RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.
LEXINGTON, KY. — Trinitas Ventures LLC, a student housing and mixed-use developer, has broken ground on an urban infill redevelopment in Lexington near the University of Kentucky. The Collegiate on Angliana will be a 278-unit, 699-bed student housing property that will serve UK students. It is anticipated to open this August. A joint venture between Trinitas and Harrison Street Real Estate Capital (HSRE) provided equity financing. The project is the fourth development for the Trinitas/HSRE partnership. Key Bank provided construction financing.
ST. PAUL, MINN. — Kellogg Square, a 32-story apartment tower in downtown St. Paul, has sold for $51 million. The apartment building features views of the Mississippi River, a walkable neighborhood and 594 covered parking stalls. The multifamily property is located at 111 E. Kellogg Blvd. and is adjacent to the Central Corridor light-rail line, which is slated to begin service in 2014. According to the StarTribune, the local newspaper, Northbrook, Ill.-based Sentinel Management sold the tower to Golden Valley, Minn.-based Bigos Management.
ATLANTIC CITY, N.J. — A partnership between Edison Investment Advisors and Sencit Properties has sold a 14-story apartment tower in Atlantic City to an unidentified buyer, who also owns an adjacent property called Metropolitan Plaza. The 201-unit affordable housing project is one block from the new Revel Resort & Casino and includes an attached parking garage, newly renovated units and a 24-hour security guard. Jason Starkman of Starkman Realty Group represented both parties in the transaction.
AUSTIN, TEXAS — The Houston office of Q10 Kinghorn, Driver, Hough & Co. (KDH) has arranged $22.26 million in acquisition financing for a 308-unit, Class A multifamily community located in Austin. The property is 99 percent occupied. Ray Driver III, Matt Franke and Ben Johnson of KDH arranged the loan through Great-West Life & Annuity on behalf of the borrower, a Canadian investor.
LOS ANGELES — The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in the Los Angeles submarket of Sherman Oaks, has sold to Raintree Partners for $77 million. The community is located at 4500 Woodlman Ave. Raintree plans to renovate the units. Marc Renard of Cushman & Wakefield represented both the buyer and the seller. Acquisition financing was secured by CBRE’s Troy Tegeler and provided by Freddie Mac.
RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.
CHINO, CALIF. – The 40-unit Vista Park Chino has sold to Preservation Vista Park Chino, LP for $6 million. The community is located at 5819 Riverside Drive. The seller was Vista Park Chino, LP. The transaction was executed by Alex Mogharebi of Hendricks & Partners’ Ontario office.
SAN FRANCISCO – A 14-unit apartment building located at 1550-1566 Hyde Street in San Francisco has sold to a limited liability company for $2.6 million. The community also contains two retail units. Dimitris Drolapas, James Devincenti and Brad Lagomarsino of Marcus & Millichap’s San Francisco office represented both the buyer andthe seller, a private investor, in this transaction.
HARSTVILLE, S.C. — Choate Construction Co. has started construction on a 48-bed student housing facility at Coker College in Hartsville. McMillan Pazdan Smith Architecture designed the six-building complex. Each building includes 12 suites with four single bedrooms, two full bathrooms, a kitchen and a living and dining area. The first building is scheduled for completion by this fall.