NEW YORK CITY — Q10 | New York Realty Advisors has closed a $27.3 million leasehold mortgage loan secured by an apartment building located at the corner of First Avenue and 52nd Street on Manhattan’s East Side. The 15-story residential building also features ground-floor retail space. The non-recourse, interest-only loan was written for a 10-year term. The ground lease on the property dates to the 1950s and has more than 40 years remaining on the term. Jeanne Cronin of Q10 | New York Realty Advisors brokered the financing. Law firm Hunton & Williams LLP represented the lender, while Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf LLP represented the borrower. Additionally, Larry Linksman of Bridge Funding advised the borrower.
Multifamily
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $3.1 million sale of Sandanay and Stonehenge Apartments, two adjacent multifamily communities located at 13132 N. 19th St. and 13136 N. 20th St. in north Tampa. The sales price equates to approximately $30,500 per unit. The buyer is a South Florida-based investor that plans to implement capital improvements to both apartment communities, which were built between 1967 and 1970. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames of Franklin Street represented the seller, a local investor, in the transaction. Danny York of Franklin Street Capital Advisors structured acquisition debt for the buyer, and Franklin Street’s insurance division provided the insurance policy.
DENVER – The 312-unit LongsView Apartments development in the Denver submarket of Westminster has received a total of $64 million in debt and equity. The Class A development will be located on the southeast corner of Federal Parkway and Zuni Street. Cohen Financial secured a combination of $42 million in debt financing and about $22 million in equity investment for the development. The floating rate construction loan was secured by the firm’s Robert Lindner, John Carrick and Mark Strauss. The loan was placed with Fifth Third Bank. The team also secured the $22-million equity investment from a leading life insurance company. The borrower is a national multifamily owner/operator and developer.
COLLEGE STATION, TEXAS — Walker & Dunlop has provided an acquisition loan for The Cottages of College Station, a student housing community near Texas A&M University. Columbus Pacific Properties, a California-based real estate investment company, purchased the property. Will Baker of Walker & Dunlop worked with Tim Bradley of TSB Capital to originate and structure the loan. The loan has a 10-year term with two years of interest-only payments. The property is an off-campus community featuring houses ranging in size from one to five bedrooms. Amenities include free Wi-Fi, study rooms, a business center and the largest pool in College Station.
WILKES BARRE, PHILADELPHIA AND CHESTER, PA. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sales of four multifamily transactions totaling $23.8 million and 486 units. In Wilkes Barre, Gebroe-Hammer’s Joseph Brecher and David Oropeza represented the seller and buyer of Sherman Hills, a 344-unit apartment community. The property sold for $15.7 million as part of a Housing Assistance Payment (HAP)/Housing Urban Development (HUD) contract. Located at 7900-7922 Fairfield St. in Philadelphia, the 64-unit Fairfield Apartments sold for $3.5 million. Brecher and Eli Rosen of Gebroe-Hammer arranged the transaction. Also located in Philadelphia, the 42-unit Arborwood Duplexes sold for $2.4 million. Rosen represented the seller and identified the buyer in the transaction. Finally, the company brokered the sale of Liberty Walk Apartments in Chester’s Sunnyside section. Located at 500 E. 24th St., the 36-unit property sold for $2.2 million.
DALLAS — High Street Residential, the residential subsidiary of Trammell Crow Co., plans to build a new 20-story, 271-unit residential tower at 3230 McKinney Ave. in uptown Dallas. A 5,500-square-foot Café Express currently occupies the site. The new building will feature 13,000 square feet of ground floor retail space. A new Café Express will anchor the property, which will also include residential units. The site is located across Bowen Street from the McKinney Avenue Transit Authority trolley barn and headquarters.
NEW YORK CITY — Meridian Capital Group has arranged $29 million in acquisition and construction financing for the development of a residential condominium project in New York City’s Chelsea neighborhood. Aggelos Sklavenitis of Meridian Capital Group negotiated the loan on behalf of Six Sigma. Located at 435 West 19thSt., the existing five-story, 21,800-square-foot office property will be expanded into a nine-story, 27,500-square-foot residential condominium. Knighthead Funding LLC provided the 30-month, interest-only loan. This financing coupled with the sponsor’s equity creates a total capitalization of $41.3 million or approximately $1,500 per buildable square foot.
ELMWOOD PARK, N.J. — Elmwood Park-based River Drive Construction has completed vertical construction of the second phase of Riverwalk, a luxury multifamily rental community located at 400 Riverfront Blvd. in Elmwood. Slated for completion by the end of 2014, the second phase includes the construction of 51 apartments and 17,000 square feet of ground-floor retail space. Additionally, the new building will house The Goddard School, an early childhood organization. The school recently leased 8,600 square feet of space at Riverwalk. Florian Suserman and Michael Rawlins of RIPCO represented the school in the transaction. Fred Fisher of F. Fisher & Co. LLC represented Riverfront Residential, which developed the Riverwalk project. Construction of the first phase included 107 apartments and was completed in 2012.
DAYTONA BEACH, FLA. — CBRE has arranged the $17.9 million sale of Indigo Plantation, a 304-unit multifamily community located at 100 Powell Blvd. in Daytona Beach. Built in 1989, the apartment community is currently 97 percent occupied and features a resort-style swimming pool, fitness center, dog park, tennis courts and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE led the sales team in representing the undisclosed seller in the transaction.
MIDDLE ISLAND, N.Y. — National Cooperative Bank (NCB) has provided a $4 million loan for Hidden Meadows, a 143-unit cooperative apartment community in Middle Island. The loan, which includes a $3.5 million first mortgage and a $500,000 line of credit, will be used to refinance existing debt and fund future capital improvement projects at the community. The planned work includes upgrades to the sewer treatment plant and repairs to the sidewalk, roadways and tennis courts. Built in 1971, Hidden Meadows consists of nine two-story cooperative apartment buildings and is currently 100 percent occupied. Mindy Goldstein of NCB arranged the loan for the cooperative, Hidden Meadows LLC. Mark Walsh, the financial advisor for Hidden Meadows, also helped negotiate the transaction.