Apartment Look

Greystone has provided a $37. 4 million HUD loan for The Verandas Apartment Homes in West Covina, Calif., Commercial Observer can first report. The refinance will allow owner Legacy Partners to complete interior and exterior property renovations . Lori DiMartino , a vice president at Greystone, originated the loan. “Legacy’s ability to finance renovation funds based on future rents is one of the true benefits of this HUD refinance product , aside from the advantages of a low fixed-rate, nonrecourse and 35-year term,” DiMartino said in prepared remarks. The Verandas is a 209- unit multifamily community , owned by Legacy Partners since 2007. The property’s clubhouse, pool, barbeque area and dog park will all be upgraded as part of the renovations. “We are thrilled to have refinanced this property, as the rehabilitation and resident experience is a top priority for us,” said Tim O’Brien , a senior managing director at Legacy Partners . “We are happy to have secured long-term, low-r...

For more than two years, city inspectors have documented unsafe and squalid conditions at a weekly hotel near uptown that houses low-income families with children, the disabled and others with nowhere else to go. Inspectors found rooms with no heat or air conditioning , piles of garbage, bedbugs and broken windows among other problems at the Airport Parkway Inn and Suites. Former tenants and a neighboring business complain the building on Wilkinson Boulevard is a magnet for drugs and crime. Now, Charlotte officials are taking steps that could lead to the demolition of the hotel, a rare move the city has not taken in at least seven years against a lodging establishment. The building is part of a virtually unnoticed housing sector in Charlotte, where hundreds of people suffering from addiction and mental illness or simply with few other options depend on weekly hotel rooms for permanent shelter. While tenants avoid sleeping on the streets, they often stay in decrepit and vermin-in...

Norwich — A mid- 18th century house in the Norwichtown Historic District with a connection to one of the most famous trial lawyers of the 20th century will be sold at a mortgage foreclosure auction at noon Saturday. The 1743 gray, cape-style house with a separate carriage house apartment at 6 Ox Hill Road is located on a 0.42- acre terraced yard in the triangle formed at the junction with Canterbury Turnpike. Eastern Savings Bank foreclosed on the house, owned by Eunice Robbins, for the outstanding $47,378 owed on the mortgage. The house was appraised at a fair market value of $187,500. The auction will take place at noon Saturday by court- appointed attorney David Williams . Norwich farmer Michael Darrow built his original house at the property in 1743, according to “ Norwich Historic Homes and Families” by Catherine Smith Doroshevich and Marian K. O'Keefe, which was published by the Society of the Founders of Norwich in 1967. Darrow apparently split his time between N...