BROWN DEER, WIS. — Cohen Financial has arranged $15.3 million in refinancing for Deer Run Apartments, a 232-unit community located in Brown Deer. Amenities at the 261,000-square-foot property include a pool and a clubhouse. Steve Roth and Steve Kundert in the Skokie, Ill., office of Cohen Financial arranged the loan on behalf of the borrower, a Midwest-based commercial real estate investor. Green Park Financial was the lender. Additional terms of the loan were not disclosed.
Multifamily
KATY, TEXAS — Houston-based Allied Realty Services, Ltd. has held the grand opening for The Retreat at Cinco Ranch, a 268-unit apartment community located within the Cinco Ranch master-planned community in Katy. The project broke ground in June 2007, and was developed by Allied in partnership with General Electric. Monthly rents at the community average $1,064, and individual units average 942 square feet. Occupancy is currently at 35 percent, and the community is leasing without concessions. The Retreat at Cinco Ranch is being managed by Orion Real Estate Services, a subsidiary of Allied. The project marks the developer’s 27th luxury apartment community.
AURORA, COLO. — Phoenix-based Alliance Residential Co. is planning to develop Broadstone Cornerstar, a 400-unit luxury residential community located at 16045 E. Easter Circle in Aurora. Comprised of 20 individual buildings and a clubhouse, the community will offer one-, two- and three-bedroom units ranging in size from approximately 700 to 1,500 square feet. Additionally, the community will feature a 6,000-square-foot clubhouse/social lounge, a wireless cyber café with coffee bar, a Las Vegas-style sports book lounge, a fully-equipped fitness center, and a resort-style pool with a tanning shelf, an elevated spa and a waterfall. Completion is slated for 2009.
AVON LAKE, OHIO — Capmark Finance has originated $13.5 million in fixed-rate debt for the acquisition of Somerset Apartments, a 98 percent occupied, 221-unit community located in Avon Lake. The loan was provided at a fixed rate of 6.02 percent and at a 70 percent loan-to-value ration. Capmark sourced the financing through its Freddie Mac CME program. Financing was based on a 10-year term, with 2 years interest only payments followed by a 30-year amortization. Stewart Campbell in the New York City office of Capmark originated the loan for the borrower Dimitrios Kaloidis.
GRAND PRAIRIE AND AUSTIN, TEXAS — NorthMarq Capital has arranged $26.6 million in first mortgage financing for two Texas multifamily properties. A $16.1 million loan was arranged for Indigo Pointe Apartments, a 300-unit community located in Grand Prairie. The loan includes a 4-year, interest-only term and was arranged with an undisclosed Midwest life insurance company. The second loan totals $10.5 million, and was secured by Presidio Apartments, a 250-unit community located in Austin. The loan carries a 5-year, interest-only term, and was arranged through AmeriSphere Multifamily Finance, which is a Fannie Mae DUS lender. Both loans were originated for the undisclosed borrowers by Jeff Frankel of the Chicago office of NorthMarq Capital.
LOS ANGELES — Los Angeles-based JRK Property Holdings Inc. has acquired a 17-property multifamily portfolio from Apartment Investment and Management Company (AIMCO). The portfolio, which spans five states, is valued in excess of $285 million. The transaction was capitalized through a joint venture with JRK Birchmont Advisors, the private equity division of JRK. The properties are located in Fort Collins, Colo.; Atlanta; Richmond, Va.; Charleston, S.C.; and Cincinnati and Columbus, Ohio. The portfolio will be managed by JRK Residential Group, JRK’s property management affiliate. This acquisition increases the value of JRK Property Holdings’ real estate portfolio to more than $3 billion.
WILSONVILLE, ORE. — Costa Pacific Communities is currently developing Village Center, the residential/retail portion of Villebois in Wilsonville. Designed after traditional European villages, the pedestrian-friendly Village Center will feature a mix of condominiums, row homes, plazas, apartments, green space and boutique shops and services. The project will offer approximately 650 residential units, as well as several buildings featuring ground-level retail and residential space above. The housing products currently under construction include Carvalho Condominiums and Seville Rows. Ranging in size from 1,291 to 2,321 square feet, the three-story townhome or one-level flat units offer two bedroom floor plans that feature flexible living space with loft areas and bonus rooms. Additionally, Village Center will feature Piazza Villebois – a lively plaza and dedicated community space for residents.
BALTIMORE, MD. — KeyBank Real Estate Capital has provided a total of $53.7 million in financing for a portfolio of four Northeast senior housing properties. The borrower is Baltimore-based Capital Health Group. In the first part of the transaction, KeyBank provided $24.8 million through Fannie Mae’s DMBS program for Forge Hill Senior Living in Franklin and The Inn at Robbins Brook in Acton. The remainder of the proceeds, which were funded through KeyBank’s balance sheet, went toward the financing of The Inn at Spruce Wood in Durham and Village at Fillmore Pond in Bennington. Terms of the loans were not disclosed.
BETHESDA, MD. — Bethesda-based Green Park Financial has added $102.89 million to an existing credit facility for Milestone Multifamily Investors that was first completed in 2005. The loan addition is derived from cross-defaulted and cross-collateralized mortgages and is secured by multifamily properties in Arizona, Florida and Texas. The eight Class B properties encompass 3,000 units. The current 5-year loans carry the option for a 5-year extension.
INDIANAPOLIS — CB Richard Ellis’ Indianapolis-Cincinnati Multi-Housing Group has arranged the sale of a 168-bed student apartment community located in Indianapolis. The College Crossing at National is situated 1 block from the University of Indianapolis. Chicago-based Hunter Properties has purchased the community from Trinitas Ventures for an undisclosed amount. The property, which features two-, three- and four-bedroom units, includes a recreation center, a resident lounge and a study center with public computers. The acquisition price was not disclosed.