PHOENIX – The 214-unit Palazzo Townhomes has obtained a $16.3-million loan to replace its existing loan, which was scheduled to mature this year. The long-term, fixed-rate loan was arranged by CBRE Capital Markets Debt & Equity Finance team with Fannie Mae at a competitive interest rate through its Delegated Underwriting and Servicing (DUS) platform. The financing was secured by CBRE’s Rocco Mandala, Brad Miner and Brett Behnke. Mandala also secured the original financing when the property was acquired in 2004. The borrower was a tenant-in-common real estate investment group led by Carolyn Kutzke of Signature Properties.
LOS ANGELES — Love Funding has arranged a $4.54-million loan refinancing for the 62-unit Hollywood Gardens apartments in Los Angeles. The loan was arranged by Tammy Tate, a vice president out of Love’s Knoxville, Tenn., office, who utilized the Federal Housing Administration’s 223(a)(7) loan program. This enabled the owners to lock in a lower, fixed interest rate and extend the terms of its nonrecourse loan to 35 years, generating more than $50,000 in annual debt service savings.The Section 8 apartment complex was originally built in 1929 and underwent a major renovation in the 1980s.
MIDDLETOWN, MD. — Potomac, Md.-based Vanguard Realty Group's investment sales division has negotiated the $6.94 million sale of the 84-unit Chesterbrook Apartments, located at 312 Broad St. in Middletown, from a Rockville, Md.-based private investor to a Virginia-based private company. Rick Struse and Cullen O'Grady of Vanguard represented both parties in the transaction.
YPSILANTI, MICH. — Kaftan Communities has purchased the 112-unit Bryn Mawr Apartments, located at 2277 S. Grove in Ypsilanti, for $2.35 million from Bryn Mawr Apartments, LP. Amenities include an outdoor pool, washer/dryer hookup in each apartment, private balconies and more. ICI Property Consultants represented both parties in the transaction.
NEW YORK CITY — The AFL-CIO Housing Investment Trust has invested $134 million to preserve and renovate Penn South Cooperative, a 10-building, 2,820-unit community in midtown Manhattan in New York City. The funds will keep the housing affordable for residents for the next 20 years. The Building and Construction Trades Council of Greater New York funded the venture, which is expected to employ 610 union construction workers. Thomas Schissler of Wells Fargo oversaw the transaction.
NEW YORK CITY — GFI Realty Services Inc. has helped broker the sale of 679-681 Classon Ave. in the Prospect Heights section of Brooklyn for $1.66 million. The walk-up apartment buildings are four stories and consist of 16 residential units, two office spaces and a retail store totaling approximately 12,200 square feet. GFI’s Shlomo Antebi and Joseph Landau brokered the transaction.
TULSA, OKLA. — Dallas-based Triad Senior Living, Inc. and its partners have purchased the University Village Retirement Community in Tulsa. The community sits on a 38-acre campus at 8555 S. Lewis Ave. Terms of the deal involved $5.5 million in cash. The ownership group, including investor Keith Roberts and University Village Trust, plans to spend at least $2 million in renovations to the facility.
ORLANDO, FLA. — Ann Arbor, Mich.-based McKinley has negotiated the acquisition of the 304-unit Oakwood Apartment Homes, located at 4708 Olive Branch Rd. in Orlando for $23.35 million. McKinley represented the buyer, Karlin Real Estate. Shelton Granade of CB Richard Ellis' Orlando office represented the seller, ConAm.
LEXINGTON, KY. — Red Mortgage Capital has closed and underwrote $6.79 million of non-recourse financing for two student housing properties owned by Campus Rental Properties. The complexes, which are located in central Lexington adjacent to the University of Kentucky, are the 96-unit University Village, Phase I and the 24-unit Woodland Village. Red Mortgage Capital, pursuant to Fannie Mae’s Dedicated Student Housing Program, underwrote the 10-year loan.
BLAIR, NEB. — Omaha, Neb.-based The Lund Co. has negotiated the $3.63 million sale of the 72-unit Deerfield Apartments, located at 1274 Deerfield Blvd. in Blair, to AV Legacy Holdings. Rich Secor of The Lund Co. represented the seller, Blair Apartments, LLC, in the transaction.