WASHINGTON, D.C. — Walker & Dunlop has secured a $14 million refinance loan for a 32-unit student housing apartment building, located at 2807 Connecticut Ave. in Washington, D.C. Ted Hermes of Walker & Dunlop's Bethesda, Md., office arranged the 5-year loan with a 25-year amortization schedule through Cardinal Bank.
MILWAUKEE — Wangard Partners has broken ground on the 68-unit 1910 On Water, a luxury apartment community located at 1910 N. Water St. in Milwaukee. St. Paul, Minn.-based Oak Grove Capital arranged a loan through HUD for the development. Amenities will include a green roof courtyard, fitness center, bike storage, concierge services and more. Completion is slated for the summer of 2012.
LOWELL, MASS. — Pine Properties has purchased Middlesex Garden Apartments, a 41,300-square-foot apartment complex at 1895-1905 Middlesex St. in Lowell, for $3.7 million. Yannios RE Investment Services’ James Yannios represented the seller, Heritage Properties, in the transaction, as well as procured Pine Properties. The complex is comprised of 48 units and offers 32,928 square feet of livable space.
NEW YORK CITY — Beech Street Capital has provided $31.9 million in Fannie Mae conventional loans to refinance a 21-property multifamily portfolio in New York City. Beech Street provided the financing through its relationship with Meridian Capital Group, the loan’s originator. The loans for 19 of the properties have fixed-rates with 10-year terms and 30-year amortization schedules, while the remaining two loans have 7-year terms and 30-year amortization schedules. Beech Street’s Joel Goodman, Kanett Curtis, Amy Sodeinde and Tyrone Purdie helped underwrite the transaction, while Linda Clark of Beech Street closed the deal. Michael Kesselman and Matt Texler represented Meridian in house.
INGLEWOOD, CALIF. — A group of private investors has purchased a 41-unit apartment complex in Inglewood for $4.7 million. The complex sold at a 6.75 percent cap rate. The two-building complex was built in the early 1960s and has undergone significant capital improvements. The new owners plan to make additional improvements to the complex’s façade and landscaping. Robert Leveen, a principal with Lee & Associates-Investment Services Group, represented the buyers.
LOS ANGELES — Marcus & Millichap Capital Corporation has arranged a $4,335,000 loan to refinance a 51-unit apartment community in Los Angeles. The loan contains a 4.63 percent adjustable interest rate for 30 years with a 30-year amortization period and a 75 percent loan-to-value. Sharone Sabar, a director in MMCC’s Encino office, arranged the loan.
MIAMI LAKES, FLA. — The Graham Cos. has broken ground on the 270-unit The Residences at Lakehouse, located on Commerce Way in Miami Lakes. BankUnited provided a $22 million commercial loan for the 21-building property, which is slated for completion in December 2012. CB Constructors of Current Builders is the general contractor for the project.
WASHINGTON, D.C. — Walker & Dunlop has arranged a $10 million low leverage loan for two apartment properties in Washington, D.C., the 119-unit Sedgwick Gardens and the 87-unit Parkway Apartments. The 10-year loan has a 30-year amortization schedule and was secured through a major life insurance company. Will Baker and Ted Hermes of Walker & Dunlop's Bethesda, Md., office originated the loan.
GREENVILLE, ALA. — Grandbridge Real Estate Capital has arranged a $3.13 million first mortgage loan for the 72-unit Cambrian Forest Apartments. The 40-year, HUD 223(a)(7) loan was originated by Steve Clikas of Grandbridge's Birmingham, Ala., office. Amenities include a fitness center, car wash station, storage units and pool and lounge area.
INDIANAPOLIS — CB Richard Ellis has negotiated the sale of the 424-unit Keeneland Crest Apartments, located at 5540 Ashview Dr. in Indianapolis, for an undisclosed price. CBRE's Indianapolis-Cincinnati Multi-Housing Group represented Norfolk, Va.-based Harbor Group International, the seller, in the transaction. The buyer was St. Louis, Mo.-based Thiemann Real Estate.