GLENDALE, ARIZ. — Phoenix-based Irwin Union Bank has completed the $1.7 million disposition of Glen Park, an 88-unit multifamily property located at 6301 N. 64th Dr. in Glendale. The Class C property consists of 10 two-story buildings offering one-, two- and three-bedroom units, which average 795 square feet. Community amenities include covered parking, an on-site laundry facility, a pool, courtyards and landscaping. Ric Holway of Hendricks & Partners’ Phoenix office represented the seller. The buyer was not disclosed.
ATTLEBORO, MASS. — Apartment Realty Advisors (ARA) brokered the sale of Crystal Village, a 91-unit apartment community located in Attleboro. The apartment community is situated on 7.3 acres within close proximity to I-95. It contains a 100 percent market rate community comprised of one- and two-bedroom garden style units as well as 30 two-bedroom townhouse units. Amenities include a heated indoor swimming pool, a basketball court, a tennis court, a fitness center, laundry facilities, and a barbecue/picnic area. The property sold for $9 million to Village Residential, a private Massachusetts-based investor. The seller, EQR-Quail Run Vistas, was represented by ARA’s Richard Robinson, Brendan Reilly, Terry Scott and Stephen Ordway.
BRIDGEPORT, CONN. — Arbor Commercial Funding has arranged a $7.78 million loan under the Fannie Mae DUS MBS Loan product line. The loan was for a 128-unit property known as the Bridgeport Portfolio in Bridgeport. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.9 percent. The loan was originated by Stephen York of Arbor’s New York City lending office. The loan was used to refinance and pull out trapped equity that could be used towards the purchase of additional multifamily properties.
CINCINNATI — Kiesland, a Cincinnati-based full-service construction firm, has launched the development of an approximately $6 million office condominium development in Deerfield Township, a suburb northeast of downtown Cincinnati. The Venture Corporate Center, which will be located Duke Boulevard within the Governor’s Point North business park, will feature two 15,000-square-foot buildings fronting the site as well as two additional 12,500-square-foot buildings, each offering office/flex condos divisible to 3,000 square feet. The Class A complex is being built to achieve LEED Silver certification. Future plans call for a 60,000-square-foot build-to-suit facility to be built adjacent to Venture Corporate Center for S+S Fasteners Inc. Kiesland plans to relocate from its current location on Route 42 to the property upon completion.
STERLING HEIGHTS, MICH. — Love Funding has closed a $7.3 million refinance loan for Sterling Lake Apartments, which is a 261-unit multifamily community located in Sterling Heights. Love Funding secured the funds on behalf of borrower LR Management using the HUD 207/233(f) loan program. Terms of the deal include a 5.5 percent interest rate and a 35-year amortization schedule. The Sterling Lake Apartments include one and two-bedroom apartment and townhome units, as well as a 24-hour fitness center, swimming pool and clubhouse.
BRIDGEPORT, CONN. — Arbor Commercial Funding has arranged $4.16 million in Fannie Mae DUS financing for the Bridgeport Portfolio, an 87-unit multifamily property located in Bridgeport. The permanent loan carries a 10-year term with a 30-year amortization schedule and a 5.69 percent interest rate. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. The property was purchased out of distress by the borrower, which has spent the past 2 years renovating it and improving operations
SAN DIEGO — Carlsbad, Calif.-based Allgire General Contractors, serving as general contractor, has completed the construction of Studio 15, a $24.2 million multifamily property located at 70 15th St. in San Diego’s East Village area. The 122,462-square-foot property features 275 studio residences with a seating lounge area, underground parking, a resident café, a television room and interior courtyard amenities. The project was developed by Affirmed Housing Group. Rick Engineering Co. and Carrier Johnson also assisted with the project.
SANTA CLARITA, CALIF. — Santa Clarita Canyon Crest LLC has purchased Canyon Crest, a 158-unit multifamily property located at 23639 San Fernando Rd. in Santa Clarita. The 95-percent occupied community sold for $23 million. The property offers one-, two- and three-bedroom units ranging in size from 690 to 1,122 square feet. Amenities include a pool, two spas, a fitness center, a basketball court and subterranean parking. Jim Fisher, Craig Stevens and Mike Smith of Lee & Associates represented the buyer in the transaction.
SAN FRANCISCO — Dennis Sidbury of NorthMarq Capital’s San Francisco office arranged a $5.3 million first mortgage for Yerba Buena Commons, a 257-unit multifamily complex in San Francisco. The 15-year loan has a 30-year amortization schedule and was funded by AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was YBC Development II.
CHASKA, MINN. — The Minneapolis office of NorthMarq Capital has secured $3 million in first-mortgage financing for Sun Lake Woods Apartments, an 82-unit multifamily property located in Chaska. The loan carries a 10-year term with a 30-year amortization schedule. NorthMarq’s Daniel Trebil arranged the loan on behalf of the undisclosed borrower. The lender was Amerisphere Multifamily Finance, a NorthMarq affiliate and a Fannie Mae DUS lender.