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ARBOR NATIONAL COMMERCIAL MORTGAGE, L.L.C., Uniondale, New York, has funded a bridge loan totalling $12 million to facilitate the acquisition of a luxury apartment community in Manhattan. The nine-story, 36-unit building on West 55th Street has 2,000 square feet of retail space on the ground floor. The transaction was originated on behalf of the Mackowe Organization of New York.

TRI CAPITAL CORPORATION, San Francisco, California, joined forces with a Fannie Mae DUS lender to develop a funding package that enabled Marymount Gateway Apartments, L.L.C., to acquire the recently renovated Gateway Apartments in Pacifica, California. The nearly $5.5 million loan carries a 10-year term and interest rate of 6.48 percent, and includes funds to complete additional rehabilitation in the spring.

PACES RUN APARTMENTS, Columbia, South Carolina, has been sold for an undisclosed price to Maryland-based CAPREIT. The 260-unit community was sold by Newark, New Jersey-based MUTUAL BENEFIT LIFE ASSURANCE COMPANY. CB RICHARD ELLI'S MULTI-HOUSING PROPERTIES GROUP, Atlanta, Georgia, brokered the deal.

NORTHLAND FINANCIAL COMPANY's Los Angeles has placed $9.5 million in permanent financing through Freddie Mac for the Villa Redondo Apartments, Long Beach, California. The 125-unit community sits on 4.99 acres and consists of 12 three-story building. The property, built in 1990, was 94 percent occupied at closing.
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Date:Mar 1, 1999
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