TODAY’S DEALS: Eustis Closes Loans on Two Louisiana Apartment Communities
Eustis Commercial Mortgage Corporation closes loans on two Louisiana apartment communities; AFL-CIO provides $4.7 million of union pension capita for senior cooperative housing; and Essex Realty Group brokers $1M sale of vintage apartments in Chicago.
New Orleans—Eustis Commercial Mortgage Corporation, a member of Strategic Alliance Mortgage LLC, has closed loans on two Louisiana apartment communities totaling $10.2 million. The firm placed a $7 million loan on Harper’s Ferry Apartments, refinancing a loan arranged by Eustis in 2001 and provides funding for capital improvements to the property. Fannie Mae financed the loan through Granbridge Real Estate Capital LLC. Harper’s Ferry is comprised of 172-units in 12 two-story apartment buildings. Built in 1979, the property sits on 5.73 acres in Kenner, Jefferson Parish, La.
The second loan was a $3.25 million refinance of a Fannie Mae loan made in 2001 on The Shadows North and South Apartments. The financing will also provide for capital improvements to the property. The Shadows North and South Apartments are located in Jefferson, La., and were built in three phases from the 1960s to 1980s. The community is comprised of 105 units in 7 two- and three-story apartment buildings.
Both loans have a 5.4 percent rate with a 10 year term and 30 year amortization schedule.
AFL-CIO provides $4.7M for new senior cooperative in Twin Cities area
Roseville, Minn.—The AFL-CIO Housing Investment Trust is providing $4.7 million of union pension capital to finance the construction of senior cooperative housing at Applewood Pointe of Roseville at Langton Lake. The project is located near St. Paul and Minneapolis, and is expected to create 70 union construction jobs. Housing Investment Trust will help finance the $11.2 million first phase of construction, which will produce 48 housing units.
United Properties will develop the property. In 2009, Housing Investment Trust provided $17.6 million for another United Properties project, the recently completed Applewood Pointe of Bloomington at Southport, which consists of 101 senior housing units.
The two Applewood Pointe projects are part of the Housing Investment Trust’s Construction Jobs Initiative, a national program launched in 2009 with the goal of creating 10,000 union construction jobs by Spring 2011. The initiative has achieved 90 percent of that goal, having financed 30 projects to date in the Twin Cities, Boston, Chicago, New York, St. Louis, San Francisco and other cities. These investments have created more than 9,300 units and 9,000 union construction jobs.
Essex Realty brokers sale of vintage corridor-style apartments
Chicago–Essex Realty Group Inc. oversaw the sale of a vintage apartment building the Rogers Park neighborhood of Chicago.
The property, located at 1546 W. Jonquil Terrace, consists of 27 units – nine studios, 17 one-bedroom and one two- bedroom units.
Doug Fisher was the broker for the transaction. The sale price was approximately $1,007,825.
Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.