Multifamily

ARBOR ARRANGES $83.1 MILLION REFI OF SAN CASTLE APARTMENTS

by admin October 4, 2010

NEW YORK CITY — Arbor Commercial Funding has arranged $83.1 million in Fannie Mae funds for the refinancing of Sand Castle Apartments in the Rockaway neighborhood of Queens. The 917-unit property has historically maintained 100 percent occupancy and units that are being continually renovated. The loan, which was originated by John Kelly of Arbor's Boston office, ccarries a 7-year term, a 30-year amortization schedule, an 80 percent loan-to-value ratio and a 1.2 debt service-coverage ratio. The borrower's name was not released.

October 4, 2010

TREMONT ARRANGES $4.32 MILLION LOAN FOR OKC MOBILE HOME PORTFOLIO

by admin October 4, 2010

OKLAHOMA CITY — Tremont Realty Capital has arranged $4.32 million in acquisition financing for a three-property mobile home community portfolio in Oklahoma City. The portfolio contains a total of 428 home sites and 47 RV sites. The communities are Granada Village, Anchor Inn and Airway Estates. The loan carries a 5-year term, a 6.25 percent fixed interest rate and a 65-percent loan-to-value ratio. Tom Lorenzini of Tremont's Chicago office arranged the deal through a local bank on behalf of the undisclosed borrower, which was completing the acquisition as part of a 1031 exchange.

October 4, 2010

Multifamily Southeast

$15 MILLION MULTIFAMILY ASSET TRADES HANDS IN MIAMI

by admin October 1, 2010

MIAMI — San Francisco-based The Reliant Group has acquired Palm Lake Apartments, a 300-unit multifamily property in Miami. The 211,500-square-foot property sold for $15 million, which represents $50,000 per unit or $71 per square foot. Located at the corner of NW 27th Ave. and NW 115th Ave., the property features 220 one-bedroom/one-bath units, 40 two-bedroom/one-bath units and 40 two-bedroom/two-bath units. Still Hunter III and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the buyer and the seller, an entity controlled by The Related Group, in the transaction.

October 1, 2010

Multifamily Western

NORTHMARQ CAPITAL ARRANGES $22 MILLION IN FINANCING FOR L.A. APARTMENTS

by admin October 1, 2010

LOS ANGELES — NorthMarq Capital has arranged $22 million in permanent financing for The Metro Art Apartments, located at 11771 Montana Ave. in the Brentwood area of Los Angeles. The recently constructed multifamily complex offers 62 luxury units with one-, two- and three-bedroom options and includes a state-of-the-art fitness center, a weight room and private, gated underground parking. NorthMarq’s Paul Bruder and Chris Williams arranged the financing for the undisclosed borrower.

October 1, 2010

Multifamily Southeast

$32.8 MILLION LOAN ARRANGED FOR ORLANDO MULTIFAMILY PROPERTY

by admin September 30, 2010

ORLANDO, FLA. — NorthMarq Capital has arranged $32.8 million in first mortgage financing for Gates at Harbortown Apartments. The 428-unit multifamily complex is located at 2333 Lake Debra Dr. in Orlando. Financing was based on a 10-year term with 3 years interest only then a 30-year amortization schedule. Greg Duvall of NorthMarq's Kansas City regional office arranged the financing for the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.

September 30, 2010

Midwest Multifamily

$3.25 MILLION LOAN ARRANGED FOR KANSAS CITY MULTIFAMILY PROPERTY

by admin September 30, 2010

KANSAS CITY, MO. — NorthMarq Capital has arranged a $3.25 million loan for Citadel Apartments in Kansas City. Located at 1702 Bushman Dr., the property offers 164 apartment units. The 10-year Freddie Mac loan features a 30-year amortization schedule. Greg Duvall of NorthMarq's Kansas City regional office originated the transaction. Additional terms of the loan were not released.

September 30, 2010

Multifamily Northeast

ARBOR ARRANGES TWO AGENCY LOANS TOTALING $4.2M IN NYC

by admin September 30, 2010

NEW YORK CITY — Arbor Commercial Funding has originated two Fannie Mae DUS loans for two New York City multifamily properties. In the first deal, a $3 million loan was provided for the 83-unit property located at 95-101 St. Marks Place. In the second deal, $1.2 million was provided for a 20-unit property located at 539 W. 49th St. Both loans carry 5-year terms and 30-year amortization schedules. Edward Petti of Arbor's New York City office was the originator.

September 30, 2010

Multifamily Texas

MARCUS & MILLICHAP BROKERS DISTRESSED APARTMENT SALE IN DALLAS

by admin September 30, 2010

DALLAS — Marcus & Millichap has brokered the sale of West Amherst Circle, a 44-unit apartment community in Dallas. Located at 5419 W. Amherst Circle, the community was 90 percent occupied at the time of the sale. Michael Ware, Will Jarnagin and Norman Eastwood of Marcus & Millichap's Dallas office represented the seller, a court-appointed receiver. The buyer's name was not released.

September 30, 2010

Multifamily Western

JOINT VENTURE PURCHASES 1,114-UNIT REO APARTMENT PORTFOLIO IN DENVER METRO

by admin September 30, 2010

DENVER AND AURORA, COLO. — The joint venture of PCCP LLC and San Francisco-based Jackson Square Properties has acquired two lender-owned, Class B apartment properties totaling 1,114 units in the Denver area. The portfolio consists of the 688-unit Hickory Ridge Apartments, located at 2134 S. Richfield Way in Aurora, and the 426-unit Lakes at Monaco Pointe Apartments, located at 6165 E. Iliff Ave. in Denver. Built in 1975, Lakes at Monaco Pointe features five three- and five-story buildings with one- and two-bedroom configurations. Built in 1985, Hickory Ridge comprises 34 two-story buildings in one-, two- and three-bedroom configurations.

September 30, 2010

Multifamily Southeast

LOVE FUNDING REFINANCES KNOXVILLE APARTMENT COMMUNITY

by admin September 29, 2010

KNOXVILLE, TENN. — Love Funding has secured $3.74 million in FHA 223(a)(7) funds for the refinancing of Londontown Apartments in Knoxville. The loan carries a 3.88 percent fixed interest rate and a 35-year amortization schedule. Tammy Tate of Love's Knoxville office arranged the loan on behalf of the borrower, OSM Investment Co. This is the third time Tate has helped the borrower refinance the property, and she was also responsible for helping the borrower arrange its original acquisition financing. Londontown Apartments contains 210 residences in a mix of one-, two- and three-bedroom units. Amenities include a fitness center, a swimming pool, lighted tennis courts, a picnic area, a car wash area and a clubhouse.

September 29, 2010

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