Multifamily

KeyBank Provides $28.6M in Financing for Seniors Housing Development in New York

by Amy Works February 1, 2016

ST. LAWRENCE COUNTY, N.Y. — KeyBank has provided $28.6 million in financing for Cambray Court Apartments, an affordable seniors housing redevelopment in St. Lawrence County. The redevelopment is in partnership with Omni Housing Development LLC and managed by United Helpers. The project will replace 72 flood-threatened, garden-style apartments with one accessible four-story energy-efficient building featuring 71 apartment units. Designated as affordable housing, the community will feature 52 units for residents earning 30 to 50 percent or less of the area median income (AMI); 13 units for residents earning at or below 60 percent of AMI; five units for residents earning 80 percent of AMI; and one unit for residents earning 90 percent of the AMI. On-site amenities include well-lit parking spaces, elevator access to each floor, laundry facilities, walking trails, a patio, a garden and a community room with a kitchen. The redevelopment project team includes Beardsley Architects and Engineers and Bette & Cring Construction Group.

February 1, 2016

Loans Multifamily New York Northeast

Meridian Capital Secures $10M Acquisition Loan for Fee Position in NYC Multifamily Property

by Amy Works February 1, 2016

NEW YORK CITY — Meridian Capital Group has arranged $10 million in acquisition financing for the purchase of the fee position in a multifamily property in Manhattan’s Morningside Heights neighborhood. The borrower, Fine Times Inc., has purchased the fee position beneath a 20-story, 96-unit multifamily property located at 1080 Amsterdam Ave. The 10-year loan, provided by a local balance sheet lender, features a 3.7 percent fixed rate and interest-only payments for the full term. Shamir Seidman of Meridian’s New York City office negotiated the financing on behalf of the borrower.

February 1, 2016

Industrial Multifamily New Jersey Northeast Retail

Sitar Realty Co. Brokers Three Sales in New Jersey

by Amy Works February 1, 2016

PRINCETON, LINDEN AND HAZLET, N.J. — Sitar Realty Co. has arranged three sales in New Jersey. In the first transaction, Princeton McKinley LLC acquired a 60-story apartment complex located at 200 McKinley Court in Princeton from M&G McKinley Investments for an undisclosed price. Giorgio Vasilis, Joseph Allegro, Doug Sitar and William Sitar Jr. of Sitar Realty Co. negotiated the transaction. In the second deal, RTM Realty sold a 5,500-square-foot industrial building, located at 1818 E. Elizabeth Ave., in Linden to M. Lazurus for an undisclosed sum. Brian Murphy of Sitar Realty Co. handled the transaction. In the final transaction, Gold Group LLC acquired a 4,000-square-foot retail building, located at 3201 State Route 25 in Hazlet, from 35 Hazlet LLC for an undisclosed price. Vasilis of Sitar Realty Co. brokered the deal.

February 1, 2016

Multifamily Northeast Rhode Island

CBRE/NE Brokers $59.7M Sale of 300-Unit Apartment Complex in Rhode Island

by Amy Works January 29, 2016

WEST GREENWICH, R.I. — CBRE/New England has arranged the sale of Grandeville at Greenwich, a garden-style apartment community located in West Greenwich. The Wolff Company acquired the property from Grandeville at Greenwich LP, an affiliate of Lecesse Development, for $59.7 million. The community features 300 apartment units in a mix of one-, two- and three-bedroom layouts with an average size of 1,321 square feet. Community amenities include a great room, media room, business center, gym with a kid’s room, an outdoor pool with sundeck, a tot lot, carports, garages and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.

