TODAY’S DEALS: Urban Investment Partners Begins Rehab of $3M Foreclosed Rental Building, and Other Transactions

By Anuradha Kher, Online News EditorWashington, D.C.–Urban Investment Partners (UIP) recently began a full-building rehabilitation of a 21-unit foreclosed rental building, The Absecon, located at 1706 T St., N.W. in Washington, D.C.With its $60 million Washington Residential Fund II (WRF II), UIP purchased the property from Adams Bank last year for approximately $3 million and recently began selective demolition as the first step of a $2 million gut renovation that is expected to be complete by June of 2009. The new building will be renamed The Shelby.“This property was in such deplorable condition, with 60-year-old stoves, holes in the walls and ceilings, an obsolete and leaky steam heating system, and more,” says Steve Schwat, UIP Principal. “It needs a complete renovation. We are significantly increasing the value of a previously uninhabitable property, thus enhancing the city’s tax base and the neighborhood’s quality of life.”Alliant Capital Closes over $9.8M Apartment PortfolioOlympia, Wash.–Alliant Capital LLC recently funded three multifamily properties totaling $9,818,100.The properties include Chelan Apartments (pictured in Tualatin, Ore., Evergreen Estates in Woodburn, Ore. and Willamette View in Salem, Ore. Chelan Apartments is a 120-unit apartment community built in 1977, Evergreen Estates is a 65-unit property built in 1973 and Willamette View is a 100-unit property built in 1972. All three deals have 11-year terms with first five years being interest only.Arbor Closes $1,850,000 Fannie Mae DUS Small Loan Arbor Commercial Funding LLC recently funded a $1,850,000 loan under the Fannie Mae DUS Small loan product line to refinance the 51-unit complex known as Omega Estates located in Branford, Conn.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.43 percent.