MANKATO, MINN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $2.86 million loan for Village Place Apartments in Mankato. The complex offers 70 apartment units. Funded under the Fannie Mae DUS Small Loan product line, the 10-year loan carries a 30-year amortization schedule. Patrick McNulty of Arbor's Chicago office originated the loan.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of two five-story apartment buildings on Manhattan's Upper East Side for $15 million. The elevator-served buildings are located at 530 and 534 E. 88th St. They feature 73 combined units in a mix of studio through two-bedroom residences. Of the units, 46 are free market, 19 are rent stabilized and nine are rent controlled. Massey Knakal's Thomas Gammino and Robert Knakal arranged the deal between the two undisclosed parties. The properties traded for $264 per square foot and a cap rate of approximately 4 percent.
ROUND ROCK — Melograno at Teravista, a 320-unit luxury garden apartment community located at 401 Teravista Pkwy. in Round Rock has been acquired by a real estate investment partnership managed by Bethesda, Md.-based Crossbeam Capital and Houston-based Concierge Asset Management. The property was completed in 2008 and sold by Bryan, Texas-based Godfrey Residential Group.
DALLAS — San Raphel, a 222-unit Class A apartment community in the Addison/Galleria area of Dallas has sold to Richmond Heights, Ohio-based Associated Estates Realty Corp., a real estate investment trust. Built in 1999, San Raphel is 95 percent occupied and has an average monthly rent per unit of $1,003.
HARTFORD AND WATERBURY, CONN. — Arbor Commercial Funding has arranged two Fannie Mae DUS loans for multifamily properties in Connecticut. Stephen York of Arbor's New York City office secured $1.8 million for 12 Willard Street Apartments, a 61-unit community located in Hartford. John Edwards of Arbor's Boston office secured $1.43 million for Jersey Street Apartments, a 42-unit community located in Waterbury. Both loans carry a 10-year term and a 30-year amortization schedule.
AURORA, COLO. — NorthMarq Capital has arranged $28.29 million in permanent financing for the 576-unit Ridge Hill Apartments, located at 991 South Crystal Way in Aurora. Constructed in 1985, the community comprises 31 three-story, garden-style apartment buildings. NorthMarq’s Gordon Mickelson and Angela Jordan arranged the financing for the undisclosed borrower.
DAVENPORT, IOWA — Ryan Cos. is constructing a 21,000-square-foot addition for the Good Samaritan Society senior-living community and care facility in Davenport. Located at 700 Waverly Road, the $4.36 million, two-story expansion is scheduled for completion in July 2011. The addition will include physical and occupational therapy rooms, lounges, staff offices and mechanical rooms on the first floor; and 16 resident rooms, an activity area, lounges and an expanded dining area on the second floor. Scholtz Gowey Gere Marolf Architects & Interior Designers is providing architectural services for the project.
STAFFORD, VA. — Insight Property Group has acquired Vine Place Apartments, an apartment community located near Quantico Marine Base in Stafford. The 214-unit property sold for $15.9 million. Insight plans to re-brand and reposition the property, which was constructed in 1997. The buyer has retained a new property management company and plans to invest significant capital to upgrade amenities, landscaping, signage and building entrances. The seller was not released.
GREENFIELD, IND. — Financial Equity Associates has acquired Washington Village, a multifamily property located at 4211 W. Potomac Dr. in Greenfield. Locally based Village Apartments of Sugar Creek sold the property for $14.4 million or $50,295 per unit. The 288-unit, 294,826-square-foot property is comprised of 18 two-story buildings offers a mix of 64 one-bedroom/one-bath units, 156 two-bedroom/two-bath units and 68 three-bedroom/two-bath units. Amenities include a 24-hour fitness center, a clubhouse with a billiards table, a swimming pool, a basketball court, a sand volleyball court and a playground. Michael Wernke of Marcus & Millichap represented the buyer and seller in the transaction.
INDIANAPOLIS — Buckingham Cos. is planning to develop North of South, a mixed-use community in downtown Indianapolis. Located between Delaware Street and Virginia Avenue, the $150 million project is slated to include a Dolce Hotels and Resorts hotel, 320 luxury apartments, 40,000 square feet of restaurant and retail space and a 75,000-square-foot YMCA facility. The project is a part of a public-private partnership that includes the City of Indianapolis, State of Indiana and Eli Lilly & Co. Pending final approval, delivery of the first building components is scheduled for late 2011.