January 29, 2016

Multifamily New York Northeast

Morgan Acquisitions Acquires Two Multifamily Properties in New York for $33M

by Amy Works January 29, 2016

PAINTED POST AND CAMILLUS, N.Y. — Morgan Acquisitions LLC has acquired two multifamily properties in New York for a total of $33 million. Erastus LLC and Archimedes Associates LLC sold the 286-unit Emerald Springs in Painted Post for $22 million, or $77,000 per unit; and the 146-unit Steeplechase Apartments in Camillus for $11 million, or $75,000 per unit. Located at 12 Pond View Court in Painted Post, Emerald Springs features 38 residential buildings, a fitness center, outdoor swimming pool, tennis courts, basketball courts, playground, grilling and picnic areas, 150 carports and 48 garages. Located at 5625 W. Genesee St. in Camillus, Steeplechase Apartments features 17 two-story buildings, a clubhouse, a swimming pool, tennis courts, 48 carports and 23 garages. Victor Nolletti, Steve Witten and Still Hunter represented the seller and procured the buyer in the transaction. J.D. Parker, also of Marcus & Millichap, served as broker of record for the deal.

January 29, 2016

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Negotiates $21.5M Sale of Two Properties in Manhattan

by Amy Works January 29, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two properties located at 126-128 E. 13th St. and 123 E. 12th St. in Manhattan’s East Village neighborhood. Ultimate Realty sold the properties to an undisclosed buyer for a total of $21.5 million. The 15,600-square-foot property on 13th Street is currently leased by Peridance, a dance studio, until March 2028 with a five-year option, while the 4,804-square-foot property on 12th Street features ground-floor retail space and a three-bedroom duplex apartment with a private rooftop on the upper floor. James Nelson and Matthew Nickerson of Cushman & Wakefield represented the seller in the transaction.

January 29, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $16.3M Loan for Multifamily Loft Building in New York City

by Amy Works January 29, 2016

NEW YORK CITY — Meridian Capital Group has arranged a $16.3 million mortgage on behalf of Park Avenue South LLC for the refinancing and consolidation of its senior and mezzanine debt secured by a multifamily property located at 220 Park Ave. South in New York City. Allan Lieberman of Meridian Capital secured the five-year financing, which was provided by a local savings bank, features a 3 percent fixed rate. Built in 1990, the nine-story property features 38 loft-style apartment units and 2,650 square feet of ground-level and mezzanine retail space, which is currently occupied by Haru, a Japanese restaurant.

January 29, 2016

Catalon-at-Lago-Mar-Apartments-Texas-City-Texas

Multifamily Texas

Oldham Goodwin Group, MGroup to Develop Apartment Community in Metro Houston

by Haisten Willis January 29, 2016

TEXAS CITY, TEXAS — Oldham Goodwin Group and MGroup will co-develop a multifamily project in the Lago Mar Development in Texas City. Catalon at Lago Mar will be a 230-unit, Class A community located at 6130 Lago Mar Blvd. near I-45. The community will feature a fitness center and outdoor pool. Oldham Goodwin’s development services division, in conjunction with MGroup, will be overseeing the development and construction management of the project. The project team selected FCI Multi-Family Construction to oversee construction. Construction for Catalon at Lago Mar is expected to begin Feb. 1, with a projected completion date in first quarter 2017.

January 29, 2016

Multifamily Texas

ARA Newmark Arranges Sale of 74-Unit Apartment Community in Austin

by Haisten Willis January 29, 2016

AUSTIN, TEXAS — ARA Newmark has arranged the sale of Delwood Station Apartments, a 74-unit multifamily community located in Austin. Andrew Shih of ARA Newmark represented the seller, Curtis Capital Group, in the transaction. GVA, a local company, purchased the property at 99 percent occupancy. Constructed in 1969, Delwood Station is a recently remodeled, garden-style apartment community with a pool, fitness center, bike racks and rentable storage units.

January 29, 2016

Midwest Multifamily Ohio Seniors Housing

SLIB Arranges $12M Sale of Independent Living Community in Ohio

by Christina Cannon January 29, 2016

MAYFIELD HEIGHTS, OHIO — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of Gates Mills Club, an independent living community in the Cleveland suburb of Mayfield Heights, for $12 million. Gates Mills contains 120 units and is located on a 1.7-acre plot. At the time of sale, the community was 88 percent occupied. The sales price, which equates to $100,000 per unit, represents a 6.7 percent capitalization rate. The community was built in 1979 as an assisted living facility. The seller, a private owner based in California, bought and remodeled the property for independent living in 2008. The buyer, also a private owner, is based in Kentucky. Ryan Saul, a managing director for SLIB, arranged the sale.

January 29, 2016

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