion by spring 2015. Michael Gigliotti, associate director, and Andrew Scandalios, senior managing director, led the HFF team representing the borrower.
McKINNEY, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of Ashton Oaks, a 168-unit multifamily community in McKinney, a northern Dallas suburb. Built in 1988, the property features amenities such as an indoor heated pool, fitness center and multiple barbecue grills. Apartment units include fully equipped kitchens with vinyl plank flooring, 9-foot ceilings and outside storage units. Will Balthrope of IPA represented the seller, an Austin-based limited partnership. The buyer is an Illinois-based limited liability company.
SEATTLE – The 36-unit Central Element in Seattle has sold to a private investor for $7.7 million. The community is located at 209 22nd Ave. South in the city’s Central Business District. It was built in 1967. Dan Swanson of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a limited liability company, in this transaction.