AUSTIN, TEXAS — New York-based Hudson Realty Capital has funded a $9.17 million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin. The sponsor is Los Angeles-based Post Investment Group, and the group acquired the complex from a special servicer that had foreclosed on the property. Situated on 14-acres, the 44-building multifamily rental complex is set to undergo a $4 million renovation and modernization.
DALLAS — Arbor Commercial Financing. wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $1.93 million loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Lake June Village Apartments, a 64-unit complex in Dallas. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6 percent. The loan was originated by John Kelly of Arbor's Boston office.
SYRACUSE, IND. — Tikijian Associates has brokered the disposition of Turtle Bay Estates in Syracuse. The multifamily community offers 173 lots for manufactured housing units. FR Syracuse, an affiliate of Farrell-Roeh Group, purchased the property for an undisclosed price. Tikijian represented the court-appointed receiver, McKinley and Midland Loan Services, in the sale.
CLEARWATER, FLA. — Marcus & Millichap has brokered the disposition and sale of a 14-unit apartment building in Clearwater. Located at 1408 Alpine Road, Edwards Apartments sold for $360,000. Michael Regan and Felipe Echarte of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were undisclosed Florida-based limited liability companies.
WOODBRIDGE, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has acquired Riverside Station Apartments, a Class A multifamily property in Woodbridge, for an undisclosed price. Built in 2005, the 304-unit property offers attached and detached garages, a fitness center, a playground, an outdoor pool, a media room and an executive business center. At the time of acquisition, the property was 95 percent leased. The seller was not undisclosed.
BROOKLYN PARK, MINN. — Daniel Trebil of NorthMarq Capital’s Minneapolis office has arranged a $3.5 million loan for Pebble Creek North Apartments. Located in Brooklyn Park, the multifamily property offers 190 units. Financing was based on a 10-year term with a 30-year amortization schedule. The loan was provided by AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
BLOOMINGDALE, N.J. — CB Richard Ellis (CBRE) Capital Markets has secured an $8 million first-mortgage for the refinancing of a Bloomingdale apartment community. The Class B community, which was built in the 1970s, contains 154 units with 138 garages. The loan carries a 4.98 percent fixed interest rate and a 7-year term with 3 years interest-only, followed by a 30-year amortization schedule. Keith Braddish and Jason Gaccione of CBRE Capital Market’s Debt & Equity Finance Group arranged the loan. The funds were secured in-house by CBRE Multifamily Capital through the Fannie Mae DUS program.
MONTGOMERY, ALA. — Passco Cos. has completed the acquisition of Carrington Park Apartments, a 240-unit multifamily complex in Montgomery, for $22.76 million. Located at 2000 Central Parkway, the Class A community opened in 2008 and features a “big house” design that offers attached garages, private entries and direct access to units. Ron Cameron with Primary Capital Realty Group represented both Passco and the seller, Montgomery Partners, in the transaction.
WESTWOOD AND RIVER VALE, N.J. — Marcus & Millichap has arranged the acquisition of a four-property New Jersey multifamily portfolio through the purchase of a $22.5 million whole mortgage loan. The collateral for the loan consists of three garden-style communities located in Westwood and one located in River Vale. The buyer in the deal is Hartz Mountain Industries. Jeff Oram, Nat Gambuzza and Kevin McCrann of Marcus & Millichap's Special Asset Services group partnered with Thomas McConnell, also of Marcus & Millichap, to complete the deal.
ALTAMONTE SPRINGS, FLA. — Considine Altamonte Springs Investor has borrowed $10.57 million in acquisition financing for the 224-unit Archstone Altamonte Springs apartment complex. The Altamonte Springs property includes a pool, a clubhouse, a car wash area and tennis courts. The Freddie Mac loan carries a 10-year term and a 30-year amortization schedule. Charles Foschini, Christian Lee and Christopher Apone of CB Richard Ellis Capital Markets arranged the loan.