HUNTSVILLE, ALA. AND CORDOVA, TENN. — Boston-based Panther Properties Investment LLC has acquired a three-property multifamily portfolio, totaling 740 units, for $75 million. The three Class A apartment communities include the 276-unit Huntsville Parc at the Arsenal in Huntsville, the 238-unit Villas at Grays Creek in Cordova and the 226-unit Carrington at Houston Levee in Cordova. The acquisition marks Panther's first investment in Alabama and second and third in Tennessee. The private equity real estate firm acquires, develops and manages Class A apartment communities in the Southeast.
CHARLOTTE, N.C. — Gvest Partners plans to build a new 340-apartment community in Charlotte's historic arts district. Construction is expected to start soon on The Yards at NoDa, a $37 million development in the NoDa district, which is home to galleries, restaurants, bars and performing spaces. The property will include studio, one-, two- and three-bedroom apartments. Amenities will include a resort-style pool, fitness center, clubhouse and a dog park. Gvest is providing the equity investment for the new development and Wells Fargo provided the construction financing.
ATLANTA AND KANSAS CITY, MO. — Ares Commercial Real Estate Corp. has closed two loan commitments totaling $132.6 million, including a $107.1 million first mortgage loan collateralized by multifamily properties in Atlanta and a $25.5 million first mortgage loan collateralized by office properties in Kansas City, Mo. A sponsor group including Cortland Partners of Atlanta used the $107.1 million loan to finance the acquisition and property improvements of three multifamily properties in Atlanta. The $25.5 million loan was collateralized by two Class A office buildings in the Overland Park submarket of Kansas City.
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.
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.
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.
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.
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.
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.
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.