POMPANO BEACH, FLA. — Miami-based Pinnacle Housing Group is developing Golden Acres Community, a 302-unit multifamily development in Pompano Beach financed primarily through the syndication of housing tax credits sold by Pinnacle to investors. The project site, located at Martin Luther King Blvd. and NW 18th Dr., consists of 31 acres within the Golden Acres subdivision owned by the Housing Authority of Pompano Beach. Ft. Lauderdale-Fla.-based Pasquale Kuritzky Architecture is designing the project, which will begin construction February 2008 and deliver the first of two phases for occupancy within 18 months.
Multifamily
ANN ARBOR AND SOUTHFIELD, MICH. — EF&A Funding has secured two loans totaling $11.88 million for Michigan multifamily properties. In Ann Arbor, EF&A closed on a $7 million acquisition loan for the 134-unit Ponds at Georgetown Apartments. In Southfield, the company closed on a $4.88 million acquisition loan for the 106-unit Monticello Apartments. Financing in both transactions was for a 10-year term with a 1-year extension and the first 4 years interest only. John Marr represented EF&A in both transactions. The borrowers were undisclosed.
NORTH SMITHFIELD, R.I. — The DSF Group recently completed the conversion of an industrial revolution-era mill in North Smithfield. The mill, which was originally constructed in 1806, is now The Halstead at Slatersville Mill, a four-building, 224-unit multifamily complex. Amenities include a fitness center, a private screening room, a business center, a resort style swimming pool and walking and biking trails along the Branch River.
FORT WORTH, TEXAS — Henry S. Miller (HSM) Investment Banking Group has arranged approximately $35 million in financing for the Watercolor at North Beach Street Apartments development in Fort Worth. The 398-unit property, which is being built on 27.23 acres, will be located at North Beach Street just north of North Tarrant Parkway. Insight will manage and market the project, and El Paso, Texas-based C.F. Jordan Construction Co. will be the general contractor. Representing all parties, Roy Norwood, Jr. and Loy Shaw, Jr. of HSM Investment Banking Group arranged a $29.8 million construction loan with Capital One Bank, a $5.5 million equity investment by Fine Line and a third party loan guarantee.
ORANGE COUNTY, CALIF. — Capmark Finance Inc., on behalf of Security Properties Inc., has arranged more than $107 million in debt and equity for the acquisition of Nutwood West Apartments in Fullerton, Calif., and the Muni Mae Seattle portfolio in Washington. Capmark secured $33.25 million for the acquisition of Nutwood West Apartments, a 248-unit garden-style apartment community located at 2404 E. Nutwood Ave. The company also arranged a $48.6 million loan for the purchase of the 564-unit Muni Mae Seattle portfolio, which includes Gilman Meadows in Issaquah, Wash.; Mallard Cove in Everett, Wash.; and Mountain View Apartments in Fife, Wash. In each transaction the debt was supplemented with an equity investment of approximately $13 million provided by an affiliate of Capmark Investments LP. Prudential Mortgage Capital funded both loans, which were originated by Jason Krupoff of Capmark Finance’s Orange County office.
LOS ANGELES — Redwood Partners has purchased a 27-unit apartment building, which is located at 3325 S. Canfield Ave. in Los Angeles for $8.2 million. At the closing of escrow, the 30,590-square-foot property was 100 percent occupied. Michel Hibbert of Charles Dunn Company, a partner of GVA Worldwide, represented the seller, N2 Ventures LLC and Silver Oak Holdings LLC, in the transaction. Michael Balson of Miller & DeSatnik represented the buyer.
TOMS RIVER, N.J. — Boston Capital Finance has provided $10.75 million in construction financing for the development of Toms River Crescent Apartments in Toms River. Upon completion, the facility will include 15 buildings that contain 60 two-bedroom, one-bath garden style units; 24 two-bedroom, two-bath townhome style units; and 36 three-bedroom, two-bath townhome style units. The multifamily development will provide much need affordable housing in the area. The community will also feature a 1,750-square-foot community building. Boston Capital also provided the tax credit equity for the development. The general partner is Community Investment Strategies.
ITHACA, N.Y. — Stephen York of Arbor Commercial Funding has originated a $2.12 million loan for the acquisition of Vista Circle Apartments, a 58-unit complex in Ithaca. The loan was provided to an undisclosed borrower. Funding was provided by Fannie Mae’s DUS 3Max Express program.
SAN ANTONIO — Hendricks & Partners has finalized the sale of Bentwood Place, a 121-unit apartment complex located at 1111 Austin Hwy. in San Antonio. San Antonio-based Bentwood Apartments LLC sold the property to Houston-based Chancellor Austin Highway Apartments LP, which plans to redevelop the site into a 360-unit, mid-rise luxury apartment community. Construction is scheduled to begin this summer. The sale price was undisclosed. Scott Weems of Hendricks & Partners’ San Antonio office represented the seller in the transaction.
SIMI VALLEY, CALIF. — Greg Harris of Marcus & Millichap has completed the sale and acquisition of Garden Apartments, an 84-unit apartment community located in Simi Valley. Redfern Family Trust sold the property to an undisclosed private family partnership for $10.52 million or $125,298 per unit. Located at 1851 Buyers St., the 57,800-square-foot property consists of a two-story building offering 68 one-bedroom/one-bath units and 16 two-bedroom/two-bath units. The community also features wall air conditioning and heating units, an on-site laundry facility, a swimming pool and a central courtyard. Harris represented both parties in the transaction.