GLENVILLE, N.Y. — Axiom Capital Corp. has arranged a $21 million refinancing for a 360-unit multifamily community in Glenville. The property is approximately 31 miles northwest of Albany. Axiom Capital represented the borrower, a private investor, in securing financing through a bank. The community is located in close proximity to Union College and Schenectady Community College.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has arranged an $11.7 million construction loan for Bronxview at Serviam. The building will include 114 units with a mix of one-, two- and three-bedroom units. Equity for the approximately $61.3 million project was provided through the purchase of 9 percent low-income housing tax credits awarded by the New York City Department of Housing Preservation and Development (HPD). The property will feature 12 units for residents earning up to 30 percent of the area median income (AMI), 12 units at 50 percent AMI, 33 units at 60 percent AMI, 34 units at 80 percent the AMI and 22 units at 90 percent AMI. Jim Gillespie of Bellwether arranged the Freddie Mac loan for the Fordham Bedford Housing Corp. The financing features a 36-month forward period followed by a 30-year permanent mortgage and a fixed rate locked at the time of the construction loan closing.
YORK, PA. — Marcus & Millichap has brokered the sale of the Country View Townhomes in York. The 12-unit property, which is located at 2-14 Tate Way, sold for $1.8 million. Will Riter, Andrew Townsend, Clarke Talone, and Ridge MacLaren of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed. Country View Townhomes was constructed in 2007 and is comprised of 12 three-bedroom units.
NEW YORK CITY — Alchemy Properties has acquired the former Collegiate School on the Upper West Side of Manhattan for $158 million. The property, which is located at 378 West End Ave. and 260-262 West 78th St., will be redeveloped into two ground-up residential condominium buildings rising 19 and 12 stories, respectively. When completed, the project will bring anywhere from 58 to 62 condominium units to the Upper West Side as well as 20,000 square feet of amenities, including an outdoor pool, squash court and fitness center. Alchemy has partnered with South Korean investment bank Daishin Securities to develop the project. Architectural firm COOKFOX Architects has been commissioned to design both the exterior and interior of 378 West End Ave. Bank OZK provided pre-construction and construction financing for the project. Construction on 378 West End Ave. is scheduled to start in the third quarter of 2018. Alchemy Properties recently completed Two Fifty West 81st St., a 31-unit condominium project on the Upper West Side. The project is currently 85 percent sold, according to Alchemy. — David Cohen
2018 is a compelling time to be in retail real estate, especially in New York. Sure, rents are probably still too high, but the vacancy rate keeps pressure on landlords and developers. There is no doubt Amazon will continue to disrupt and dominate, but reports of retail’s demise have been greatly exaggerated. The lower rents and vacancies are creating opportunity for retailers who can adapt to the factors driving consumers’ shopping habits. Perhaps more importantly, many of the city’s most desirable retail corridors such as Fifth Avenue and SoHo were historically difficult to come by, regardless of a tenant’s ability to pay. Now, opportunity beckons. The latest census data indicates New York City is growing and that the trend will continue as people seek urban environments to live, work and play. Futurists predict urban population growth to continue throughout the century. But it isn’t just residents and workers flocking to the Big Apple. More than 60 million tourists visited the city in 2017 and even more are projected to visit in 2018. Recent technological advancements have changed many aspects of human behavior, from the way we interact with one another to how we get around and how we purchase products. …
BOSTON — NKF Capital Markets has negotiated the $39 million sale of a mixed-use property in the Somerville neighborhood of Boston. Located at 240 Elm St., the 46,276-square-foot property is currently fully leased to a tenant roster that includes urban grocery concept bfresh and office sharing concept Spaces. Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly of NKF Capital Markets brokered the transaction. The buyer and seller were undisclosed.
MIDDLETOWN, CONN. — Axiom Capital has secured a $17 million permanent loan for an office building in Middletown. The undisclosed borrower plans to completely renovate the 85,000-square-foot building. The lender was a life insurance company. When completed, the property will expand to 90,000 square feet and include 316 parking spaces. Amenities will include classrooms, an auditorium, a café with indoor and outdoor seating and a fitness center.
HAVERHILL, MASS. — Yannios RE Investment Sales has brokered the sale of Highland Maple Apartments, a 39-unit apartment community in Haverhill. Haverhill is located 35 miles north of Boston. Built in 1850, the masonry-style property includes two, three-story buildings. Yannios RE Investment Sales represented the seller, who was undisclosed. The buyer was also undisclosed.
READING, PA. — HFF has arranged a $1.4 million refinancing for a 70,000-square-foot, single-tenant industrial facility in Reading. Michael Pagniucci and Ryan Ade of HFF represented the borrower, J&R Investments, to secure a seven-year, fixed-rate loan through a local money center bank. The 5.8-acre property is occupied by transportation logistics company S&H Express and is located at 2600 Beltline Ave.
MONTVILLE, CONN. — Lyman Real Estate has orchestrated the sale of a 20-acre land parcel located at 90 Maple Ave. in Montville. The sales price was undisclosed. Ron Lyman of Lyman Real Estate represented the buyer, Horace Lindo of Lindo Construction, a local general contractor, in the transaction. The seller was Lawrence Legg of Salem. No development plans have been announced for the parcel.