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AFC Realty Capital arranges $9.98M for Reno properties.

New York City-based AFC Realty Capital Inc. has negotiated a $9,975,000 permanent, first-mortgage financing for phase one of Foxfire Village Apartments, a 900-unit luxury garden complex in Reno, Nevada.

Financing was arranged through the Federal National Mortgage Association's "DUS" (delegated underwriting and servicing) program, reports Arthur Fefferman, president of AFC, which acted as investment banker in the transaction.

The 12-year-old property is owned by Sentinel Real Estate Fund, a group trust for employee pension plans, which is managed by Sentinel Real Estate Corp., a New York-based advisory firm with a $2 billion diversified real estate portfolio under management, including over 32,000 apartments.

According to Fefferman, the multi-family housing market in Reno is experiencing robust absorption with a vacancy rate of only 3 to 4 percent. And, he said, Reno has had an annual 5 percent growth in jobs, and its population is expected to increase 20 percent by the turn of the century.

Foxfire Village Apartments is at Mira Loma Drive, just east of McCarran Boulevard. In addition to excellent access to Reno-Cannon Airport, the property is within two miles of the Meadow Wood Mall, a 1.4 million-square-foot regional mall anchored by Macy's and J.C. Penney.

The complex has 416 one-bedroom units, 408 two-bedroom units, and 76 three-bedroom units. Amenities include four swimming pools, eight lighted tennis courts, two whirlpools, four saunas, and two fitness center.
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Title Annotation:$9.98 million
Publication:Real Estate Weekly
Date:Aug 5, 1992
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