ARLINGTON, TEXAS — Greysteel has brokered the sale of Treehouse Apartments, a multifamily property located in Arlington. RMC Consultants sold the property to a private investor for an undisclosed price. Built in 1972, the property comprises five buildings totaling 16 units. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel represented the buyer and seller in the deal.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of two neighboring multifamily properties in Fort Worth. A Dallas-based limited liability company acquired the 104-unit Villas Del Sol and the 118-unit Wedgewood Apartments from a private investment group for an undisclosed price. Al Silva, Mark McCoy and Ford Braly of Marcus & Millichap represented the seller and procured the buyer in the transaction.
STAMFORD, CONN. — GAIA Real Estate and its institutional partners Menora Mivtachim Insurance, Amitim Senior Pension Funds, Psagot Investment House and CAPSSA have acquired a five-property multifamily portfolio at Harbor Point in Stamford from a joint venture between Building and Land Technology and the Lubert-Adler Real Estate Funds. The 1,214-unit portfolio consists of Postmark, 111 Harbor Point, Vault, The Key at Yale & Towne and The Lofts at Yale & Towne. The acquisition price was not released.
NEW YORK CITY — Toll Brothers Inc. has partnered with Gemdale Properties and Investments, an affiliate of Gemdale Corp., to develop a luxury condominium property at 121 E. 22nd St. in Manhattan. Designed by the Office for Metropolitan Architecture, the two-tower property will feature 133 condominium units. The joint venture has secured a $237 million construction loan from a syndicate of five banks, including Bank of New York Mellon, Capital One, China Merchants Bank-New York, MUFG Union Bank and CIT Bank. The debt and equity were arranged by Toll Brothers’ in-house finance team. Additionally, Morrison & Foerster provided legal counsel to Gemdale in the joint venture.
NEW YORK CITY — Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for the acquisition of a mixed-use development site located at 39-08 Janet Place in the Flushing neighborhood of Queens. ACORE Capital provided the loan, and Morris Betesh of Cushman & Wakefield handled the transaction. The waterfront site offers 780,446 buildable square feet of residential, retail and office space.
RENSSELAER, N.Y. — Capital District Real Estate Investment Team has started the $1.8 million conversion of a vacant office building, located at 22 High St. in Rensselaer, into Falls Edge Apartments. Once completed the property will feature 12 new apartment units, each with pre-installed WiFi and Sonos home stereo systems, hallway security cameras, granite countertops and in-unit washer/dryers.
VICTORIA, MINN. — Grandbridge Real Estate Capital has arranged a $14.6 million loan for the construction of a multifamily property in Victoria, about 13 miles southwest from Minnetonka. Victoria Flats will include 81 apartment units. Dave Rasmussen of Grandbridge originated the transaction. A regional bank served as the lender. The Beard Group Inc. is the project developer.
CHEVY CHASE, MD. — Federal Capital Partners (FCP) has completed the largest multifamily transaction in the Washington, D.C., metropolitan area in 2016 with the $328 million sale of a five-community apartment portfolio. The portfolio includes: • Cypress Creek in Hyattsville, Md. (760 units) • Penn Landing in Forestville, Md. (598 units) • Cambridge Apartments at New Carrollton Station in New Carrollton, Md. (466 units) • Summerlyn Place in Laurel, Md. (424 units) • Toledo Plaza in Hyattsville, Md. (242 units) FCP sold the 2,490-unit portfolio through the firm’s Funds I and II. CBRE represented FCP in the portfolio sale to the undisclosed buyer.
NEW YORK CITY — Natixis has originated a $75 million construction loan for the development of 500 Metropolitan Avenue, a mixed-use project located at the corner of Keap Street and Metropolitan Avenue in Brooklyn’s Williamsburg neighborhood. The borrowers are Chetrit Group and Read Property Group. Once completed, the 14-story property will feature a 187-room luxury hotel on the second through seventh floors and 60 residential units on the remaining floors. Additionally, the property will feature a 15,000-square-foot retail space, a 158-space parking garage and 9,000 square feet of indoor meeting and banquet facilities. The financing was arranged by the New York office of Meridian Capital.
NEW YORK CITY — SDG Management has purchased a six-story multifamily building located at 66-72 Fort Washington Ave. in Manhattan’s Washington Heights neighborhood. David Katz sold the property for $18 million, or $264 per square foot. Built in 1920, the 68,178-square-foot building features 44 apartment units and a ground-floor commercial space. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the deal.
