San Jose, Calif.—San Jose is getting its newest apartment development thanks to U.S. Bank and St. Anton Partners closing on a $52 million loan to finance the construction of La Moraga Apartments. The 275-unit mixed-income asset should be completed by mid-2014.
St. Anton Partners currently owns and manages more than 6,000 units in California, with recent projects in San Ramon and Elk Grove. Amenities at La Moraga Apartments will include a swimming pool and spa, fitness center with yoga room, Internet café, a media and billiards room, outdoor grill area and neighborhood park frontage.
Boston Capital provides financing for two affordable communities in Arkansas
Bentonville & Van Buren, Ark.—Boston Capital has announced plans to invest in the rehabilitation of two affordable assets in Arkansas: Garden Walk of Bentonville, located in Bentonville, Ark.; and Garden Walk of Elfen Glen II, located in Van Buren, Ark. In addition to the two equity investments, Boston Capital Finance provided two 24-month construction loans.
“Through Boston Capital’s construction loans, we are able to invest in high-quality, multifamily housing in Bentonville and Van Buren, two areas in need of affordable housing designed for families,” says Kevin Costello, executive vice president and director of Institutional Investing at Boston Capital.
Garden Walk of Bentonville is a 24-unit asset. Development improvements will include the installation of a leasing office, playground and landscaped areas. Units are available to families earning 60 percent or less of the area median income.
Garden Walk of Elfen Glenn II features 54 units. New amenities added through development will include laundry facilities, an on-site office, playgrounds, a basketball court and a pavilion. Units will also be available to families earning 60 percent or less of the area median income.
NorthMarq arranges $17.7M mortgage
Charleston, S.C.—Kevin Jenkins, vice president of NorthMarq’s Charlotte Regional office, arranged acquisition financing of $17.7 million for Silvana Oaks Apartments, a 208-unit market-rate multifamily property located in Charleston, S.C. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Silvana Oaks LLC, through its relationship with a Fannie Mae lender.