MADISON, ALA. — Walker & Dunlop has arranged a $21.2 million acquisition loan for Arch Street Apartments, an apartment complex located in Madison. Built in 2009, the 267-unit property features an outdoor pool, a barbeque area, a fitness center, a children's playroom, a pet walk area, a lounge/business center, detached/attached garages and storage units. The property was 93 percent leased at closing. The 10-year loan has 2 years interest only utilizing Fannie Mae's DUS product line. Additionally, the loan was underwritten with a 79.3 percent loan-to-value with a 1.25x debt-service coverage ratio. Barry Judelson of Uniquities originated the loan.
BLOOMFIELD AND EAST ORANGE, N.J. — Prism Capital Partners has received Phase I site plan approval for The Parkway Lofts, a loft apartment conversion project located along the Garden State Parkway between Bloomfield and East Orange. The project will convert a former General Electric warehouse, which was constructed in 1897, into 355 loft-style apartment units. Prism will also construct a new three-story parking garage. The loft conversion is Phase I of a transformation of the 14.5-acre site. Phase II will include the construction of 150 for-sale townhomes, a clubhouse and other lifestyle amenities.
NEW BRUNSWICK, N.J. — The Highlands at Plaza Square, a 415-unit, Class A apartment community located in downtown New Brunswick, has traded for $112.5 million. The buyer is an entity controlled by John Hancock Life Insurance Co. through its parent company, Manulife Financial Corp. The seller was a joint venture between Prudential Real Estate Investors, Roseland Property Co., Applied Development Co. and Matrix Development Group. The CB Richard Ellis team of Jeffrey Dunne, Kevin Walsh and Christopher Leonard represented the seller.
LOS ANGELES — Marcus & Millichap has presided over the $9.9 million sale of the 148-unit Palm Terrace Apartments, located at 3800 West 27th Street in the prestigious and historic West Adams District of Los Angeles. Constructed in 1957, the multifamily property offers easy access to downtown L.A., Beverly Hills and Century City. Marcus & Millichap’s Matthew Friedman represented both the private-investor buyer and the limited-liability company seller in the transaction; the brokerage firm’s Josh Cohen and Walter De La Torre assisted on the buying side.
HOLBROOK, N.Y., AND MARLBOROUGH, MASS. — Walker & Dunlop has arranged a total of $34.3 million in Fannie Mae financing for two multifamily communities in New York and Massachusetts. The first loan totaled $23 million and will be used to refinance Saddle Rock, a 310-unit community located in Holbrook. Occupancy was 93 percent at the time of closing. The loan carries a 5-year term with interest-only payments. It had a 46 percent loan-to-value ratio and a 1.77x debt-service coverage ratio. The second loan totaled $11.3 million and will refinance Design Pak Lofts, a 95-unit community located in Marlborough. The community was 99 percent leased at the time of closing. The loan carries a 10-year term, a 30-year amortization schedule, a 71.5 percent loan-to-value ratio and a 1.25x debt-service coverage ratio. Drew Anderman led the Walker & Dunlop team for each deal. Alan Perlmutter of GCP Capital Group originated the first loan, and David Fisher of Meridian Capital Group originated the second loan.
NEW YORK CITY — Beech Street Capital has provided $10.56 million in Fannie Mae DUS funds for the refinancing of 523 Prospect Place Apartments in Brooklyn's Prospect Park neighborhood. Constructed in 1922 as part of a five-building hospital complex, the building was converted into 83 apartments in 2005. Meridian Capital Group originated the loan. This marks the second building Beech Street has recently refinanced within this complex; the other one is located at 713 Classon Ave.
REDLANDS, CALIF. — Colliers International has presided over the $11.625 million sale of the 82-unit Cypress Villas, located at 301 E. Cypress Ave. in Redlands. Built in 2004 and 100 percent occupied at the time of sale, the 89,248-square-foot garden-style multifamily property features a mix of one-, two- and three-bedroom apartments. Colliers’ Kitty Wallace represented both the Walnut Creek, Calif.-based buyer, Sequoia Equities, and the seller, MJW Receivers, in the transaction.
POMPANO BEACH, FLA. — A south Florida apartment operator and investor has purchased Palm Islands Apartments, which is located at 401 N.W. 34th St. in Pompano Beach. The 402-unit, 286,115-square-foot property sold for $10.5 million. The property offers 88 studios, 181 one-bedroom/one-bath units, 79 two-bedroom/one-and-a-half-bath units and 54 two-bedroom/two-bath units. All residences have central heating and air conditioning, individual hot water heaters, ceiling fans, spacious closets and fully equipped kitchens. Community amenities include a swimming pool and lighted tennis courts. Still Hunter III and Evan Kristol of Marcus & Millichap represented the undisclosed seller; Douglas Mandel and Ryan Nee, also of Marcus & Millichap, represented the buyer in the transaction.
WASHINGTON, D.C. — A joint venture between Washington, D.C.-based Urban Investment Partners (UIP) and New York-based Infinity Real Estate has acquired a multifamily property in Washington, D.C. Located at 1340 Kenyon St. N.W., the 40-unit apartment building sold for $4.5 million. UIP has a $2 million renovation planned for the property, including new front doors, key fob- and telephone-based controlled entry access, a key-fob accessed bike storage, and renovated elevators, lobbies, hallways and individual units. UIP General Contracting, a subsidiary of UIP, will complete the renovations. UIP Property Management will manage the property. Andrew McAllister of Mac Realty Advisors represented the seller, an affiliate of Northridge Capital, in the transaction.
NEW YORK CITY — Arbor Commercial Funding has arranged $15.24 million in Fannie Mae DUS financing for the East Village Portfolio, a five-building, 52-unit multifamily portfolio located in New York City. The loan carries a 10-year term and a 30-year amortization schedule. Ronen Abergel of Arbor's New York City office originated the financing on behalf of the undisclosed borrower.