CANON, OHIO — AFL-CIO Housing Investment will invest $10 million toward a $14 million project to rehabilitate the Mayfield Manor Apartments in Canon. The scope of work includes interior repairs and upgrades. The installation of low-flow plumbing fixtures will reduce energy consumption. The National Steelworkers Oldtimers Community Urban Redevelopment Co. developed the apartment building in the early 1980s to provide low-income seniors with access to affordable housing. Since its completion in 1982, the property has been managed by the Elderly Housing Development & Operations Corp.
STAMFORD, CONN. — A joint venture between Jonathan Rose Cos. and Malkin Properties has opened a new apartment community called Metro Green Residences in Stamford. Perkins Eastman Architects designed the mixed-income development, which was built at the Stamford Transportation Center. The building includes 50 rental units. Of the total, 40 units will be marketed as affordable homes, while the remaining units will be market-rate apartments. The project also includes more than 1,600 square feet of retail space on the ground floor, adjacent to a plaza and rain garden. Amenities include a landscaped courtyard, gardening spaces and a meditation space. The development is the first phase of the Metro Green master plan, which will offer 283 mixed-income residential units and a 350,000-square-foot office tower.
AUSTIN — Newport Beach, Calif.-based MIG Real Estate has acquired The Cottages, a 330-unit luxury apartment community located at 8515 Interstate 35 S. in Austin. The apartment community is currently 94 percent occupied. MIG was self-represented in the transaction, and Alliance Residential Co. will manage The Cottages.
AUSTIN — ARA has arranged the sale of the 156-unit Summer Wind, an apartment complex located at 883 Fairfield Drive in Austin. Andrew Shih of ARA's Austin office represented the seller, who foreclosed on the property. Kansas City, Mo.-based Spectrum Business Ventures is the buyer. The property is 93 percent occupied and features a swimming pool, wood-burning fire places and bay garden windows.
CHARLESTON, S.C. — Capital Advisors has arranged $22 million in refinancing for the 228-unit Riverland Woods Apartments, located at 1001 Riverland Woods Place in Charleston. Cooper Willis of Capital Advisors arranged the 10-year loan with 12 months of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Riverland LLC, through Walker & Dunlop.
CHICAGO — AFL-CIO Housing Investment Trust has provided $11 million to fund the rehabilitation of two affordable housing properties in Chicago. In the city's Uptown community, the funds will support much-needed improvements at Hazel Winthrop Apartments, a four-building development constructed a century ago. In the South Lakefront area, $8.8 million will be used to renovate the Bronzeville Senior Apartments, an 11-story high-rise. The projects will include exterior and interior repairs and energy-conserving retrofits, such as greater insulation and more efficient energy systems.
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $17.2 million first mortgage loan for The Flats at West End, a 119-unit apartment community in St. Louis Park. The property is scheduled to open in the spring of 2013. Ben Fazendin of Grandbridge arranged the new construction financing through FHA's 221(d)(4) loan program. The 40-year, fixed-rate mortgage has a 40-year amortization schedule.
NEW YORK CITY — An 11,838-square-foot apartment building in New York's Upper East Side at 225 East 82nd St. has sold for $6.3 million to Erez Itzhaki and Gil Boosidan. The 27-unit property has undergone major renovations including a refurbished roof, new elevator cabs and repainted hallways. Azita Aghravi of Eastern Consolidated represented the seller, a long-term owner, in the transaction. Alan Miller, also of Eastern Consolidated, represented the buyer.
WILDWOOD, N.J. — U.S. Realty Capital has arranged an $8.2 million non-recourse loan for the refinancing of a manufactured home community on Route 9, just outside of Wildwood. Built in 1997, the property includes 235 pad sites, a swimming pool, playground, basketball courts and a lake for fishing. U.S. Realty arranged the 7-year, fixed-rate loan through a regional bank. The loan contains a 30-year amortization schedule.
HOUSTON — HFF has brokered the sale of the 376-unit Tanglewood at Voss, a Class A, mid-rise multifamily property located at 7510 Burgoyne Road and 2301 S. Voss Road in Houston. Each building of the property includes a clubhouse, resort-style pool and fitness center. The apartment community is currently 96.5 percent leased. Craig LaFollette, Todd Marix, Todd Stewart, Tre Banks and Chris Curry of HFF represented the seller, Behringer Harvard, in the transaction and procured the buyer, Cornerstone Real Estate Advisers.