DURHAM, N.C. — Phillips Development & Realty has secured a $26.7 million construction loan to develop the 292-unit Phillips Research Park Apartments in Durham. The 40-year, fixed-rate loan was funded through CBRE HMF, using HUD's 221(d)(4) financing program. LandSouth Construction is the general contractor for the project. The first units are slated for completion in spring 2013 with full completion scheduled in September 2013.
Multifamily
CHARLOTTE, N.C. — Red Mortgage Capital has financed a $21.18 million FHA insured mortgage loan for the 164-unit 330 West Tremont Apartments in Charlotte. The four-story apartment building, which will be located above a two-level parking deck, is slated for completion in 2013. Boykin Management Co. has a majority interest in the project, and is working with The Boulevard Company to develop the project.
NEW YORK CITY — Steiner Studios has purchased 142 North 6th St., also known as the Jardin building, for $38 million. The 44-unit apartment building is fully occupied and rents average $53 per square foot. The Jardin was originally designed as a condominium property, however, during construction, developers decided that rentals would be a better move in the market. Amenities include a fitness center, landscaped courtyard and on-site parking. David Behin of MNS represented both the buyer and the seller, Read Property Group, in the transaction.
BROOKLINE, MASS. — Octagon Property Management has paid $6 million to buy 50-54 Kent St., a 15-unit apartment property in Brookline. The property is comprised of two apartment buildings on a 22,000-square-foot lot. Both buildings are fully occupied. Carl Christie, Dan McGee and Henry Lieber of NAI Hunneman represented the seller, 50-54 Kent Street LLC, in the transaction. They also procured the buyer.
TEANECK, N.J. — Gebroe-Hammer Associates arranged the sale of a distressed apartment building, located at 63 Washington Place in Teaneck, for $1.4 million. Constructed in 1940, the 16-unit building includes a mix of one-, two- and three-bedroom units. The buyer and seller are two, long-time Gebroe-Hammer clients. Greg Pine of Gebroe-Hammer represented both parties in the transaction. The new owner plans to renovate the property.
OAKLAND, CALIF. – A 42-unit apartment building located at 350 Newton Ave. in Oakland has sold to a private investor for $4.9 million. The community was originally built in 1960 and contains 30,012 square feet of space. David Wolfe of Marcus & Millichap’s Oakland office represented both the buyer and the seller, another private investor, in this transaction.
LAKEWOOD, COLO. – An apartment building located at 1205-1225 Yukon Street in Lakewood has sold to a local investor for $2.25 million. The 33,792-square-foot community was built in 1961. It was 91 percent occupied at the time of closing. Joe Hornstein of Pinnacle Real Estate Advisors represented both the buyer and the seller, another local investor, in this transaction.
HOUSTON — LMI Capital has secured $9.2 million in refinancing for three Houston-area multifamily properties. Brandon Brown of LMI Capital arranged all three loans through LMI Capital's Fannie Mae sources. The three properties include the 190-unit Pelican Pointe Apartments in southwest Houston, the 101-unit Park Place Apartments in Pearland and the 113-unit Stoneybrook Apartments in west Houston. Brown arranged a seven-year loan for Pelican Pointe, a 10-year loan for Park Place and a 10-year loan for Stoneybrook.
LOS ANGELES — A21-unit apartment building in the Los Angeles submarket of Toluca Lake has received a $7.4-million refinancing. The community was originally developed as high-end condos in 2007. When the market crashed, the developer converted the units to rentals. The apartment loan is underwritten to $352,380 per unit. The loan features a fixed rate for five years and a minor prepayment penalty for three years. The borrower hopes to sell the units as condos if and when the market recovers. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office.
SOUTHFIELD, MICH. — Ciena Healthcare, a leading provider of skilled nursing and rehabilitation care facilities in Michigan and Connecticut, has obtained a five-year, $29 million loan from Capital One Bank. The loan proceeds will be used to refinance three skilled nursing facilities in Michigan that were built since 2005. Southfield-based Ciena Healthcare operates 32 skilled nursing communities across the state and four communities in Connecticut. The company provides long-term care and short-term rehabilitative services. Capital One Bank is based in McLean, Virginia.