TODAY’S DEALS: Love Funding Closes Refi Loans Totaling Over $9M for Two Multifamily Properties, and Other Transactions
- Jan 14, 2009
By Anuradha Kher, Online News EditorColorado Springs, Colo. and Woodbridge, Va.–Love Funding recently closed two refinance loans totaling $9,176,000 for two multifamily projects located in Colorado and Virginia. The national mortgage-banking firm was able to secure Federal Housing Administration (FHA) financing for both communities. The first loan, totaling $3,974,700, was closed for the 171-unit Arbor Pointe Apartments located in Colorado Springs, Colo. Funded through the FHA 223(f) loan program, terms of the deal include a 6.4 percent fixed interest rate and a 35-year amortization. Love Funding was also able to secure $5,201,300 in financing through the FHA 223(a)(7) loan program for the 89-unit Potomac Place Apartments (pictured) located in Woodbridge, Va. Terms of the deal include a six percent fixed interest rate and a 35-year amortizationHendricks & Partners Arranges Sale of 89-Unit Rental CommunitySan Marcos, Calif.–Hendricks & Partners arranged the sale of Buena Vista, located at 405 Autumn Dr. in San Marcos, Calif. for $8,990,000.The seller was Autumn Meadows Associates LP of Los Angeles and the buyer was National Community Renaissance of California of Rancho Cucamonga, Calif. The buyer plans to demolish the 89-unit apartment community and redevelop a mixed-use 110-unit affordable housing development in its place.Financing for the acquisition was provided by the City of San Diego, which has targeted several properties for redevelopment in the Richmar neighborhood.PNC ARCS Provides $5.6M for 256-Unit Rental CommunityFort Worth, Texas–PNC ARCS recently provided a loan in the amount of $5.6 million for the Park Place Apartments, a 256-unit multifamily property in Fort Worth, Texas.Built in 1980, Park Place Apartments is a garden-style complex on more than 15 acres. Property amenities include a pool, two laundry facilities, picnic area with barbeque, perimeter fence, fitness center and on-site office.The loan was for a 10-year term/30-year amortization at a fixed rate of 6.35 percent. The loan was originated by PNC ARCS’ Dallas office through Fannie Mae.