NEW YORK CITY — Rosewood Realty Group has brokered the sale of two contiguous four-story apartment buildings in the Prospect-Lefferts Gardens section of Brooklyn. The buyer, 558-566 Parkside LLC, acquired the properties from 566 Parkside LLC for $14.6 million. Located at 558-566 Parkside Ave. the buildings offer a total of 59 apartments. Michael Guttman of Rosewood represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the transaction.
TROY, N.Y. — KeyBank Real Estate Capital has arranged an $11.6 million Freddie Mac first mortgage loan for Summit Apartments in Troy. Situated on 10 acres, the property comprises four three-story apartment buildings offering a total of 108 units. Hayley Suminski of Key’s Commercial Mortgage Group arranged the financing with a seven-year term, two-year interest-only period and 30-year amortization schedule. The undisclosed borrower used the loan to refinancing existing debt.
NEW YORK CITY — Thor Equities has purchased The James New York – SoHo, a hotel located at 27 Grand St. in Manhattan’s Soho district, for an undisclosed price. The 18-story, 75,800-square-foot property features 114 guest rooms, three food and beverage outlets, and 1,500 square feet of meeting and event space. Hotel amenities include an outdoor rooftop swimming pool, a fitness center and 24-hour in-room dining. Jeffrey Davis of JLL brokered the deal. The name of the seller was not released.
NEW YORK CITY — Rockwood Capital and Midtown Equities, in joint partnership, have received $245 million in financing for a portion of Empire Stores in Brooklyn’s DUMBO neighborhood. The loan is for 55 Water Street, an 1860s-era warehouse building that was recently renovated, including the addition of a sixth floor to the original five stories. Upon completion, the overall project will feature 380,000 square feet of commercial space, including office, retail, restaurant and exhibition space, as well as rooftop gardens and public facilities. Provided by M&T Bank, the loans consisted of a $217.3 million land loan, plus $27.7 million for future project costs. Diana Brummer and Elizabeth Akerman of Stroock represented the joint venture in the financing.
NEW YORK CITY — Greystone has provided $13.3 million in Freddie Mac refinancing for a multifamily building located in the Williamsburg section of Brooklyn. Anthony Cristi of Greystone originated the loan for the sponsor, Perl Weisz of CW Realty. Located at 319 Graham Ave., the 24-unit property was built in 2016. The property features a roof deck, a fitness center, a resident lounge and private parking. The new conventional Freddie Mac loan on the property represents a permanent exit from construction financing and carries a seven-year term, two years of interest-only payments and a 30-year amortization schedule.
WHITE PLAINS, N.Y. — Congress / Consigli, a joint venture between Congress Building Corp. and Consigli NY, has started construction of White Plains Institute for Nursing and Rehabilitation and Skilled Nursing, a skilled nursing facility in the New York City suburb of White Plains. Development costs for the 110,000-square-foot building are estimated at $60 million. When completed, the property will feature 160 skilled nursing beds, including 76 for specialized rehabilitation, 42 for memory care and 42 for long-term care. In addition to its part in the joint venture, Congress has also been selected as the developer. The Architectural Team is the architect for the project. The project is scheduled for a mid-2019 completion.
NEW YORK CITY — The School Construction Authority and MPCC, as general contractor, have broken ground for the Public School 144 addition, an expansion at Colonel Jeromus Remsen School, located at 93-02 69th Ave. in the Forest Hills section of Queens. The $52.4 million, four-story addition will house 26 classrooms, an entrance lobby, an outdoor play area, a cafeteria, offices and a medical suite. The Pre-K through fifth grade school currently serves 894 students. Designed by Urbahn Architects, the expansion will accommodate 590 students and eliminate the need for temporary modular, outdoor classroom facilities. The project team includes MPCC, Leslie E. Robertson Associates LERA, Loring Consulting Engineering, YU + Associates Engineers, Edgewater Design, Lumen Architecture, Cerami & Associates and Schiavone Designs.
UTICA, N.Y. — KeyBank Community Development Lending & Investment has provided an $8.2 million credit enhancement for the construction of Roosevelt Residences in Utica. Being developed by Norstar Development USA and the Municipal Housing Authority of the City of Utica, the property will feature 50 units, with eight units reserved for homeless veterans and the chronically homeless. Additionally, 25 units will be contracted by a project-based Section 8 Housing Assistance Program through the Municipal Housing Authority of the City of Utica. John Berry and Joe Eicheldinger of KeyBank’s lending group arranged the construction financing. The project is being funded in partnership with the City of Utica, the State of New York Mortgage Agency, Housing Financing Agency, the Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program and RBC Tax Credit Equity.
NEW YORK CITY — KeyBank Real Estate Capital has secured a $19 million Freddie Mac first mortgage loan for a multifamily property, located at 178 N. 11th St. in Brooklyn. Built in 2017, the six-story building features 49 apartment units and 1,200 square feet of retail space. Ten units are reserved for tenants earning 60 percent or less of area median income. Tom Peloquin of Key’s Commercial Mortgage Group arranged the full-term interest-only loan for a term of 11 years. Proceeds of the loan will be used to refinance existing debt. The name of the borrower was not released.
NEW YORK CITY — Sabal Capital Partners has completed a $129 million portfolio of 34 refinancing loans for multifamily units in the Bronx. The portfolio encompasses 863 apartment units. The loans are the largest single Small Business Loan transaction processed through the Freddie Mac SBL program since its inception in 2014, according to Sabal.
