NEW YORK CITY — Brookhill Properties has purchased a five-story residential and commercial building located at 332 E. 9th St. in Manhattan East Village. Tabak Family Realty Co. sold the property for an undisclosed price. Built in 1920, the 9,546-square-foot property features 20 residential units and two commercial spaces. Paradigm Commercial Real Estate assisted Brookhill in the transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 250 Sherman Ave. in Manhattan’s Inwood section. Lewis Barbanel of Barberry Rose Management acquired the property from a local investor for $4.3 million. The five-story, 17,350-square-foot building features 20 residential units. Daniel Shragaei of GFI represented the seller, while Sasha Berg, also of GFI, represented the buyer in the transaction.
HOUSTON — Jamie Mullin of LMI Capital has arranged permanent financing for the acquisition and refinancing of three garden-style apartment complexes and one shopping center in the Houston area. In the first transaction, Mullin originated a 10-year, fixed-rate CMBS loan for a 200-unit asset in southeast Houston. The first mortgage loan featured a three-year, interest-only period and proceeds were for 75 percent of the purchase price. In the second transaction, Mullin arranged a refinancing loan for a 390-unit asset in the Alief submarket. The $11.4 million, 10-year Fannie Mae financing included a 3.9 percent interest rate with a three-year, interest-only period. The capital provided the borrower with over $2.5 million in cash out proceeds, which will be used for future acquisitions. In the third transaction, Mullin placed a $10 million, 10-year CMBS loan for a 60,000-square-foot shopping center located in southwest Houston. The loan featured one year of interest-only payments, minimal closing costs, a 4.4 percent interest rate and returned over $3 million of equity back to the borrower. Subsequent to their acquisition nine years ago, the owners spent over $3.5 million improving the center. The final transaction was a refinancing loan placed with a national bank for a 120-unit …
BRYAN, TEXAS — Marcus & Millichap has arranged the sale of Quail Hollow, a 176-unit multifamily property in Bryan. Joe James and Kent Myers of Marcus & Millichap represented the seller and procured the buyer. Built in 1982, the property is located at 3535 Plainsman Lane in Bryan, two miles from Texas A&M University. The university’s shuttle bus stops at the property every 20 minutes. Blinn College, a two-year academic institution, is within 1.5 miles of the property. Apartments at Quail Hollow average 842 square feet and feature high-speed Internet, extended cable in every room and screened-in patios and balconies. Both parties in the transaction were undisclosed.
BETHESDA, MD. — Pacific Life Insurance Co. has provided a $60 million construction loan to the Donohoe Cos. Inc. for Phase II of Gallery Bethesda, a luxury high-rise apartment tower located at 4850 Rugby Ave. in downtown Bethesda. The 240,000-square-foot, 17-story tower will feature 219 residential units and 12,425 square feet of retail space, including a café and restaurant opportunities. Amenities will include a rooftop pool and outdoor lounge, outdoor kitchen, indoor sky lounge and a fitness center. Delivery is scheduled for fall 2018. The project is a partnership between The Donohoe Cos. and MPM Investment Co. Donohoe Development Co. is the developer, and Donohoe Construction Co. will serve as the general contractor for the project. Miller and Long Concrete Construction is the concrete contractor. Donohoe Real Estate is the retail broker, and Vantage Management will manage the property upon completion. Gallery Bethesda Phase II is the second of three buildings that Donohoe is developing in Bethesda, collectively known as Woodmont Central. At completion, the entire project will measure more than 580,000 square feet.
LONGWOOD AND SANFORD, FLA. — Orlando-based Roger B. Kennedy Construction has broken ground on two upscale apartment communities in metro Orlando totaling $41.9 million. The projects include The Alexander at Sabal Point in Longwood and The Residences at Seminole Commons in Sanford. Roger B. Kennedy signed a $28.4 million contract with Winter Park, Fla.-based Alexander Investments International for the Longwood project and a $13.5 million contract with Atlanta-based Inland Atlantic Development Corp. for the Sanford community. The Alexander, designed by Orlando-based Charlan Brock & Associates, will be a three-story, 286-unit community set for an early 2018 completion. The Residences, designed by Raleigh-based ORA Architects, will be a four-story, 175-unit set for an August 2017 completion.
SAN CLEMENTE, CALIF. — Pillar has arranged a $172 million, fixed-rate loan for the acquisition of 11 manufactured home communities. The portfolio consists of 10 properties located in Michigan and one property located in Alabama. The 10 Michigan-based communities include a total of 5,352 sites with varying amenities and occupancy rates. All of the Michigan properties feature clubhouses/leasing offices and many offer swimming pools and fitness centers. Eight of the Michigan-based properties are located within 30 to 60 miles of Detroit. Arthur Tuverson of San Clemente-based Pillar, along with Yale Capital Advisors, arranged the Fannie Mae financing, which features a 10-year term.
NAPERVILLE, ILL. — Prime Property Investors Ltd. has sold a 281-unit apartment complex in Naperville, approximately 30 miles southwest of Chicago, for $60 million, or $214,000 per unit. The Arbors of Brookdale is a Class A community and was fully occupied at the time of sale. The complex, situated on 26 acres, consists of 35 buildings, a clubhouse and 138 private garages. Amenities at the property include an indoor and outdoor pool, hot tub, sauna, fitness center, business center, tennis courts and a playground. Dan Cohen, John Jaeger and MJ Zaring of CBRE represented Prime Property Investors in the transaction. The buyer was undisclosed.
LACONIA, N.H. — The Laconia Area Community Land Trust has opened River’s Edge Apartments, a 32-unit affordable housing complex overlooking the Winnipesaukee River in Laconia. Located on Union Avenue, the three-story building features 12 one-bedroom and 20 two-bedroom fully accessible units, on-site parking, laundry facilities, an infant daycare facility and 700 feet of frontage along Winnipesaukee River. Eckman Construction Co., serving as general contractor, had to remove more than 300 tons of contaminated soil from the former industrial site prior to construction. The project was financed by New Hampshire Housing Finance Authority, Raymond James, NeighborWorks America, Community Development Finance Authority, the City of Laconia, Belknap County, Rural Local Initiatives Support Corp. and the Laconia Area Community Land Trust. The project was designed by George Hickey Architect and Warrenstreet Architects.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a Section 8 housing portfolio located in Brooklyn’s Gravesend section. Orbach Group acquired the portfolio from Black Spruce Management for $17 million. The 51-unit portfolio comprises 17 buildings located at 2320-2336 W. 12th St. and 2315-2321 W. 13th St. The buildings feature 34 three-bedroom units, 17 one-bedroom apartments and 17 parking spaces. Aaron Jungreis of Rosewood Realty Group represented the seller and buyer in the transaction.
