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TODAY’S DEALS: Arbor Completes Funding of over $3M for 244-Unit Rental Property, and Other Transactions
Published: October 30, 2008
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By Anuradha Kher, Online News Editor
Jeffersonville, Ind.--Arbor Commercial Funding recently completed funding of a $3,000,800 loan under the Fannie Mae DUS product line to refinance 244-unit Mayfair Apartments in Jeffersonville, Ind.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.54 percent.
Gross & Cohen Real Estate Investors Completes Acquisition, Renovation of Student Housing Property
Johnstown, N.Y.--Gross & Cohen Real Estate Investors Ltd, a Massachusetts-based student housing investor, has completed the acquisition, renovation and lease up of Campus Green Apartments adjacent to Fulton-Montgomery Community College (FMCC).
Today, Campus Green is 100 percent occupied with a waiting list and FMCC is in negotiations with Gross and Cohen to develop a second student housing property in the market.
Campus Green, built in 1983, is a 37-unit/74-bed complex with fully furnished units. It is the only student housing complex in proximity to the 2,200 student school.
After years of use, however, Campus Green had become severely outdated and undesirable to the students, and its occupancy rate had plummeted to nearly 60 percent before the purchase and renovation by Gross & Cohen.
"Our bid for the property included a contingency that we establish a positive relationship with FMCC," says Steven J. Gross, president of Gross & Cohen. "We met with the president of the college and other officials and proposed structuring a new relationship between FMCC and Campus Green."
Campus Green was completely redesigned to meet the needs of FMCC's student population, including a state-of-the-art security system, new laundry areas, structural work and new furniture.
Merger to Create Ohio's Largest Affordable Housing Owner-Manager Firm
Columbus, Ohio--In a move that will create the state's largest owner and manager of affordable housing, The Wallick Cos. and Stern-Hendy Properties merged the firms' operations. It is expected to be complete by December 31.
The merger results in growing the combined portfolio to more than 12,000 units. Currently Stern-Hendy manages 4,000 units in southwest Ohio and northern Kentucky, and Wallick manages 8,300 units throughout Ohio as well as in Illinois, Indiana, Kentucky and Wisconsin.
The merger creates the following companies:
- Wallick-Hendy Development for project development
- Wallick Construction for construction projects and
- Wallick-Hendy Properties for property management
