SAN FRANCISCO — San Francisco-based Wells Fargo has closed $543 million in Fannie Mae secured credit facility for Equity Residential. The interest-only loan carries an 8-year term, with a fixed rate for 7 years; the last year is a floating rate. The loan is for 19 multifamily properties, totaling more than 5,200 units, throughout California, Colorado, Arizona, Florida, Massachusetts, Washington and Virginia. Phil Morse of Wells Fargo Multifamily Capital’s McLean, Va., office originated the transaction.
TURNWATER, WASH. — Cohen Financial has arranged a $17 million loan for the refinancing of the Tabula Rasa Apartments in Turnwater. Located at 1840 Trosper Rd. SW, the 136,700-square-foot property consists of 118 one-, two- and three-bedroom apartments, and an upscale clubhouse and leasing office. Peter Norrie of Cohen Financial secured the $17 million loan, which equated to a 70 percent loan-to-value and carried a 7-year term loan with a 30-year amortization schedule, the first 12 months interest only. The lender is GSE and the borrower is a Yakima, Wash.-based multifamily real estate developer.
GLENDALE AND LONG BEACH, CALIF. — Marcus & Millichap has completed two multifamily transactions in California that total $4 million. In the first transaction, Earle Hyman and Michael Chukerman of Marcus & Millichap represented the undisclosed buyer in the acquisition of a 6-unit multifamily property. The property is located at 730 Raleigh St. in Glendale. In the second transaction, an undisclosed buyer purchased 20 Bay Shore Avenue, a 9-unit apartment property located in Long Beach. The asset sold for $2.4 million. Gordon Reese represented both undisclosed parties in the transaction.
LITHONIA, GA. — Mercy Housing Southeast of Atlanta has acquired the 406-unit Highland Place Apartments in Lithonia from Miles-Alexandra for an undisclosed price. The buyer plans to spend $30,246 per unit to renovate the apartments; each unit will include washer and dryer hookups, new ceiling fans, new cabinetry and Energy Star appliances. Mercy has plans to turn the community building into a place to house a fitness center, a social room and the rental office. The company will also build a swimming pool, sports courts and a playground area at the property. The renovations are expected to be complete by the fourth quarter of 2010. Boston Capital provided tax credit equity for the purchase.
MIDDLEBURG HEIGHTS AND PAINESVILLE, OHIO — KeyBank Real Estate Capital has closed $25.1 million in Freddie Mac loans for two properties located near Cleveland. In Middleburg Heights, KeyBank has provided an $18 million conventional loan to refinance The Islander Apartments. The Islander Apartments LLC was the borrower for the 18-building, 984-unit garden-style complex. In Painesville, the company has provided a $7.1 million Freddie Mac early rate-lock loan for the third construction phase of Cobblestone Court Apartments. Cobblestone Court Apartments I LLC was the borrower for the 120-unit luxury apartment complex. Additional terms of both loans were not disclosed.
NORTH OLMSTED, OHIO — Phoenix-based Hendricks & Partners has brokered the sale of Madison at Butternut Ridge, a 261-unit apartment community located at 5800 Great Northern Blvd. in North Olmsted. Oak Brook, Ill.-based JVM Butternut Apartments purchased the community from Butternut Ridge Apartment Associates, c/o BPG Properties of Philadelphia, for $19 million. The community houses 102 one-bedroom/one-bath units; 119 two-bedroom/two-bath units; and 40 three-bedroom/two-bath units. Amenities at the property include a clubhouse with an on-site business center, an indoor fitness center, a swimming pool, a playground, garages and a car wash park. The purchaser, which assumed an existing Fannie Mae mortgage with a balance of $12.9 million at a 4.21 percent interest rate, plans to invest an additional $1 million in the property for exterior improvements. Rick Vidrio, Rick Brace and Cary Belovicz in the Detroit office of Hendricks & Partners represented the seller in the transaction.
BOSTON, LAWRENCE AND CAMBRIDGE, MASS. — Two Massachusetts multifamily portfolios have been disposed of for a total of $50.9 million. The first portfolio, known as the Riverside Management Portfolio, traded for $44 million. It contains three properties, two of which are located in Boston and one that is located in Lawrence, totaling 414 units. Robert Griffin, Jr., Simon Butler and Biria St. John of the Capital Markets Group of Cushman & Wakefield of Massachusetts (C&W) represented the undisclosed seller and procured the buyer, OMNI America, which is an affiliate of OMNI New York. In the second transaction, the trio, along with C&W’s Chris Sower, completed the $6.9 million sale of the Charles River Portfolio, which comprises 38 units spread throughout 11 buildings in Cambridge. Of the units, 30 are located on seven contiguous parcels along Banks and Elmer Streets; five units are located in three separate buildings on Putnam Avenue and Andrew Street; and three units are located on Maple Avenue. C&W represented the undisclosed seller and procured the buyer, Longfellow Apartments LLC.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $10.46 million in permanent financing for the acquisition of Arbors on Westheimer Apartments, a 360-unit multifamily community located in Houston. Jamie Mullin of LMI originated the fixed-rate financing with one of the company’s Fannie Mae DUS lenders. The borrower was undisclosed.
FALLS CHURCH, VA. — Deutsche Bank Berkshire Mortgage has arranged a $51 million loan for the 493-unit Fairfield Crossing apartment complex in Falls Church. Financing for the 7-year, interest-only loan, which was funded to 59 percent of value, was provided by Freddie Mac. The 43-year-old property was renovated in 1991 and includes a pool, a fitness center, a jogging trail and tennis courts.
ROCKVILLE, MD. — Holly Bray of Washington, D.C.-based Love Funding has arranged a $35.11 million loan for the refinancing of the 526-unit Rock Creek Terrace Apartments. Located at 12630 Veirs Rd. in Rockville, the complex spans 774,061 square feet. Apartment amenities include a pool, two playgrounds, an adult education center and a youth center. The 35-year loan, which was financed using the HUD 223(f) program, comes with a 6.2 percent fixed interest rate.