NEW YORK CITY — Propco Holdings, with UA Builders Group serving as general contractor, has broken ground for a residential building located at 915 Dawson St. in the Bronx. The eight-story, 23,301-square-foot building will feature 29 apartments, parking spaces, a fitness center, a recreation area and indoor bicycle storage.
NEW YORK CITY — JLL has secured a total of $88 million in refinancing for Pine Hills South and Medford Pond, a pair of gated apartment communities in Long Island. The borrower was Heatherwood Luxury Rentals. JLL originated a 10-year, $57 million loan for Pine Hills South and a 10-year, $31 million loan for Medford Pond. Financing was provided by Freddie Mac. Aaron Appel and Jonathan Schwartz of JLL arranged the refinancing. Pine Hills South features 700 units and Medford Place features 200 units.
NEW YORK CITY — Meridian Capital Group has arranged $19 million in ground-up construction financing for the development of Element88, a residential condominium project located in Brooklyn’s Williamsburg neighborhood. The borrowers are RYBAK Development and BK Developers. The 24-month loan, provided by two regional banks, features a floating rate and one six-month extension option. Sean Robertson of Meridian negotiated the loan. Located at 88 Withers St., the eight-story, 50,000-square-foot building will feature 33 units, 5,000 square feet of retail space and 25 covered parking spaces. Sales at Element88 will begin in first quarter 2018, with unit delivery by summer 2018.
OSWEGO, N.Y. — Home2 Suites by Hilton has opened a new location in Oswego. Located at 252 New York State Route 104, the hotel features 89 suites, a combined laundry and fitness area, indoor heated pool, outdoor patio, Home2 MKT and complimentary breakfast. Visions Hotels owns and manages the property.
NEW ROCHELLE, N.Y. — Houlihan-Parnes Realtors has placed a $21.5 million new first mortgage on an office property located at 145 Huguenot St. in New Rochelle. GHP Office Realty, a division of Houlihan-Parnes Realtors, owns the property. State of New York, County of Westchester, Steiner Sports, Monroe College, Benchmark Education, Advent Software, ET & Allergy Associates, Greenwich Hospital and Sound Shore Medical Group are tenants of the 278,788-square-foot office building. Christie Houlihan, James Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors secured the financing for the borrower. Elizabeth Smith of Goldberg, Weprin, Finkel & Goldstein provided legal counsel to the borrower. Chicago Title Insurance Co. insured the title.
GLOVERSVILLE, N.Y. — KeyBank’s Community Development Lending & Investment team will provide a total of $7.3 million in financing to Liberty Affordable Housing. The firm will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing for the development of Estee Senior Apartments. Located in Gloversville, the community will feature 37 energy-efficient affordable housing units for seniors age 55 or older. CRM Rental Management will manage the complex.
NEW YORK CITY — Alpha Realty has arranged the sales of two separate apartment buildings in the East Flatbush Section of Brooklyn. A private local investor acquired a 12,800-square-foot, 16-unit apartment building at 5601 Snyder Ave. for $3 million. A different private investor purchased a 21,000-square-foot, 26-unit apartment building at 545-555 E. 82nd St. for $4 million. Lev Mavashev of Alpha Realty represented the buyers and seller, Up Realty, in the off-market transaction.
NEW YORK CITY — MCR has sold 18 Marriott and Hilton assets to American Hotel Income Properties REIT for $407.4 million. The sale encompassed 2,187 rooms, which sold for roughly $186,000 each. The assets are in Maryland, New Jersey, New York, Connecticut and Pennsylvania. MCR is the seventh largest hotel owner-operator in the country and operates hotels under 10 brands.
NEW YORK CITY — Greystone has provided $22.1 million in Freddie Mac financing for a 12-property multifamily portfolio in Brooklyn. The borrower is Yoel Goldman. The refinanced properties, which all contain between five and 12 units, all received five-year, fixed-rate Freddie Mac Small Balance Loans that include an additional 15 years and one-year of interest-only payments. The borrower received $9.6 million in cash-out proceeds and plans to invest capital into each property. The properties include 165 Central Ave.; 1358 Dekalb Ave.; 145 Driggs Ave.; 136 Kingsland Ave.; 146 Skillman St.; 161, 191 and 163 Troutman St.; 54 Lewis Ave.; 11 Gunther Place; 1136 Willoughby Ave.; and 189 Menahan St. Anthony Cristi of Greystone originated the loans.
NEW YORK CITY — M&T Realty Capital has provided a $10 million Freddie Mac loan for the permanent financing of Carmel Place, a micro-unit building located at 335 E. 27th St. in New York City. Monadnock Development developed the 55-unit building that features studio apartments, 40 percent of which are affordable units. At the time of financing, the property was 100 percent leased. Michael Chavkin, Joe Pizzutelli and Douglas Tilley of M&T Realty Capital arranged the transaction. M&T Bank provided construction financing for the project.
