TODAY’S DEALS: Grandbridge Provides $17.6M Refi Loan to Lexington Multifamily Community, and Other Transactions
- Jan 20, 2009
By Anuradha Kher, Online News EditorLexington, Ky.–Grandbridge Real Estate Capital LLC has closed a $17,662,000 refinance loan for the Summit (pictured), a 240-unit, class A garden-style apartment community in Lexington, Ky. Funded by Grandbridge, the loan was sold to Freddie Mac under its Early Rate Lock loan program. Constructed in 2007, the property is located on approximately 15 acres near the prestigious Brighton Place Shoppes, and is considered one of Lexington’s premier apartment communities. The development is comprised of one-, two- and three-bedroom units, each of which features nine-ft. ceilings, fireplaces, deep Roman tubs, gourmet kitchens, private balconies and patios and access to a state of the art communication hub. Other property amenities include an outdoor swimming pool, conference room, computer/business center, 24-hour fitness center and a clubhouse with gathering areas, kitchen and a large stone fireplace. Arbor Closes Three Fannie Mae DUS Loan Totaling Over $17MMilford, Mass.–Arbor Commercial Funding LLC recently funded three loans totaling $17,900,000 under the Fannie Mae DUS product line to finance Lincoln Street Apartments, Pheasant Circle Apartments and Sherwood Park Apartments, all three located in Milford, Mass.Each of the three, 10-year loans amortizes on a 30-year schedule and carries a note rate of 6.38 percent.Hendricks & Partners Arranges Sale of 152-Unit Rental Community for $6.6MNew Albany, Ind.–Hendricks & Partners recently arranged the sale of Sheffield Square, a 152-unit rental community located at 600 Country Club Dr. in New Albany, Ind., for $6.6 million.Sheffield Square features 18 two-story residential buildings with 152 one-, two- and three-bedroom garden apartments and townhomes on 11.98 acres. Property amenities include private entries (in 40 townhome units), secured entry garden buildings, private patios or balconies, fully-equipped kitchens and connections for full-sized or stackable washers and dryers.The buyer was CSE Property Company LLC of Evanston, Ill. and purchased Sheffield Square as part of a 1031 exchange.