NEW YORK CITY — Arbor Commercial Funding has secured $2.7 million in Fannie Mae DUS financing for Livonia Avenue Apartments, a 22-unit property in Brooklyn. The loan carries a 10-year term, a 30-year amortization schedule and a 5.87 percent interest rate. Alexander Kaushanksy of Arbor's New York City office originated the loan on behalf of the undisclosed borrower.
Multifamily
FAIRVIEW HEIGHTS, ILL. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $17.88 million loan for Longacre Ponds, a 252-unit apartment complex located in Fairview Heights. The 10-year, Fannie Mae DUS loan has a 30-year amortization schedule and carries note rate of 5.68 percent. Patrick McNulty of Arbor's Chicago office originated the loan for the undisclosed borrower.
LAKEWOOD, COLO. — Behringer Harvard has acquired 7166 at Belmar, a 308-unit, mid-rise apartment community located at 7166 W. Custer Ave. in Lakewood. Constructed in 2008, the two-building multifamily development offers one-, two- and three-bedroom units and includes a clubhouse with state-of-the-art fitness center, a resort-style swimming pool and spa, a business center, and a cyber café with complimentary coffee. 7166 at Belmar is situated seven miles west of downtown Denver in the Belmar district that Continuum Partners developed to serve as the new downtown area for Lakewood. The purchase was made through a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund.
HOLLYWOOD, CALIF. — Grubb & Ellis has represented Sebren 3 Investments LLC in its $5.9 million sale of a three-property, 62-unit multifamily portfolio in Hollywood. Built in 1925, 1937 and 1927, respectively, La Fleur Apartments, Chateau Elaine and La Paz Apartments are all located on De Longpre Avenue in the Sunset and Vine area of Tinseltown. Grubb & Ellis’ Dana Brody-Thaw and Martin McDermott represented the seller in the transaction, which included a loan assumption, and Mojgan Sabetfard of Brentwood West represented the private-investor buyer.
ORLANDO, FLA. — Avalon Park Group is planning to develop an 80,000-square-foot assisted-living and memory care facility on Tanja King Parkway and Avalon West Boulevard near downtown Avalon Park in Orlando. The company has received approval for its pre-application for the $15 million project. Designed by Orlando-based Baker Barrios Architects, the 90-unit, 128-bed facility will feature six neighborhoods, each with 15 studios or one-bedroom units. Additionally, the property will feature outreach rooms, a wellness area, occupational and physical therapy services, a salon and a spa.
SHERMAN, ILL. — Cambridge Realty Capital Cos. has closed on a $10.02 million FHA-insured HUD LEAN mortgage for Villa Health Care, a 212-bed skilled nursing and assisted-living facility in Sherman. The property has 99 skilled-nursing beds and 113 assisted-living beds. The loan was financed using HUD's 232(a)7-LEAN program. Cambridge Realty Capital Ltd. of Illinois arranged the fully-amortized, 30-year loan loan for the borrower, an Illinois not-for–profit corporation.
MCKINNEY, TEXAS — The Cirrus Group and its joint development partner McFarlin Group have broken ground on Orchard Park of McKinney, a senior assisted living facility, which specializes in tenants living with Alzheimer's disease and dementia. The development will be located at 3392 Medical Center Drive in McKinney and is scheduled to open in early 2011. Upon completion, Orchard Park of McKinney will contain 67 apartment-style assisted living residences and 30 memory care residences. Good Neighbor Care Centers will be assisting with daily operations.
PORT JEFFERSON, N.Y. — NorthMarq Capital has secured a $4 million first mortgage for 18.5 acres of land located in Port Jefferson. The undisclosed borrower plans to develop 43 age-restricted townhomes on the site. The loan carries a 1-year term with a 1-year renewal option. Charles Cotsalas of NorthMarq's Long Island office arranged the deal through a regional financial institution.
JACKSON, MICH. — Royal Oak, Mich.-based Alpine Lake LLC has acquired Alpine Lake, a 268-unit multifamily community in Jackson. Located at 665 N. Alpine Lake Drive, the property sold for $4.6 million. Constructed in 1988, the 34-building complex surrounds a central lake. The seller was Wells Fargo Bank N.A. Successor by Merger to Wells Fargo Bank MN N.A. (FKA Norwest Bank MN, National Association) as Trustee for the Registered Holders of GMAC Commercial Mortgage Securities Inc., Mortgage Pass-Through Cert, series 1999-C1 of Dallas. Kevin Dillon and Cary Scott Belovicz of Hendricks & Partners' Michigan office represented the buyer.
DULUTH, MINN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $2.6 million loan for the 107-unit Summit Breckenridge Apartments in Duluth. The financing was arranged under the Fannie Mae DUS Small Loan product line. The 10-year loan has a 30-year amortization schedule and carries a note rate of 5.75 percent. Ted Nasca of Arbor's Chicago office originated the loan.