TODAY’S DEALS: KeyBank Real Estate Capital Closes $8.9M in Loans for California Multifamily Properties, and Other Transactions
- Jan 23, 2009
By Anuradha Kher, Online News EditorFresno, El Cajon, Calif.–KeyBank Real Estate Capital recently closed $8.9 million in Fannie Mae loans for two multifamily properties in California.KeyBank provided a $4.9 million Fannie Mae supplemental loan to Provence at the Dominion LLC for Le Provence (pictured), a 268-unit condominium complex in Fresno, Calif. and a $4 million Fannie Mae assumption and supplemental loan to R&V Management Corp. for Coral Gardens Apartments, a 200-unit garden-style complex in El Cajon, jut outside of San Diego. Sperry Van Ness Completes Sale of 24-Unit Rental Property for Over $1MDurham, N.C.–Sperry Van Ness has completed the $1,175,000 sale of Birchwood Apartments, a 24-unit apartment community in Durham, N.C. The property is located near Duke University and Research Triangle Park at 2918 Chapel Hill Rd. Built in 1990, the two-building property is situated on 1.05 acres of land and was 100 percent occupied at the close of escrow. The property features one-bedroom units with an average size of 713 sq. ft. “Birchwood Apartments are situated in a prime location and offered the buyer an immediate upside as the property’s rents were below market rates,” says Jim Scofield, senior investment advisor for Sperry Van Ness. “This area of Durham has enjoyed extensive growth and construction over the last few years that continues today.”Boston Capital Acquires Affordable Multifamily Green Development in Hawaii Kona, Hawaii–Boston Capital has invested an undisclosed amount of equity in Lokahi Ka’u, a to-be-built, 306-unit multifamily development in Kona, Hawaii. The general partner is Ho’olehua Management LLC, a subsidiary of Allied Pacific Development LLC.“Boston Capital is excited to be involved in the production of much-needed affordable housing in Kona, Hawaii, expanding the options available to families with moderate incomes,” says Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital.Lokahi Ka’u will include 90 studios, 108 one-bedroom units and 108 two-bedroom units, targeting families at 60 percent or less of the Area Median Income (AMI). Six studios, six one-bedrooms and five two-bedroom units will be restricted to tenants earning 30 percent of AMI. The 10-acre site will be comprised of 18 three-story, garden-style buildings.Amenities will include a community building/pavilion with a kitchen, BBQ area, game tables, and exercise space for activities such as yoga and hula. Additional site amenities will include volleyball and basketball courts and playgrounds.The development will offer green components including solar water heating, energy star certified appliances, low-flow plumbing fixtures, energy-efficient light fixtures in common areas, ceiling fans in each unit, light colored cool roof, water-efficient landscaping, and paint with little or no volatile organic compounds.”The emphasis on energy efficiency is indicative of Boston Capital’s efforts to increase the sustainability of its portfolio and focus on “greening” future multifamily developments,” adds Goldstein.