Collateral Mortgage Capital arranged $10.1 million in financing for Logan Square Apartments, a 234-unit student housing complex in Auburn, Ala. The property is undergoing extensive rehabilitation. Collateral also arranged $2.6 million in financing for the acquisition of Carriage Hills Courts Apartments, an 86-unit property in Bessemer, Ala. The interest-only loan has a 5.82 percent interest rate.
Lawrence Mortgage arranged a $4.9 million loan for Pelican Pointe Apartments, a 156-unit property in Houston. The loan has a seven-year fixed rate. Units average 950 square feet, offering balconies or patios.
ZMG Hideaway Delaney purchased Hideaway Delaney Apartments, a 28-unit community in Orlando, Fla. Smith Equities Corp. brokered the deal. The owner plans to convert the property into condominiums and will update the units and amenity package.
CT Realty sold Chateau Toluca, a 145-unit apartment property in Toluca Lake, Calif., to Interstate Equities Corp. for $32.6 million. The seller recently spent $1.6 million on a major renovation program. Studios and one- and two-bedroom units feature fireplaces, washers and dryers, and patios.
Holliday Fenoglio Fowler arranged $16.8 million in refinancing for The Lakes at Myrtle Park, a 204-unit community in Bluffton, S.C. The fixed-rate loan has a 10-year term with a 30-year amortization through AXA Equitable Life Insurance Co.
Essex Property Trust’s Essex Apartment Value Fund II acquired Tower @ 801, a 173-unit high-rise community in Seattle, for approximately $31.85 million. The property features a landscaped plaza with a pool and sauna, media/club room, fitness center, and business center.
An affiliate of Turnberry Associates purchased the Fontainebleau Hotel, an 876-room hotel with a recently opened 462-unit condominium-hotel tower in Miami Beach, Fla. A 286-unit condo-hotel tower is under development. Aztec Group brokered the deal. The new owner is planning a $400 million renovation of the hotel and grounds.
Related Capital Co., a subsidiary of CharterMac, provided $6 million in equity financing to the Housing Authority of the City of Tampa for the development of a $20 million affordable housing complex in Tampa, Fla. The Gardens at South Bay will offer 216 units, the majority targeted toward residents earning 60 percent or less of the area median income. The property will offer complimentary social service programs, including job placement, adult education, and financial counseling.
HUD gave the Philadelphia Housing Authority a $17 million grant for the redevelopment of the Ludlow neighborhood in North Philadelphia. Approximately 100 housing units will be scattered throughout 17 blocks, with plans to build 50 more units when funds become available. Construction will begin in 2006, with completion planned for December 2008.
Bainbridge Communities purchased Pineapple Grove Village, a 160-unit luxury rental in Delray Beach, Fla., from Ram Development Co. Apartment Realty Advisors represented the seller in the $52.2 million deal. The property features a heated pool, billiards room, and fitness center with an aerobics and yoga studio.
Monterey Capital Partners purchased Portmeirion Apartments, a 219-unit property in Jacksonville, Fla., for $18.5 million. Marcus & Millichap Real Estate Investment Brokerage Co. brokered the deal. The property offers one-, two-, and three-bedroom units, plus a clubhouse, two pools, and garage parking.
Post Properties acquired Ballantyne Place, a 319-unit luxury apartment community in Charlotte, N.C., for approximately $37.3 million. The property, purchased from Roberts Realty Investors, will be renamed Post Ballantyne. The acquisition builds Post’s market share in Charlotte to 1,384 units.
Eagle Real Estate Group sold Crystal View Apartment Homes, a 402-unit community in Garden Grove, Calif., to BlackRock for $60.2 million. Moran & Co. represented the seller. The project recently underwent substantial renovations, including a remodeled clubhouse, interior upgrades, and seismic and lighting upgrades to parking structures.
Squire Hill Associates acquired Squire Hill Apartments, a 72-unit complex in Branford, Conn., for $6 million. Marcus & Millichap Real Estate Investment Brokerage Co. brokered the deal. The complex offers studios and one-bedroom units.
The Community Preservation Corp. provided a $5 million construction loan for Arbor Hill Homes, a 54-unit rental community in Albany, N.Y., to open in October 2006. One-, two-, three-, and four-bedroom units will feature dishwashers and laundry hookups. Rents will be affordable to families earning less than or equal to 60 percent of the area median income.
Green Park Financial provided a $10.3 million refinancing loan for Woodmill I Apartments, a 180-unit garden-style complex in Dover, Del. The loan, closed in 30 days from application, was underwritten to a 65 percent loan-to-value.
Holliday Fenoglio Fowler arranged a $14.9 million loan for the acquisition and condominium conversion of The Cove Apartments, a 180-unit community in Daytona Beach, Fla. The two-year, adjustable-rate loan was arranged through LaSalle Bank. The company also arranged $27.1 million in senior and mezzanine loans for the condo conversion of the 100-unit River Canyon Apartments in Los Angeles.
Mountain Funding arranged a $48 million bridge loan for Crosswynds, a 453-unit condominium conversion in Tampa, Fla. The community offers a fitness center, pool and spa, tennis courts, and a business center.
MCZ Development/Centrum Properties purchased Douglas Grand at MetroWest, a 398-unit garden-style rental community in southwest Orlando, Fla., for $69 million. Apartment Realty Advisors represented the seller. Units feature walk-in closets, alarms, designer appliances, and Berber carpet. Amenities include a fitness center, business center, pool with sundeck, and a gated entry.
Sierra Capital Partners provided $13.4 million in financing for the acquisition of the 160-unit Briarwood Apartments in Fremont, Calif. The Freddie Mac loan offers a two-year interest-only period followed by a 30-year amortization.
Collateral Mortgage Capital arranged a first mortgage loan totaling $18.6 million for Paradise Hills Apartments, an affordable community in Fort Worth, Texas. The refinance was funded through Collateral’s Fannie Mae Convertible loan product. The loan has a 10-year term with one year interest-only and a 29-year amortization period.
The Hanover Co. sold Lofts on Post Oak, a 351-unit apartment community in Houston, to a joint venture partnership between Tarragon Corp. and Sunvest Communities. The property, which opened August 2004, offers 285 units in a four-story mid-rise building and 66 units in an eight-story tower.
Essex Property Trust sold Eastridge Apartments, a 188-unit garden-style community in San Ramon, Calif., for approximately $47.5 million. Eastridge is the third apartment community that Essex has recently sold to a condo converter. Essex used the proceeds from the sale to acquire Mission Hills Apartments, a 282-unit apartment community in Oceanside, Calif., for approximately $50.5 million. The property is located in Rancho Del Oro, a master planned community in North San Diego County. ] –Listings compiled by Rachel Z. Azoff
