NEW YORK CITY — New York City-based Sioni & Partners has negotiated the sale of a six-story residential building, located at 1275 Edward L. Grant Highway in the Bronx, New York City, for $3.62 million. The building features 61 residences and 4,000 square feet of ground-floor retail space. Moses Sioni of Sioni & Partners represented the seller, Anlovi Corp. The buyer was a Brooklyn-based investor.
Multifamily
SANTA MONICA, CALIF. — La Montana Investors LLC has completed the disposition of La Montana, a 23-unit multifamily property located at 811 6th St. in Santa Monica. An undisclosed San Francisco-based buyer acquired the property for $7.55 million or more than $328,000 per unit. Built in 1972, the property offers one-, two- and three-bedroom units featuring hardwood-style flooring, fireplaces and ceramic-tiled kitchens. Vince Norris of Hendricks & Partners’ North Los Angeles office brokered the transaction.
CAMPBELL, CALIF. — SKP Properties has acquired Angela Court Apartments, a 17-unit multifamily community located at 2242 Angela Ct. in Campbell, for $2 million or $118,235 per unit. The property consists of a mix of 15 junior one-bedroom/one-bath units, one one-bedroom/one-bath unit and one two-bedroom/one-bath unit. Jamie D’Alessandro and Brian Henry of NAI BT Commercial’s Palo Alto, Calif., office represented the seller, Pacific Coast Residences One, in the transaction.
WENTZVILLE, MO. — Construction has begun for an independent senior living development in Wentzville called Villas at Peruque Hills. Designed by Rosemann & Associates, the $3.8 million project is part of a larger development called Peruque Hills Estates that features single-family homes. Developed by GHL Development, an affiliate of Gundaker Commercial Group, the project includes 23 townhomes and 11 garden-style units, and it will be mixed affordable and market-rate senior housing with funding provided by the Missouri Housing Development Commission and Bank of America. The project is scheduled for completion this winter.
BOSTON — Boston Capital has opened a new fund, Boston Capital Tax Credit Fund XXXII. The fund consists of a $150 million diversified portfolio of affordable apartment properties throughout the U.S. The company expects strong investor interest given the rise in LIHTC and the drop in Treasury rates. This new launch follows the successful closing of Fund XXXI, a nationally diversified portfolio of 30 affordable apartment properties in 12 states with total equity invested of $120 million. Boston Capital’s Fund XXXI included 12 developments for seniors and 18 properties focused on families and added an additional 2,109 apartment units to Boston Capital’s holdings, which currently total more than 166,500 apartments. Boston Capital expects to launch and close two multi-investor national funds, including Fund XXXII, totaling $250 to $275 million by March 2010.
HOUSTON — The Woodlands, Texas-based LMI Capital has secured a $7.5 million loan for the refinancing of a 380-unit multifamily project located in Houston. The loan, which was secured through the Fannie Mae DUS program by LMI’s Jami Mullin, carries a 10-year term, non-recourse. The parties involved were not disclosed.
PICO RIVERA AND MIRA LOMA, CALIF. — The Orange County, Calif., office of Q10|Dwyer-Curlett has arranged two transactions in Pico Rivera and Mira Loma. In the first transaction, Tom Kenny and Josh Boehling of Dwyer-Curlett arranged the $18.65 million sale of a 160,154-square-foot, single-tenant warehouse/distribution facility in Pico Rivera to The Guardian Life Insurance Company. In the second transaction, Kenny arranged $12 million in permanent financing on a 10-building industrial park in Mira Loma. Funded by Allianz of America Inc., the 10-year loan carries a 7.25 percent interest rate.
CHULA VISTA, CALIF., AND WILMINGTON, DEL. — Newmark Realty Capital has secured $21.4 million in financing for two multifamily communities in California and Delaware. The California asset is Rolling Hills Gardens Apartments, a 116-unit senior apartment complex located in the master-planned community of Rolling Hills Ranch in Chula Vista. The Delaware property is the 447-unit Village at Fox Point in Wilmington. Both properties were previously financed by Peter Welsh of Newmark Realty Capital with a correspondent life company. The new financing was placed with FNMA through Newmark’s correspondent Walker & Dunlop LLC.
CORAL SPRINGS, FLA. — Uniondale, N.Y.-based Arbor Commercial Funding has secured a $38.45 million loan for The Grove at Turtle Run apartment complex. The 510-unit property is located at 3615 Turtle Run Blvd. in Coral Springs. The 10-year loan was financed under the Fannie Mae DUS MBS product line. The loan carries a 5.51 percent interest rate and a 30-year amortization schedule.
WEST HAVEN AND SEYMOUR, CONN. — Arbor Commercial Funding has arranged two loans under the Fannie Mae DUS program totaling $2.3 million. The first loan, which totals $2 million, is secured by Terrace Park Apartments, a 50-unit multifamily property located in West Haven. The loan carries a 10-year term with a 30-year amortization schedule and a 6.06 percent interest rate. The second loan, which totals $300,000, is secured by Westbrook Park Apartments, a 37-unit property located in Seymour. The loan carries a 5-year term with a 30-year amortization schedule and a 6.08 percent interest rate. Both loans were originated by John Edwards of Arbor’s Boston office.