NEW YORK CITY — Meridian Capital Group has arranged a $30 million first mortgage construction loan for the ground-up development of a multifamily property located at 501 East 74th Street in New York. The borrower, Golden Asset LLC, plans to develop a 20-story, 83-unit property, which is being designed by Steven B. Jacobs Group Architects. Aaron Birnbaum and Tal Savariego of Meridian Capital Group negotiated the three-year loan, which features a competitive spread over LIBOR, interest-only payments for the full term and several extension options.
Multifamily
NEW YORK CITY — GFI Realty Services has brokered the sale of a vacant, five-story walk-up apartment building located in Manhattan’s East Harlem neighborhood. A local investor acquired the 10-unit property for $3 million or $300,000 per unit. Constructed in 1930, the 9,656-square-foot building is located two blocks from the 116th Street subway station, which services the 2, 3 and 6 lines. Yosef Katz and Yisroel Pershin of GFI represented the seller, a local investor, in the transaction.
DALLAS — StreetLights Residential (SLR) has broken ground on a 212-unit high-rise apartment property in the Uptown area of Dallas. The project, located at the intersection of the Maple/Routh Connection and Thomas Avenue, will stand 23 stories and include one- and two-bedroom residences. Gromatzky Dupree & Associates designed the building, Waldrop + Nichols Studio LLC designed the apartment interiors, and Studio Outside is designing the landscaping. SLR Uptown Construction LLC is the general contractor. The first units at the yet-to-be-named property are slated for delivery in late 2015.
McALLEN, TEXAS — Berkadia Commercial Mortgage LLC has arranged an $8.3 million loan for the acquisition of The Landing on Sixth, a 150-unit multifamily complex in McAllen. Located at 4401 N. 6th St., the property offers studio, one-, two- and three-bedroom residences, as well as a fitness center, playground, swimming pool and clubhouse. Michael Levell of Berkadia worked on behalf of the borrower, Juniper Investment Group, to secure the 10-year Fannie Mae loan, which includes a fixed interest rate of 4.87 percent and 30-year amortization schedule. The property was 98 percent occupied at the time of the loan’s closing.
HENDERSON, NEV. — Newmark Grubb Knight Frank has brokered the $26 million sale of Elysian Parc, a 164-unit apartment complex in the Las Vegas suburb of Henderson. The property offers one- and two-bedroom apartments, as well as a clubhouse, fitness center, tanning bed, swimming pool, fire pit and hot tub. The garden-style community was 94 percent leased at the time of the sale. NGKF represented the seller, The Calida Group, in the transaction. San Francisco-based Hamilton Zanze was the buyer and procured acquisition financing through Berkeley Point.
GLENDALE, CALIF. — NAI Capital has brokered two multifamily property sales in Glendale for a combined $24.8 million. The Sirott family trust acquired both Villa Geneva Apartments, a 36-unit property located at 1304 E. California Ave.; and Villa Monaco Apartments, a 49-unit property located at 1234 E. California Ave. Glendale Villa Geneva sold Villa Geneva, which was constructed in 1987 for $9.3 million; while Villa Monaco Ltd. sold Villa Monaco, which was constructed in 1988, for $15.5 million. Jesus Henao of NAI Capital represented the Sirott family trust in the transactions.
KING OF PRUSSIA, PA. — A joint venture between Morgan Properties and The Olayan Group has acquired a 2,671-unit multifamily portfolio from Berkshire Property Advisors for $309 million. The portfolio consists of nine apartment communities in the Maryland-Washington, D.C., corridor and Newport News, Va. The largest community in the transaction is the 606-unit Harbor Place in Fort Washington, Md. CBRE represented the seller in the transaction. The buyers plan to implement a portfolio-wide renovation program and amenity upgrades. Morgan Properties also plans to hire a number of Berkshire employees in the near future. This is the second transaction this year between Morgan Properties and Berkshire.
WASHINGTON, D.C. — HFF has advised on the equity and debt capitalization totaling $39.4 million for the acquisition of Wingate Apartments, a 714-unit apartment community located at 4660 Martin Luther King Jr. Ave. S.W. in southwest Washington, D.C. The property consists of two components: the 385-unit Vista at Wingate, which is composed of three high-rise buildings, and the 329-unit Gardens at Wingate, a garden-style community. Brenden Flood, Cary Abod, Alan Davis, Dave Nachison and Bret Thompson of HFF arranged the debt and equity financing on behalf of the borrower, CIH Ventures Inc. HFF arranged a $27.6 million, 10-year Fannie Mae loan through M&T Bank, along with $8.5 million in equity through The Zitelman Group, $1.8 million from CIH principals and $1.5 million from a CIH private syndicate.
ALEXANDRIA, VA. — The Greysteel Co. has brokered the sale of Mount Vernon Apartments, a boutique apartment property in Alexandria’s Del Ray neighborhood. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian, Mike Bediones and Jake Ying of Greysteel represented the seller, Latitude 38 Realty LLC, in the transaction. The buyer was 3310 Mt Vernon Ave LLC.
NEW YORK CITY — Bridgewater, N.J.-based Kushner Real Estate Group (KRE) and Hoboken, N.J.-based Ironstate Development Company have completed the disposition of a development site at 241 Fifth Avenue in Manhattan’s Madison Square neighborhood. Victor Homes acquired the 132,000-buildable-square-foot site for $99 million. KRE purchased three adjacent buildings and spent the last few years acquiring air rights to develop a luxury condo building. KRE and Ironstate engaged Hollwich Kushner (HWKN) to design the property, but ultimately decided to sell the site at the corner of Fifth Avenue and 30th Street. Yoav Oelsner and Glenn Tolchin of JLL brokered the transaction.