Holliday Fenoglio Fowler arranged $30 million in refinancing for New Hampshire Commons, a 288-unit multifamily community in Lakewood, N.J. The 10-year loan has a 4.98 percent fixed rate with a 30-year amortization.
L.J. Melody & Co. arranged more than $10 million in financing for Pennsylvanian Apartments, a 12-story historic property in Pittsburgh. The building was built in 1902 for the Union Station railroad headquarters. The loan has a 10-year term with a 30-year amortization at a fixed interest rate of 5.63 percent.
Beach Hill Development Coral Springs acquired Eagles Nest, a 264-unit rental complex in Coral Springs, Fla., from Morgan Properties for $46 million. The property will be renamed Atlantic Springs and converted to for-sale condominiums. Amenities include a clubhouse, fitness center, business center, two pools, and tennis and basketball courts.
Holliday Fenoglio Fowler arranged $10.9 million in refinancing for Fox Fire Apartments, a 404-unit property in Colorado Springs, Colo. The 10-year, fixed-rate loan was secured through Barclays Capital, a conduit lender.
ARCS Commercial Mortgage Co. arranged $103.8 million in financing for Oak Creek Apartments, a 759-unit property in Palo Alto, Calif. The loan was originated through Fannie Mae’s fixed-rate loan product and has a 12-year term with a 30-year amortization at a rate of 5.14 percent.
Cambridge Realty Capital Cos. provided an $8.38 million first mortgage loan to refinance Alden North Shore, a 90-bed skilled nursing home community in Skokie, Ill. The 40-year, fully amortized loan is under the HUD 223(a)(7) program.
Gershman Mortgage provided $11.12 million for renovations on Parade Park Homes, a 510-unit townhome community in Kansas City, Mo. The loan is financed with GNMA mortgage backed securities and insured by the FHA under Section 213(d)(4).
Do-Nguyen Properties purchased Rogers Apartments, a 10-unit property in San Jose, Calif., from Newlander Trust for $1.4 million. Sperry Van Ness brokered the deal. The one- and two-bedroom units rent for $800 to $950 per month.
CharterMac Mortgage Capital provided $18 million in mortgage financing to an affiliate of Western National for the $23.7 million acquisition of Silver Oak Apartments, a 193-unit property in San Diego. The financing included $12 million in fixed-rate debt combined with $6 million of floating-rate debt. Rents are expected to range from $995 to $1,600 per month.
AIMCO and its joint venture partner, the California State Teachers’ Retirement System, acquired Mustang Village, a 514-unit apartment community adjacent to California Polytechnic State University in San Luis Obispo, Calif. The purchase price was $70.8 million. The property features a convenience store, two heated pools, a lighted basketball court, and several parks.
Tremont Realty Capital arranged $92 million in financing for the acquisition and redevelopment of The Waterworks at Chestnut Hill, a new 112-unit luxury condominium in Boston. The financing included a $75.1 million construction loan and a $16.9 million mezzanine loan. The property consists of the historic rehab of four turn-of-the-century buildings, plus the development of a new six-story building.
ContraVest sold Courtney Park at Winston Trails, a 192-unit garden-style apartment community in Lantana, Fla., to an affiliate of CAPREIT. Apartment Realty Advisors represented the seller. Apartment units offer washers and dryers, intrusion alarms, and vaulted ceilings. Amenities include a pool with sun deck, spa, car wash area, fitness center, and detached garages.
Forum Residential Partners purchased Echelon at Ballpark, a 361-unit apartment community in Memphis, Tenn., for $39.5 million. CB Richard Ellis represented the seller, Echelon Residential. The property overlooks the AutoZone Park, home to the AAA Memphis Redbirds baseball team. Amenities include business and conference centers, a pool, and covered parking.
Cambridge Realty Capital Cos. provided a $9.1 million FHA-insured HUD loan for the purchase of Seminary Manor, a 121-bed skilled nursing home in Galesburg, Ill. The 35-year loan was underwritten using the HUD 232 program.
Broad Street Development acquired two rental properties in New York City from General Investment and Development Cos. for $85 million. 1438 Third Avenue offers 147 units and 14,000 square feet of retail space. The new owner plans to invest $15 million for renovations, including unit improvements. The 21-unit 1430 Third Avenue offers studios and one-, two-, and three-bedroom units, plus retail space.
Deutsche Bank Berkshire Mortgage arranged $18.8 million in acquisition financing for Wyndridge Apartments, a 568-unit property in Memphis, Tenn. The property has two separate floating-rate tax-exempt bond issuances totaling $25 million. Freddie Mac provided bond credit enhancement.
SNK Realty Group acquired 23 acres of land in the Dallas/Ft. Worth area of Texas, with future development valued at more than $250 million. Plans call for three properties offering an approximate total of 1,000 condominium and apartment units, plus structured parking facilities and retail space.
The Exodus Group and Vision Investment purchased the Isles at Sawgrass, a 368-unit luxury garden-style community in Miami, for $61.3 million. The property offers a clubhouse, 24-hour fitness center, two pools, lighted tennis courts, and a car care center.
EF&A Funding provided $6.8 million in Fannie Mae DUS financing for Heritage Place Apartments, a 204-unit garden-style apartment complex in Burlington, Wash. The loan has a 30-year term with a 30-year amortization period.
George Smith Partners arranged $21 million in permanent, non-recourse financing for Breakpointe, a 96-unit apartment community in Isla Vista, Calif. The financing was priced at 1.14 percent plus five-year Treasury, with three years interest-only followed by a 30-year amortization.
– Listings compiled by Rachel Z. Azoff
