PEORIA, ILL. — Cambridge Realty Capital Cos. has closed a $10.9 million FHA-insured HUD Lean mortgage loan to fund the purchase of Manor Court of Peoria, a 118-bed skilled nursing and assisted living property in Peoria. The fully amortized, 35-year loan was arranged for the property's owner, an Illinois not-for-profit corporation, using HUD's Section 232 to Section 223(f) – Lean funding program. The loan was underwritten by a subsidiary of Cambridge, Cambridge Realty Capital Ltd. of Illinois.
SPRINGFIELD, MO. — NorthMarq Capital has arranged first mortgage acqusition financing of $3.7 million for Hunter's Glen Apartments, a 168-unit multifamily complex in Springfield. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower through NorthMarq's seller-servicer relationship with Freddie Mac. Greg Duvall of the firm's Kansas City regional office completed the deal.
ALBANY, N.Y. — Albany-based NAI Platform has completed the sale of an apartment building located at 357-363 Morris St. in Albany for $2.4 million. The building contains 31 units; it was built in 1929 to house nurses working at nearby Albany Medical Center, and today it primarily houses medical school students . NAI's Fred McLaughlin represented the seller, and Tom Cairns, also of NAI, represented the buyer. Both parties were undisclosed.
DALLAS — Arbor Commercial Funding has arranged $6.84 million in Fannie Mae DUS funding for Carlisle on the Creek, a 176-unit multifamily community located in Dallas. The loan carries a 7-year term with a 30-year amortization schedule and a 5.55 percent interest rate. Anthony Tarter of Arbor's Dallas office originated the financing, which includes reserves for capital improvements to the property. The borrower's name was undisclosed.
STATESBORO, GA. — The Preiss Co. has purchased the 164-unit Bermuda Run student housing complex from an undisclosed seller for $6.3 million. The property is located at 100 Bermuda Run in Statesboro. Features include two swimming pools, a game room and a basketball court. Steve Mack and Jim Sewell of Coastal Apartment Advisors' Hilton Head, S.C., office brokered the deal.
ST. LOUIS — The St. Louis office of NorthMarq Capital has secured $7.03 million in first-mortgage financing for Lofts of Lafayette, a 109-unit multifamily property located in St. Louis. The loan carries a 10-year term and a 30-year amortization schedule. David Garfinkel and Jeffrey Chaney of NorthMarq's St. Louis office arranged the loan on behalf of the undisclosed borrower through Freddie Mac. The loan was secured utilizing the borrower's Adjustable Rate Mortgage program.
SAN ANTONIO — CB Richard Ellis (CBRE) has brokered the sale of a 101-unit apartment community located at 2819 SE Military Dr. in San Antonio. Nita Stewart of CBRE represented the seller, ORIX Capital Management. The buyer was Aristocrat Developments. The acquisition price was not disclosed.
NORTH PORT, FLA. — Banc of America Community Development Corp. has purchased the 312-unit Riley Chase Apartments from Florida Housing Finance Corp. for an undisclosed amount. Located at 1015 Riley Chase Drive in North Port, the 287,928-square-foot Class B complex spans 13 three-story buildings. A swimming pool, business center and fitness center are also located on the 26.96-acre property. Jamie May and Matt Mitchell of Marcus & Millichap's National Multi Housing Group brokered the sale. The firm's Seattle-based Tax Credit Group was also involved in the sale.
FORT WALTON BEACH, FLA. — ABG Sundal Collier ASA has purchased 116 units of the 339-unit Waterscape Resort Condominiums from Crescent Resources for $23.51 million. The $180 million property, located on Santa Rosa Boulevard in Fort Walton Beach, was completed in 2008. John Stone and Jason Stanton of Colliers Arnold and John Crotty and David Metalonis of Colliers Abood Wood-Fay represented the buyer.
SANDY SPRINGS, GA. — Mickey Rist of Love Funding's Detroit office and Bruce Gerhart of the firm's Cleveland office have secured a $7.95 million loan for the Dogwood Forest of Dunwoody. The 86-bed assisted living facility is located at 7400 Peachtree Dunwoody Road in Sandy Springs. Amenities include walking paths, an exercise room, activity rooms and a barber shop. The refinancing was secured through the HUD 232/223(f) program. The loan carries a 5.35 percent interest rate and a 35-year amortization schedule.