CLEVELAND, TENN. — Deutsche Bank Berkshire Mortgage has arranged a $15.7 million construction loan for The Retreat at Spring Creek apartment complex. The 199-unit property will be part of Cleveland's The Spring Creek Development, a mixed-use neighborhood. The 40-year, fixed-rate loan was financed through HUD's Section 221(d)(4) Mortgage Insurance Program.
JACKSONVILLE, FLA. — Two undisclosed clients have traded the 400-unit Summer Oak apartment complex in Jacksonville for $12.4 million. The property was constructed in 1972. Steve Lear, Bart Walchle and Erik Bjornson of Walchle Lear Multifamily Advisors represented the institutional seller in the transaction.
NEW BRIGHTON, MN. — NorthMarq Capital’s Minneapolis office has arranged $3.27 million in first mortgage financing for Silver Oaks Court Apartments in New Brighton. The apartment complex offers 96 residential units. The financing carries a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac. The borrower was Silver Oaks Court LP.
CHICAGO — Alliant Capital has secured loans for two multifamily properties in Chicago. In the first transaction, Alliant arranged a $1.6 million loan for Kedzie Boulevard Apartments, an 18-unit apartment complex located in the Logan Square neighborhood. Built in 1893, the property offers one-, two- and three-bedroom units. In the second transaction, $1.1 million was arranged for East 42nd Street Apartments. Built in 1899, the 23-unit property offers one-, two- and three-bedroom units. John Marr of Alliant Capital closed both transactions on behalf of a private borrower.
WATERVLIET, N.Y. — Groundbreaking has occurred for an $18 million renovation of Van Rensselaer Village, a 12-building, 100-unit affordable housing community located in Watervliet. Construction will include substantial interior renovations that will reduce the unit count to 80 and add energy-efficient appliances and systems to units and buildings. Windows and insulation will be replaced, central air conditioning will be installed and the exteriors of the buildings will receive new siding and roofs. Omni Housing Development is completing the project on behalf of the Watervliet Housing Authority. The project architect is CK Dennis Architects.
MASSACHUSETTS, NEW YORK AND CONNECTICUT — Arbor Commercial Funding has arranged $1.4 million in Fannie Mae DUS financing for Pyramid Apartments, a 16-unit property located in Hyde Park, Mass. The loan carries a 10-year term, a 30-year amortization schedule and a 5.98 percent note rate. John Kelly of Arbor's Boston office originated the financing. In addition, Edward Petti of Arbor's New York City office originated $1.85 million in Fannie Mae DUS financing for 1922 McGraw Avenue Cooperative, a 53-unit property located in the Bronx. The loan carries a 10-year term, a 30-year schedule and a 6.05 percent note rate. Finally, Kelly originated another Fannie Mae DUS loan in Seymour, Conn. The $1.61 million loan was for the 43-unit Sunny Knoll Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.15 percent note rate.
CORPUS CHRISTI, TEXAS — Senior Quality Lifestyles Corp. and Greystone Communities have gathered $79.04 million in financing for the 17-acre Mirador senior housing community. The money was obtained through a bond sale. The property, which will open in 2011, is located in Corpus Christi. Mirador will feature 125 apartment homes, 44 assisted-living suites, 41 private nursing care rooms and 18 private memory-support residences. Andres Construction will employ more than 300 workers to build the property.
WASHINGTON, D.C. — Marcus & Millichap has brokered the $11.75 million sale of the 90-unit New Amsterdam apartment complex between two undisclosed parties. Located at 2701 14th St. in Washington, the 75,375-square-foot property is 99 percent occupied. Retail space is featured on the ground level. Stacey Milam of Marcus & Millichap's Washington office represented the seller. The firm's Tracy Edwards, who also works in the Washington office, represented the buyer.
NEW YORK CITY — NorthMarq Capital has arranged $18 million in Freddie Mac financing for 2161-2169 Broadway, a 76-unit apartment property located in Manhattan, New York City. The loan carries a 10-year term and a 30-year amortization schedule. Craig Bjornsund of NorthMarq's New York Metro regional office secured the loan on behalf of the borrower, Colorado Associates.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation and Development (HPD) have provided a total of $5.17 million in financing for the renovation of four affordable housing properties located in the Park Slope, Cobble Hill and Sunset Park neighborhoods of Brooklyn, New York City. The buildings contain a total of 25 residential units and five commercial spaces. Returning tenants will occupy 13 of the units. The HPD contributed $3.87 million toward the financing package, and the CPC contributed $1.3 million. The borrow was a non-profit developer. Construction financing for the renovations was also provided by the HPD and Washington Mutual.