NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 31 Ocean Parkway in Brooklyn’s Windsor Terrace neighborhood. Steven Frey of Frey Management acquired the property from Sentinel Real Estate Corp. for $33.7 million. Built in 1928, the 90,900-square-foot building features 84 apartment units. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the deal.
SARATOGA SPRINGS AND ILION, N.Y. — Hunt Mortgage Group utilized HUD’s 223(f) loan program to finance the acquisition and rehabilitation of two affordable multifamily properties in Saratoga Springs and Ilion. Riverside Charitable Corp. received a total of $20.9 million in financing for the two properties. The borrower received a $13.9 million loan for the 112-unit age-restricted Raymond Watkins Apartments, located at 57 Ballston Ave. in Saratoga Springs, and a $7 million loan for John Guy Prindle Apartments, a 112-unit age-restricted property located at 80 E. North St. in Ilion.
TOMS RIVER, N.J. — Progress Capital has secured a $6.5 million construction loan for the development of a retail and office center located near the intersection of Hooper Avenue and Yorktown Boulevard in Toms River. The 40,000-square-foot property will also feature an adjoining 4,140-square-foot pad site. David Cappello of Progress Capital arranged the financing for the undisclosed borrower. The 18-month loan was funded by Procida’s 100 Mile Fund and represents 67 percent of the project’s total cost. The property is currently pre-leased to Ocean Cuts LLC, Buy-Rite Liquors and a Keller Williams Brokerage office. The development is slated for completion this summer.
LOPATCONG AND PHILLIPSBURG, N.J. — CBRE has negotiated the sale of I-78 Logistics Park, a 365-acre master-planned development located along the Interstate 78/81 corridor in Lopatcong and Phillipsburg. Opus Investments/KTV Inc. sold the property to Bridge Development Partners for $43 million. Situated at 942 Memorial Parkway, the property has approvals in place for the construction of 3.8 million square feet of warehouse and distribution space. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE National Partners represented the seller in the transaction.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $16.5 million acquisition and construction financing package collateralized by a partially constructed hotel development in Long Island City in Queens. The borrower, an affiliate of Sam Chang’s McSam Hotel Group, purchased 38-04 11th St. and plans to construct a 148-key hotel comprising 55,630 square feet on the site. McSam Hotel Group acquired the site with approvals and a completely built foundation. The borrower plans to complete construction of the building within approximately 15 to 18 months. MRC funded $4 million at closing for the site acquisition, and the company has committed to fund an additional $12.5 million to complete construction of the project. The $16.5 million financing package represents approximately 70 percent of the total project cost.
SYRACUSE, N.Y. — Arbor Realty Trust has funded a $41.6 million bridge loan for the acquisition of James Square Health and Rehabilitation Center, a skilled nursing facility located in Syracuse. Alexander Kaushansky of Arbor Realty Trust arranged the financing for the borrower, VestraCare. The borrower acquired the 440-bed facility from a Chicago-based seller. The buyer plans to appoint a new property administrator, retrain staff, rebrand the community and invest more than $4 million in capital improvements as part of an overall repositioning strategy. Evan Goldenberg of EBEX Holdings assisted all parties in the financing. Ari Dobkin of Meridian Capital Group also assisted in the financing.
PHILADELPHIA — Silver Arch Capital Partners has secured a $15 million land loan for the acquisition of two development sites, known as 1401 and 1401 R-S- Christopher Columbus Blvd. in South Philadelphia. The undisclosed borrower plans to develop up to 235 townhouses on the 22.9-acre site along the Delaware River, boat slips for owners’ watercraft, outdoor recreational activity areas and a riverfront cafe. Jeffrey Wolfer of Silver Arch Capital Partners arranged the financing for the borrower.
CICERO, N.Y. — An entity operated by Charterhouse Development Corp. has purchased a retail property located at 7939 Brewerton Road in Cicero. Cicero ECK LLC sold the property for $2.7 million. Rite Aid occupies the 11,180-square-foot property.
BOSTON — New York Life Real Estate Investors has originated a $42 million loan for Tower Point, a 157,000-square-foot office building located in Boston’s Seaport District. The property is owned by an institutional fund represented by Bayerische Versorgungskammer. The fund’s investment manager is a German company, Universal-Investment, as advised by Northwood Investors LLC. The loan has a 10-year term. Mark Young of New York Life Real Estate negotiated the loan.
BOSTON — MassHousing has provided $10.6 million in financing to East Boston Community Development Corp. for the acquisition, renovation and preservation of Landfall Community Associates properties totaling 111 units in East Boston. The transaction refinances and consolidates two existing affordable housing communities: the 15-unit Landfall Apartments and the 96-unit East Boston Rehab portfolio. In addition to rehabilitating the property and extending the affordability on the 111 units, the financing will resolve the expiring affordability restrictions from the Section 13A mortgage on the East Boston Rehab units. MassHousing provided a $5.7 million permanent loan, a $4.7 million bridge load and a capitalized 13A payment loan of $131,401, and the MassHousing financing generated $5.8 million in equity through federal Low Income Housing Tax Credits. The project team includes Knollmeyer Building Corp., Davis Square Architects and Metro Management.
