TODAY’S DEALS: Alliant Arranges Over $10M for 351-Unit Apartment Community, and Other Transactions

By Anuradha Kher, Online News EditorClinton Township, Mich.–Alliant Capital LLC recently arranged the $10.2 million refinance of Eastwood Village, a 351-unit apartment community located in Clinton Township, Mich., on behalf of Paragon Properties Co.  Alliant Capital utilized the Fannie Mae DUS Extended Rate Lock program and locked the interest rate six months prior to closing the loan. By delaying the closing for six months, Paragon was able to avoid a prepayment penalty to the original lender and obtained a lower rate than would have been available at closing.   Eastwood Village was built in 1987 and boasts an occupancy rate of 92 percent throughout its 29, two-story, garden-style apartment buildings.GPX Makes $2M Capital Improvements to 162-Unit Rental CommunityPhiladelphia–GPX Realty Partners L.P. is making a $2 million dollar capital improvement program investment at Fairmount Terrace Apartments, a mid–rise 162-unit apartment complex located in Philadelphia. “Upon completion of this capital improvement program, Fairmount Terrace Apartments will have even more value to its already solid fundamentals,” says Joseph Conwell, managing director of GPX Realty Partners. GPX Realty Partners began the significant infrastructure improvements to upgrade Fairmount Terrace Apartments when it acquired the apartment complex last April for $15.4 million. Completed property upgrades to date include neutral interior and exterior painting, fresh new landscaping, exterior lighting upgrades, new paving and asphalt throughout, attractive new signage, new energy efficient windows, a completely renovated sparkling swimming pool and the creation of a new management and leasing office as well as a state-of-the-art fitness center. Located at 3601 Conshohocken Ave. in Philadelphia, the studio, one- and two-bedroom units all come with patio balconies, wall-to-wall carpet, spacious closets and modern kitchens. Amenities at this gated community include a new swimming facility, on-site parking, fitness center and laundry facilities.