Holliday Fenoglio Fowler arranged a $14 million refinancing for Tremont Towers, a 76-unit condominium project in Houston. The two-year, interest-only loan was secured through U.S. Bancorp Asset Management.
GMAC Commercial Mortgage’s affordable housing division arranged a $5 million construction loan and a $4 million permanent loan for the 156-unit Pinnacle Pines Apartments to be built in Haines City, Fla. The forward commitment for permanent financing was closed under Freddie Mac’s delegated underwriting initiative.
Legacy Partners acquired On the Green at Northshore, a 545-unit apartment community in Tacoma, Wash. Amenities include a fitness center, indoor racquetball court, two pools, outdoor spas, and a child care center. The owner plans to rehab half of the units and upgrade the amenities.
Apartment Realty Advisors brokered two Florida rental properties sold to condo converters. Margolias Realty Group purchased The Strand, a 275-unit project in West Palm Beach, from Cornerstone Real Estate Advisers for $91 million. Plus, BF Group purchased Bridlewood at Highwoods Preserve, a 384-unit complex in Tampa, from Flournoy Development Co. for $42 million.
Somerset Partners purchased the Conservatory at Deerfield, a 498-unit rental property in Mason, Ohio, from MetLife for approximately $43 million. This is the eighth purchase in the company’s $400 million acquisition campaign. The property features two pools, an indoor basketball court, and a business center with conference room.
ARCS Commercial Mortgage Co. closed $7.2 million in financing for Indian Creek Apartments, a 140-unit community in Waxahachie, Texas. The loan has a nine-year term with a 30-year amortization at a 5.29 percent interest rate.
Lake Walden Apartments purchased Lake Walden Town Homes, a 112-unit rental community in Plant City, Fla., for $5.65 million. Colliers Arnold Commercial Real Estate Services brokered the deal. The property features 18 two-story townhome-style apartments, a pool, playground, and laundry facility. —Listings compiled by Rachel Z. Azoff