Multifamily

UNION CITY, N.J. — Love Funding has arranged an $18.7 million loan for the refinancing of Bella Vista Apartments, a 231-unit apartment building in Union City. Bella Vista Apartments is an age-restricted development for residents 62 and older. Orlando Partners LLC owns and operates the property, which is managed by Goldberg Realty Associates. The refinancing will help fund repairs, including installing new energy-efficient windows to save on energy costs. The 35-year loan features a fixed interest rate of approximately 3 percent. Laura Saull-Smith, senior director at Love Funding, secured the loan through the HUD’s Section 223(f) loan insurance program.

NEW YORK CITY — Local investor 1-29 Bogardus Place LLC has purchased a seven-story, 103-unit multifamily building in Upper Manhattan for $16.2 million. The building, located at 1 Bogardus Place, was 95 percent occupied at the time of sale. R. Stuart Gross, Max Bryce and Scott Ellard of Eastern Consolidated represented the seller, Bogardus Property Owner LLC, and procured the buyer in the transaction. The property includes units ranging from 589-square-foot studios to 1,405-square-foot three-bedrooms units. Attorney Ilan Lerman of Winston & Strawn LLP represented the seller. Attorney Karen Scanna of Stroock & Stroock & Lavan LLP represented the buyer.

NEW YORK CITY — Massey Knakal has arranged the sale of a 21,678-square-foot mixed-use building in Manhattan’s Harlem neighborhood, for $5 million in an all-cash transaction. The six-story, walk-up building is located at 203 W. 144th St. and includes 28 residential and two commercial units. Of the residential units, 18 are two-bedroom units and 10 are three-bedroom units. A church and a retail tenant occupy the two ground-floor units. Josh Lipton and Michael Amirkhanian of Massey Knakal represented the seller and buyer, private investors, in the transaction.