PORTLAND, ORE. — San Francisco-based Playa Properties has purchased a 17-unit multifamily community in Portland. Located at 600-610 SE Cesar Chavez Blvd., the property sold for $1.7 million with a cap rate of 6.75 percent. The property was constructed in 1943. The seller was Paradise 39 Grape. Grayson Pounder of Hendricks & Partners' Portland office negotiated the transaction on behalf of the buyer.
TARPON SPRINGS, FLA. — Walker & Dunlop has provided a $13.44 million refinance loan for Sun Valley Estates Manufactured Housing Park in Tarpon Springs. Built in 1972, the 55-plus, age-restricted mobile home community consists of 261 pads with 231 doublewide and 30 singlewide homes. Community amenities include an outdoor pool, eight shuffleboard courts, a leasing office, a laundry facility, a community room, a storage area and a library. At the time of closing, the property was 94 percent leased. The 10-year loan has a 30-year amortization schedule. Additionally, the loan was underwritten to a 70 percent loan-to-value with a 1.30x debt-service coverage ratio. Cary Monroe and Mike Giordano of Monroe & Giordano originated the loan. Andrew Tapley of Walker & Dunlop led the firm’s team for the transaction.
CEDAR RAPIDS, IOWA — Minneapolis-based Timberland Partners has acquired Granite Ridge Apartments, a 101-unit apartment property located in Cedar Rapids. Located at 620 Ashton Place Northeast, the property recently underwent an interior and exterior renovation. Alex Blagojevich, David Gaines and Matt Fitzgerald of Marcus & Millichap represented the buyer and the undisclosed seller. The property sold for $5.2 million.
ST. LOUIS — NorthMarq Capital has arranged an $8.67 million loan for Village Royale Apartments, a multifamily property located at 5602 Duessel Lane in St. Louis. The complex offers 196 apartment units. Financing was based on a 10-year term and a 30-year amortization schedule. Jeff Chaney of NorthMarq's St. Louis regional office arranged the loan for the borrower, VRA L.P., through its affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
NEW YORK CITY — Pembrook Capital Management has provided $47.1 million for the recapitalization of a residential condominium project located in Manhattan's Chelsea neighborhood. The loan carries a 2-year term and a fixed interest rate. Construction for the 54-unit project, which is located at 100 11th Ave., is complete and 26 of the units have been sold. Pembrook's Jonathan Schurgin originated the loan. Assistance was provided by Meridian Capital.
BURBANK, CALIF. — Casden Properties has opened Empire Landing, a transit-oriented development in Burbank’s media and entertainment district at the corner of Buena Vista Street and Empire Avenue. The property offers 276 one- and two-bedroom and townhome luxury residences. Units feature patios, gourmet kitchens, stainless steel appliances, limestone-finished fireplaces, soaking tub, walk-in closets, and in-unit washers and dryers. The community features a 5,500-square-foot clubhouse, a state-of-the-art fitness center, a swimming pool and 1,000-square-foot of retail space. The property was designed by Johannes Van Tilburg of Van Tilburg, Banvard & Soderbergh. The project is within walking distance of the Bob Hope Airport Metrolink station, the 900,000-square-foot Burbank Empire Center and a 2-acre park.
SPRING, TEXAS — Dallas-based The LaSalle Group has acquired 2.83 acres of land in Spring for the construction of its third Autumn Leaves property in the Houston area. The site is located at 6327 Cypresswood Drive. The groundbreaking has already been held for the 38-unit project, which is scheduled for completion in late spring 2011. Ron Dagley of The BETZ Companies represented the undisclosed seller in the land transaction, and Jim Shaw of Indermuehle & Co. represented LaSalle. Autumn Leaves is LaSalle's brand of assisted living communities focusing on Alzheimer's and memory care.
ROMULUS, MICH. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $1 million loan for Birch Run Cooperative in Romulus. The affordable multifamily property offers 111 units. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.41 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loan, which was funded through the Fannie Mae DUS Multifamily Affordable Housing Coop product line.
NEW HAVEN, CONN. — This week will mark the opening of 360 State Street, a $190 million residential project located in downtown New Haven. The 32-story, 700,000-square-foot tower features 500 rental apartments. Units range in size from studios to three bedrooms, and rents range from $1,165 to $4,409. Amenities include a landscaped, rooftop terrace with a pool and a sundeck; a fitness center and yoga studio; a resident lounge; a game room; a screening room; and a children's play room. The bottom of the building contains 28,000 square feet of retail space, including a 20,000-square-foot food co-op and a bike shop. A 500-car parking structure will feature a car sharing program and 200 bicycle parking spaces. The project is applying for LEED-Platinum certification under its Neighborhood Development pilot program. Among the project's many sustainable features is a 400 kilowatt fuel cell that will provide nearly all of the building's thermal energy. The building is also located directly across the street from the State Street train station. Becker + Becker is the developer of the project, and financing was provided by Multi-Employeer Property Trust. Bozzuto Management Co. is the property manager. The building is already 20 percent pre-leased.
DANBURY, CONN. — NorthMarq Capital has arranged $5.5 million in construction and permanent financing for a new student housing project in Danbury. The project will contain 36 units and will be located on a 3.5-acre site near the downtown campus of Western Connecticut State University. The loan carries a 10-year term and a 30-year amortization schedule. Ernest DesRochers of NorthMarq's New York Metro office arranged the financing on behalf of the undisclosed borrow through People's United Bank.