Rachuba builds apartments in Baltimore suburb
Eldersburg, Md. – Bulls Capital Partners, LLC, announced in March that it had provided an $8.9 million Fannie Mae loan for Rachuba Group’s 134-unit Piney Ridge Apartments here in Carroll County near Baltimore.
The lender will also use Fannie Mae’s supplemental loan product to increase the mortgage amount this summer when construction is completed on two additional buildings on the site.
Sunrise buys seniors living facility
Willowbrook, Ill. – Sunrise Senior Living Real Estate Investment Trust borrowed $21.9 million from Green Park Financial in April to buy Sunrise of Willowbrook in this Chicago suburb. The loan was structured with a 10-year term featuring one year of interest-only payments, followed by 25-year amortization.
Sunrise of Willowbrook is an 82-unit, 98-bed seniors living facility featuring a dedicated Alzheimer’s ward.
Archstone acquires two in Manhattan
New York City – Archstone-Smith acquired two high-rise apartment developments here in April, adding more than 450 units to its metropolitan-area portfolio.
Archstone purchased a 270-unit building known as The Marlborough House in the Murray Hill neighborhood of Manhattan for $165 million and the 192-unit 180 Montague Street building in Brooklyn Heights for $101 million.
Those acquisitions were funded primarily through Sec. 1031 tax-deferred exchange proceeds from recent dispositions.
On the West Coast, Archstone also acquired the 185-unit Paragon Apartments in San Bruno, Calif., near San Francisco. The $72.1 million acquisition was mostly funded through tax-deferred exchange proceeds and the assumption of $49.6 million of variable-rate tax-exempt bonds with a 3.97% interest rate.
AIMCO redevelops 904-unit project
Jacksonville, Fla. – Apartment Investment and Management Co. (AIMCO) is redeveloping the 904-unit The Villages of Baymeadows for a cost of $40 million.
AIMCO has owned the apartments since 1999, and in March completed renovating 30% of the units.
The company is also redeveloping the 372-unit Elm Creek Apartments in Elmhurst, Ill., for $9 million. The development was a Chicagoland Apartment Association Marketing and Management Excellence award winner for renovations of more than $500,000.
Milano Creek sells Gardens of Dunwoody
Atlanta – Milano Creek, LLC, sold the 802-unit Gardens of Dunwoody Apartments to Alliance Residential in March for an undisclosed amount.
CB Richard Ellis represented the seller in the transaction, and Titan Real Estate Group was a consultant.
Morningside gets $10 million renovation
Atlanta – Sovereign Capital loaned $10 million to MSB Apartments, LLC, in April for the purchase of Morningside Apartments, a distressed 206-unit, Class C multifamily property. The loan-to-value ratio was 95.22%.
Morningside Apartments was foreclosed on in 2005 by Fannie Mae and marketed for sale by Holliday Fenoglio Fowler. The property was less than 82% occupied. In addition to the loan, Sovereign said it provided funding for renovations to facilitate aggressive lease-up and stabilization.
Arizona Real Estate buys Villas Monterosa
Phoenix – Arizona Real Estate, LLC, from Minneapolis, bought the 58-unit Villas Monterosa for $5.8 million in April. The broker was Sperry Van Ness.
Originally constructed in 1997, the six-building development is slated for condominium conversion. It is located near the new Arizona Cardinals Stadium.
Tremont closes $7.2 million mezz loan
Scottsdale, Ariz. – Tremont Realty Capital provided a $7.2 million mezzanine loan in April through its Boulder Tremont Fund for a 12.4-acre condominium project at the Troon North Golf Club. Upon completion, the undisclosed developer will sell the Residence Club’s units in deeded fractional interests.
The mezzanine loan caps a total of $20.2 million in debt. The borrower used the 12-month loan to begin development and repay some seller financing.
“The project required a highly customized and flexible capital solution,” said John Churchward, Tremont’s associate director. He added that the mezzanine loan was structured with initial funding of $5.9 million and additional construction funds of $1.3 million.
Camden partners with Onex
Irvine, Calif. – Camden Property Trust announced in March that it is developing two new apartment communities here and in Houston in newly formed ventures with Onex Real Estate Partners. Camden will serve as the general partner in both joint ventures and will retain a 30% ownership position.
Camden Main & Jamboree in Irvine will feature 290 luxury apartments and 7,500 square feet of retail and restaurant space. The total expected cost of development, which is scheduled for completion in early 2007, is $107 million.
Camden Plaza in Houston will have 271 units when completed in mid-2007. The total development cost is expected to be $43 million.
Bascom purchases Park East
Aurora, Colo. – The Bascom Group, LLC, acquired Park East, a 112-unit apartment complex, for $5 million in April. The seller was Park East, LLC.
Debt financing was provided by CWCapital, LLC, and arranged by L.J. Melody. Omni Apartment Communities, Inc., will manage the property.
Park East is surrounded by major retail centers, recreational facilities, job centers and golf courses.
Bascom also bought the 100-unit Elmwood in Denver complex for $4.3 million that month. The seller was Elmwood Manor, LLC.