LAUDERDALE LAKES, TAMPA AND GOLDEN GATE, FLA. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded three loans totaling $13.62 million for multifamily properties in Florida. The company provided a $8.87 loan to Hawaiian Palms, a 245-unit apartment property in Lauderdale Lakes. The 10-year loan amortizes on a 30-year schedule. Additionally, the 100-unit Parkview Apartments in Tampa received a $2.75 million loan, which carries a 10-year term and a 30-year amortization schedule. In the third transaction, the 44-unit Solana Villas Apartments in Golden Gate received a $2 million loan. The 10-year loan carries a 30-year amortization schedule. Alex Kaushansky of Arbor originated the loans, which were funded by the Fannie Mae DUS Loan and the Fannie Mae DUS Small Loan product lines.
COLUMBUS, HILLIARD AND VERMILLION, OHIO — Red Mortgage Capital, along with RED CAPITAL GROUP, has arranged and funded four multifamily loans totaling more than $73 million in Ohio. In the first transaction, RED provided $13.22 million for Prescott Place, a 244-unit complex that will be located in Columbus. The project is owned by Prescott Place LLC and will be managed by Ardent Property Management. In the second transaction, Edwards Communities Management Co. received $23.67 million for the development of Arlington Park, a 282-unit property in Columbus. Additionally, RED funded a $31.8 million loan for Hilliard Grand Apartments, a 314-unit property that will be located in Hilliard. The property is owned and will be managed by Schottenstein Real Estate Group. In the final transaction, Baywoods Villa Apartments received $4.54 million in financing. Located in Vermillion, the 54-unit property will be owned by Vermillion One LLC and managed by Redwood Management Co.
THORNTON, COLO. — NorthMarq Capital has arranged permanent financing of almost $10.07 million for the 168-unit North Creek Apartments, located at 700 W. 91st Ave. in Thornton. Constructed in 2002, the seven-building property includes a clubhouse, a fitness center, a heated swimming pool and a playground. NorthMarq’s Greg Benjamin and Jim DiRienzo arranged the financing for the borrower, a division of Seattle-based Weidner Investment Services.
SHOREWOOD, ILL. — Cambridge Realty Capital Cos. has closed a $13.6 million FHA-insured HUD Lean loan for the construction of Alden Estates of Shorewood. The 100-bed, skilled-care nursing home facility is located in Shorewood. The HUD Section 232 funding package included both new construction and a fully-amortized 40-year permanent mortgage loan. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. The borrower was an undisclosed Illinois limited liability company. The interest rate was not released.
CLERMONT, FLA. — Sundance Clermont LLC has acquired Sundance apartment community for $23.6 million. Located on Johns Lake Road in Clermont, the 300-unit property is currently 96 percent occupied. Cole Whitaker of Hendricks & Partners represented the seller, CAPREIT, in the transaction.
ST. LOUIS — McCormack Baron Salazar has broken ground for the development of Arlington Grove, a residential redevelopment project located on the corner of Dr. Martin Luther King Drive and Burd Avenue in St. Louis. The $41 million project will include 112 mixed-finance, mixed-income rental units in a mix of garden apartments, townhomes, and semi-detached housing floorplans; a new mixed-use building; and rehabilitation of the historic Arlington Elementary School. The completed project will offer 162,000 square feet of residential space and 5,000 square feet of commercial and retail space. The renovated school will house 21 apartments with the surrounding area featuring 91 townhomes and garden-style apartments. The residential units are designed to meet mandatory Enterprise Green Communities criteria, which is committed to the Missouri Housing Development Commission and required by the Capital Fund Recovery Competition grant, a stimulus-related grant awarded by the Department of Housing and Urban Development. The project will offer market-rate units, Low Income Housing Tax Credit units at 60 percent of the area median income, HOME units and public-housing units. St. Louis-based KAI Design & Build is serving as architect, M/E/P engineer, general contractor and building information model coordinator for the project, which is scheduled for completion …
WASHINGTON, D.C. — Locally based Urban Investment Partners (UIP) has commenced a $4.8 million gut renovation of The Warrington and The Wilmington, two historic apartment buildings at 1801 and 1811 Wyoming Avenue N.W. in Washington, D.C. The majority of the 43 fully renovated units will be sold as WY18 condominiums in 2011. The revamped buildings will feature modern, upscale amenities including rooftop party decks and wet bars, GE Cafe-series appliances, energy-efficient windows and water-saving dual-flush commodes, iPod docking stations, expanded closets and storage areas, and new heating, cooling, wiring and plumbing. Additionally, the renovation will include the retail store fronts on 18th Street, which are on the ground level of 1801 Wyoming Avenue). UIP General Contracting, a subsidiary of UIP, will execute the renovation project. The property will be managed by UIP Property Management, also a subsidiary of UIP.
GREENVILLE, N.C. — Grubb & Ellis|Thomas Linderman Graham has brokered the sale of Riverwood Apartments, a multifamily property located in Greenville. Clarence R. Lambe Jr. purchased the 108-unit property for $1.7 million. Constructed in 1974, the 87,156-square-foot community is situated on 8.44 acres of land at 200 Verdant Dr. The property was more than 80 percent occupied at the time of the transaction. Curteis Calhoun of Grubb & Ellis represented the seller, Atlas Inc., in the transaction.
ST. LOUIS — Birmingham, Mich.-based BHI-SEI St. Louis LLC has acquired Le Coeur du Monde, an apartment community located at 2035 Clermont Crossing in St. Louis. Locally based Mills Le Coeur du Monde LLC sold the 192-unit property for an undisclosed price. Built in 1988, the garden-style property offers 81 one-bedroom, 94 two-bedroom and 17 three-bedroom units. Ken Aston and Andrea Kendrick of Hendricks & Partners' St. Louis office represented both parties in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of five-story multifamily building located at 18 E. 23rd St. in Manhattan for $5.7 million. The walk-up building contains 16 free-market apartments and a retail store on the ground floor. The building was constructed in 1900 and renovated in 1988. Massey Knakal's John Ciraulo arranged the deal between the two undisclosed parties.