TAYLOR, MICH. — Ann Arbor-based McKinley has finished the $6.06 million renovation of the 511-unit The Ponds, an apartment community located in Taylor. The improvements were made under the Green Retrofit Project, offered through HUD's Office of Affordable Housing Preservation. The project included significant energy related improvement, including 95 percent efficient boilers and water heaters, programmable thermostats, insulation and caulking/weather stripping, and more.
GOLDEN VALLEY, MINN. — Grandbridge Real Estate Capital has arranged a $1.25 million, first mortgage loan for a 36-unit apartment property in Golden Valley, Minn. Tony Carlson of Grandbridge's Minneapolis office closed the 10-year loan with a 20-year amortization schedule through Ohio National.
NEW YORK CITY — SKI Realty, an affiliate of Memorial Sloan-Kettering Cancer Center, has purchased a 59-unit decontrolled apartment building at 425 E. 76th St. in New York City for $20.65 million. The 35,573-square-foot, 10-story property will house Memorial Sloan-Kettering Cancer Center staff and students. Eastern Consolidated, Inc.’s Deborah Gutoff, Brian Ezratty, George Moss and Lipa Lieberman represented the seller, Mann Realty, and Gutoff and Ezratty procured SKI Realty.
HATBORO AND AMBLER, PA. — Beech Street Capital has provided $12.58 million in financing for a package of apartment buildings including Wellington 2529, Livingstone Apartments and Oak Terrace Apartments, all in Hatboro, and Longford Apartments in Ambler. In all, the communities total 225 units, and Longford Apartments was financed through a separate loan. The fixed-rate Fannie Mae DUS loans have 10-year terms, and were originated by Meridian Capital Group.
MONTROSE, COLO. — Love Funding has closed a $2.51-million loan refinancing for the 76-unit San Juan Apartments in Montrose. The loan was secured by Robyn Cunningham, a first vice president and senior originator at Love Funding, through the Federal Housing Administration’s 223(a)(7) loan insurance program. FHA mortgage insurance allowed the borrower to obtain a low, fixed interest rate with a 35-year self-amortizing term. All 76 of San Juan’s units receive Section 8 assistance.
ATLANTA — A joint venture between USAA Real Estate Co. and JLB Partners has started construction on the 373-unit Buckhead Village, a Class A apartment community located on Pharr Road in Atlanta. The property's two apartment buildings are being constructed to both LEED and Energy Star certified standards. Amenities will include three Zen gardens, a library, roof-top fitness center and a lounge. Completion is slated for October 2012.
TEMPLE TERRACE, FLA. — Franklin Street Real Estate Services has arranged the $3.85 million sale of the 96-unit Gables at Temple Terrace, located at 11050 Le Jardin Cir. in Temple Terrace. Kevin Kelleher, Robert Goldfinger and Darron Kattan of Franklin Street's Tampa office represented the seller, Coral Gables, Fla.-based MCNA Properties, and procured the buyer, a Chicago-based investor.
LAUDERDALE LAKES, FLA. — Marcus & Millichap has brokered the $14.1 million sale of the 245-unit Hawaiian Palms, located at 3540 NW 50th Ave. in Lauderdale Lakes. Craig Porter and Darryl Matus of the firm's Fort Lauderdale, Fla., office represented the seller, a Plantation, Fla.-based limited liability company, and secured the buyer, a South American private investor.
BURTONSVILLE, LAUREL & COLUMBIA, MD. — Beech Street Capital has provided $36.65 million in Fannie Mae conventional loans to refinance a portfolio of three Maryland apartments communities. The properties include: the 208-unit Knight's Bridge II in Burtonsville, the 275-unit Fox Rest in Laurel and the 300-unit Autumn Crest in Columbia. The fixed-rate loans have a 10-year term with a 30-year amortization schedule. The transaction was originated by Meridian Capital Group.
ELK GROVE VILLAGE, ILL. — A joint venture between Boston-based Alcion Ventures and Chicago-based Golub & Co. has acquired the 579-unit Hamilton Court in Elk Grove Village for an undisclosed price. The property is approximately 95 percent leased. The buyer was self-represented by Michael Goldman and Adam Short of Golub & Co. and Mark Potter, Martin Zieff and Kris Galletta of Alcion Ventures. Michael Miller and Jeff Cherner of NorthMarq Capital's Chicago office represented the undisclosed seller in the transaction. Additionally, Miller and Rupesh Patel, also of NorthMarq's Chicago office, arranged acquisition financing through Freddie Mac.