|Acquisition and rehabilitation financing for a 354-unit San Jose, California apartment project was arranged by GMAC Commercial Mortgage Corporation. Long-term Fannie Mae credit enhancement of $33.7 million was used in the transaction. The property financed was the Valley Palm Apartments, which will set aside 100% of its rental units for families earning no more than 60% of the area median income.Holliday Fenoglio Fowler, L.P. arranged $43 million in permanent first mortgage financing for Metropolitan Properties of America, the new owners of Courvoisier Courts. Fixed rate funding for the 27-story luxury apartment development in the Miami, Florida area was provided by Metropolitan Life Insurance Company.
Holliday also said it arranged $2.4 million in financing for a new Home Depot in Clifton Park, New York. The loan on the 108,000 square foot property was secured with Fortis Advisors, a life insurance company.
The Pennsylvania Housing Finance Agency approved $61 million for funding affordable homes and apartments, according to an announcement from the agency. Requests from the Redevelopment Authority and Housing Authority of Philadelphia were granted to issue $44.2 million of housing bonds to pay for the building of Tasker Homes and for refurbishing the Pavilion apartment complex for the older residents. The Allegheny County Residential Development Authority was approved for a $15 million home mortgage program. In addition, the Agency said it approved a $1 million loan to Improved Dwellings for Altoona, Inc., to preserve 85 units at Evergreen Manor, and committed to a loan of $0.7 million for construction of senior citizen apartments in Mercer County.
|GlobeSt.com reported the following recent transactions: