CRYSTAL, MINN. — Oak Grove Capital has arranged a $10.4 million Fannie Mae loan for Heathers Manor, a 78-unit assisted living facility in Crystal. Bill Kaufman of Oak Grove arranged the 10-year loan on behalf of the borrower, Life Care Cos.
SEATTLE – The 85-unit Soundview Apartments in West Seattle has received $7.5 million in financing. The community is located on California Avenue SW near the West Seattle Junction. It is fully leased. The seven-year loan boasts a 30-year amortization period. It was arranged by Mike Wood and Andrew Patterson of NBS Financial Services.
MIAMI — The 56-unit Opera Tower, a downtown Miami condominium complex rising above Biscayne Bay, is undergoing a $1.2 million building enhancement program. The redesign includes updates to the recreational room, lobby and pool deck, and is set for completion by the end of the first quarter of 2013. South Florida-based Tibor Hollo, Opera Tower’s original developer, is leading the redesign. Residences at Opera Tower feature stainless steel appliances, European gourmet kitchens, luxurious baths and granite countertops. Amenities include full-time security, concierge services, garage parking and a state-of-the-art fitness center.
EAST LANSING, MICH. — Arbor Commercial Mortgage has arranged an $8.1 million FHA 223(f) loan for Glenwood Apartments, a 138-unit multifamily property in East Lansing. The 35-year refinance loan amortizes on a 35-year schedule. The garden-style property primarily targets students from nearby Michigan State University.
BOSTON — Suffolk Construction has broken ground on the second phase of The Homes at Old Colony, a multifamily redevelopment project in South Boston. The $50 million project will include the demolition of 223 distressed units and the construction of 169 affordable rental units. Prior to the redevelopment, the Old Colony public housing was the most physically distressed property in the Boston Housing Authority's portfolio. As a result, the BHA developed a master plan and received $44 million in federal funding to move the project forward. Phase I featured the demolition of 164 deteriorated units and construction of 116 new affordable housing units. Beacon Communities Development is the project developer and The Architectural Team is providing design services.
DUMONT, EAST RUTHERFORD, N.J. — Gebroe-Hammer has arranged the sale of two multifamily properties totaling 108 units in Bergen County. The larger transaction was the $12.3 million sale of the 84-unit Station Square Apartments at 351 Van Winkle St. in East Rutherford. The five-building garden apartment complex was built in 1960. Debbie Pomerantz of Gebroe-Hammer represented the buyer in the transaction. She and Nicholas Nicolou, also of Gebroe-Hammer, represented the seller. In Dumont, Gebroe-Hammer's Greg Pine arranged the $2.7 million sale of 24 one-bedroom units at 34-38 Grant Ave. Pine exclusively represented the out-of-state seller and procured the buyer, a long-time Gebroe-Hammer client.
VORHEES, N.J. — A partnership between Candlebrook Properties and Gordon & Co. has acquired Echelon Glen Apartments, an 884-unit community in Vorhees. Situated on 56.3 acres, Echelon Glen is the largest apartment community in the Vorhees market. Amenities include a central lake, clubhouse, swimming pool and courtyards. Karen Iman, Andrew Merin and Brian Whitmer of Cushman & Wakefield represented the institutional seller. They also procured the buyer.
NEW YORK CITY — Meridian Capital Group has arranged a $5.5 million refinancing package for three multifamily buildings on the Upper East Side. The five-year loan features a 2.9 percent interest rate and flexible payment terms. The properties, totaling 48 units, are located at East 70th Street, East 75th Street and East 78th Street. The buildings are near Central Park, Lenox Hill Hospital and a subway line. Shamir Seidman of Meridian secured the loan.
AUSTIN — Hunt Investment Management, an affiliate of Hunt Cos., has sold the 2,044-unit Riata Town Center and Apartment Villages, a master-planned multifamily community located in Austin's Arboretum district. The community features a resort-style swimming pool, jacuzzi, fire pit, picnic grove, 11,000-square-foot fitness center, lake, jogging trails, beach volleyball courts, indoor racquetball courts, basketball courts, 200 gas grills, eight car wash stations and two dog parks. Thomas Delaney and John Musgrove of Hunt Investment Management managed the sales process with the seller's brokerage firm in the all-cash transaction.
FORT WORTH — Marcus & Millichap has arranged the sale of The Edmundton, a 20-unit apartment building located on Birchman Avenue in Fort Worth. Boyan Radic and Mason Green in Marcus & Millichap's Fort Worth office represented the seller, a Utah-based partnership, in the transaction. Radic and Green also secured and represented the buyer, Fort Worth-based Edmundton Apartments LLC. A local bank provided acquisition financing for the transaction.