TODAY’S DEALS: Ytech Acquires Five Communities for $35M

Houston—Ytech International has closed on the $35 million acquisition of five apartment developments in Houston that total 1,312 units. Financing was provided by institutional lender MC-Five Mile Capital (Mitsubishi Corp.) through a CMBS loan. The Lynd Co. will handle property management duties at the five sites.

“Ytech’s entry into the Texas multifamily real estate market and Houston, in particular, is an important milestone for the company as we embark upon a nationwide expansion from our base in Florida,” says Yamal Yidios Char, president and CEO of Ytech International. “The Houston acquisition is a great fit for our portfolio and we are confident that it will deliver very attractive returns and become a market leader in its niche.”

The five apartment assets, which are approximately 90 percent occupied and leased, include:

•            Kirkwood Landing, 9850 S. Kirkwood Road, Houston – 264 Units
•            Pine Creek Apartments, 470 Maxey Road, Houston – 300 Units
•            Sunset Crossing, 10630 Beechnut Street, Houston – 328 Units
•            Forest Apartments, 22820 Imperial Valley Drive, Houston – 192 Units
•            Valencia at Spring Branch, 9550 Long Point Rd., Houston – 228 Units

NorthMarq secures $24.1M for 798-unit acquisition in Houston

Houston—NorthMarq’s San Diego regional office has secured acquisition financing of $24.1 million for The Palms on Westheimer, a 798-unit apartment community located at 6425 Westheimer Road in Houston.

Financing was based on a five-year fixed-loan term with the first 18 months interest only and a 30-year amortization schedule. NorthMarq arranged the CMBS financing for the borrower, WOP Palms.

Arbor Commercial’s New York office funds loans

Uniondale, N.Y.—Arbor Commercial Funding LLC announced the recent funding of 19 loans totaling $79,082,000 across the country under a variety of loan programs. All of the loans were originated by Ronen Abergel, vice president in Arbor’s New York office. These loans include:

Gateway Commons Apartments, Depew, NY – This 88-unit multifamily property received $7,650,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex was constructed in 2011.

·         Newell Apartments, Tonawanda, NY – This 72-unit multifamily property received $3,200,000 funded under the Fannie Mae DUS® Small Loan product line. The 7-year refinance loan amortizes on a 30-year schedule. Made up of 11 separate buildings, each building contains its own laundry facility. The Newell Apartment complex is located approximately six miles from Buffalo, NY.

·         Multifamily Property, Ravena, NY – This 278-unit property received $7,700,000 funded under the Arbor Bridge Loan product line. The refinance loan has a term of 24 months.

·         Prairie Apartments, Lansing, IL – This 144-unit multifamily property received $6,920,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property is located approximately 26 miles south of downtown Chicago. Amenities include a tenant storage area and a common area laundry facility.

Stanford Oaks Apartments, Tucker, GA – This 202-unit multifamily property received $6,000,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Community amenities include a community pool, children’s playground and combination leasing office/clubhouse. The clubhouse facility includes a community room with tables and chairs and hosts after-school programs. Additionally, the complex features a laundry facility.

·         Longhorn Cove Apartments, Denton, TX – This 66-unit multifamily property received $5,918,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property is a new construction duplex, completed in 2010. Each unit has an individual entrance, a two-car garage, a washer/dryer hook up, high ceilings (up to 14 feet) and large walk-in closets.

·         Keswick Apartments, Greenville, NC – This 180-unit multifamily property received $5,590,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Community amenities include a clubhouse with an adjacent swimming pool and sundeck, a fenced and lighted tennis court and open surface parking spaces. The property also has a central fitness center and laundry facility.

·         Oakwood Apartments, Newton, NC – This 140-unit multifamily property received $4,400,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property amenities include a community pool and a clubhouse facility with a kitchen and small banquet area. A central laundry facility is also available for tenants.

·         Sharon Oaks Apartments, Charlotte, NC – This 98-unit multifamily property received $3,550,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a shared outdoor grilling area, and each unit includes a washer/dryer connection.

·         The Meadows Apartments, Sparks, NV – This 110-unit multifamily property received $4,300,000 funded under the Fannie Mae DUS® Loan product line. The 12-year refinance loan amortizes on a 30-year schedule. The complex has a central playground and laundry facility. Sparks is located just east of Reno, NV.

·         Maple Estates, Lee’s Summit, MO – This 185-unit multifamily property received $3,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The apartment complex provides a central laundry and workout area to residents. Lee’s Summit, MO, is approximately 20 miles southeast of Kansas City, MO.

·         Plaza Place Apartments, North Augusta, SC – This 120-unit multifamily property received $3,538,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property features a community pool, laundry, multi-purpose/basketball court and playground.

·         Arbor Square Apartments, Shawnee, KS – This 195-unit multifamily property received $5,900,000 funded under the Fannie Mae DUS® Affordable Housing Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Shawnee, KS, is located approximately 10 miles west of Kansas City, MO.

·         Lillian Square Apartments, Pensacola, FL – This 99-unit multifamily property received $1,650,000 funded under the Fannie Mae DUS® Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes a community swimming pool for residents.

·         9th Avenue Apartments, Pensacola, FL – This 66-unit multifamily property received $1,445,000 funded under the Fannie Mae DUS® Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes an on-site laundry facility.

·         Townview Apartments, Zephyrhills, FL – This 46-unit multifamily property received $1,760,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year refinance loan amortizes on a 30-year schedule. The property provides tenants with a central laundry facility and a community swimming pool.

·         The Villas Luxury Apartments, Marysville, CA – This 36-unit multifamily property received $2,428,500 funded under the Fannie Mae DUS® Small Loan product line. The 20-year refinance loan amortizes on a 20-year schedule. Several of the units can be rented furnished and include a bed and frame, dressers, night stands, a sofa, lounge chairs, a dining table, table lamps and a television set, among other furnishings. Other accessories include artwork, a telephone, a clock radio, a toaster, a coffee maker, a microwave, bathroom towels, bed sheets, pillows, blankets, various kitchenware and waste baskets.

·         1443 South Bonnie Brae Street Apartments, Los Angeles, CA – This 40-unit multifamily property received $1,912,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The apartment building features a central laundry room as well as storage areas for tenants.

·         Emerald Court Apartments, New Brighton, MN – This 54-unit multifamily property received $1,650,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The complex is made up of two buildings, each with its own laundry facility.