HOUSTON — Arbor Commercial Funding has secured $7.5 million in Fannie Mae DUS financing for Green Oaks Village, a 380-unit multifamily community located in Houston. The loan carries a 10-year term with a 25-year amortization schedule and a 6.34 percent interest rate. Matt Norman of Arbor's Dallas office originated the financing. The funds will be used by the undisclosed borrower to refinance a short-term, acquisition/construction loan.
PASADENA, CALIF. — Hendricks & Partners (H&P) has completed the sale of 140 North Wilson Avenue in pasadena for $1.88 million. The property consists of a 14-unit apartment community with all one-bedroom units that average 455 square feet. Kevin Lutz and Kevin Hurley of H&P's Pasadena office represented the seller, Los Angeles-based Nancy B. Johnson & The Karyn Trust. The buyer was Rowland Heights, Calif.-based DLZ Investment Inc. The property traded at a 6.81 percent cap rate.
LONG BRANCH, N.J. — Construction is complete for Pier Village Apartments, an oceanfront multifamily community located in Long Branch. The project, which is situated on Ocean Boulevard, consists of three four-story residential towers totaling 216 units. The apartments consist of a mix of one-, two- and three-bedroom units ranging in size from 800 to 1,200 square feet. Amenities include a swimming pool and a 350-space parking garage. The first building was delivered in September 2008, with the other two following in phases. The project is fully occupied. Pier Village Apartments is part of the larger Pier Village mixed-use development. The approximately $100 million project is situated on 16 oceanfront acres and contains the apartments, a hotel, restaurants and retail space. It is being developed by Applied Development Co. Minno & Wasko Architects and Planners is serving as the project architect.
DENVER — The Denver office of NorthMarq Capital has arranged $16 million in permanent financing for the Enclave at Belleview Station in Denver. Located at 4400 S. Monaco St., the property consists of 11 three-story buildings with 238 units, as well as 100 attached and detached garage spaces. Amenities include a clubhouse, a heated swimming pool, a spa, a barbecue and picnic area, a business center and a fitness center. Steve Koeneke, Dave Link and Chris Williams of NorthMarq secured the loan on behalf of the borrower, Griffis Premium Apartment Fund. Terms of the loan were not released.
KANSAS CITY, MO. — Love Funding has arranged $1.88 million for the refinancing of Palestine Gardens, an 85-unit apartment community located in Kansas City. Terms of the loan include a 35-year amortization schedule and a 6 percent interest rate. Robyn Cunningham of Love's St. Louis office arranged the loan for the undisclosed borrower through the HUD 202/223(f) program.
BETHLEHEM, PA. — Marcus & MIllichap has brokered the sale of 42-55 Union Boulevard, a 21-unit apartment property located in Bethlehem. Constructed in 1920, the property comprises 14 three-bedroom units and seven one-bedroom units; occupancy was 95 percent at the time of closing. Matthew Wolf and Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller, an undisclosed partnership. The property traded for $987,500.
REXBURG, IDAHO — A Utah-based private investor has purchased the 63-unit Mountain Pines Apartments from an undisclosed party for $5.5 million. The property, located across the street from Brigham Young University-Idaho at 129 Viking Dr. in Rexburg, can house 378 students. Daniel Shin and Michael Beckstead of Marcus & Millichap’s Salt Lake City office represented the buyer.
CULPEPER AND STEPHENS CITY, VA. — Boston Capital has secured more than $3 million of funding for the renovation of two Virginia apartments. The 42-unit Meadowbrook Heights Apartments in Culpeper will undergo exterior renovations and all units will receive EnergyStar appliances. Each unit in the 46-unit Stephens Village Apartments in Stephens City will also receive EnergyStar appliances. After renovations are complete, both complexes will be awarded green certification by EarthCraft Virginia.
CHICAGO — Chicago-based Essex Realty Group has arranged the sale of two multifamily buildings in Chicago’s Hyde Park neighborhood. The first building, located at 5123-25 S. Kimbark Ave., contains 43 units, and the second building, located at 5130 S. Kenwood Ave., contains 39 units. Both properties offer a mix of studio and one-bedroom units. David Goss and Jon Morgan of Essex represented the seller; Doug Imber, also of Essex, represented the buyer. Both parties were undisclosed.
FRIENDSWOOD, TEXAS — Arbor Commercial Funding has secured a $1.95 million loan for Bridgestone Apartments, a 76-unit multifamily community located in Friendswood. The loan was originated under the Fannie Mae DUS Small Loan product line. It carries a 10-year term, a 30-year amortization schedule and a 6.42 percent interest rate. The originator was Matt Norman with Arbor’s Dallas office. The lender was not disclosed.