TODAY’S DEALS: Alliant Capital Closes $4.5M Apartment Loan, and Other Transactions
- Dec 29, 2008
By Anuradha Kher, Online News EditorEverett, Wash.–Alliant Capital LLC recently provided $4.5 million in financing for the Parkview Apartments (pictured), an 84-unit garden-style apartment community built in 1981. The property is comprised of seven residential buildings. Parkview is financed under Alliant’s Fixed + One program and it has a 10-year term with 30-year amortization. Meridian Capital Arranges $1M for 12-Unit PropertyChicago–Meridian Capital Group recently arranged $1 million in financing for a multifamily property situated in the Edgewater neighborhood on the north side of Chicago. The 12-unit property is located in the 5600 block of N. Winthrop Ave. Meridian’s Illinois office negotiated on behalf of the borrower to secure a five-year term mortgage with a rate of 5.75 percent. The borrower has owned this property for over 30 years and has completely rehabilitated all the units to condominium quality.Dominium Development, Housing Services Acquire Two Texas PropertiesBeaumont, Texas–Dominium Development and Acquisition LLC, through a partnership with Housing Services Inc., a Dallas-based non-profit, has purchased two Beaumont, Texas properties. The acquisition of Park Shadows Apartments and Seville Apartments marks Dominium’s first entry into the Texas real estate market. The acquisition price could not be found as Texas is a non-disclosure state.“We are excited to make entry into the Texas market with what we feel are two outstanding acquisitions,” says Mark Moorhouse, project partner, Dominium Development & Acquisition LLC. Dominium will be completing a substantial renovation of both the Seville and Park Shadows complexes over the next 12 months, with an anticipated re-opening in late 2009. Development of both properties will be financed with Section 42 low income housing tax credits allocated by the Texas Department of Housing and Community Affairs and tax-exempt bond financing issued by Jefferson County.Both complexes provide affordable housing to residents of the Beaumont area, with Park Shadows Apartments serving families, and Seville Apartments serving the elderly and special needs communities.