Northeast

NEW YORK CITY — Omni New York has acquired a portfolio of nine apartment buildings in the Bronx for $33.2 million. The properties contain 371 units and are located at 737 Southern Blvd.; 663 Fox St.; 665 Fox St.; 712 Fox St.; 751 Fox St.; 766 Fox St.; 772-774 Fox St.; 775 Fox St.; and 784 Fox St. All of the buildings are subsidized under the Section 8 program of HUD and will continue to be preserved as affordable housing. Shimon Shkury, Victor Sozio, Michael Tortorici and Scot Hirschfield of Ariel Property Advisors represented the seller, a Bronx-based multifamily operator. They also secured Omni New York, a development firm.

PHILADELPHIA — Beech Street Capital has arranged a $25 million Fannie Mae loan to refinance Greenbriar Club Apartments, a 346-unit property in Philadelphia. Greenbriar Club was constructed in 1971 and consists of nine inter-connected buildings. The property also contains 15,987 square feet of retail on the first floor of one of the buildings. The borrower is a multifamily owner and operator in New Jersey and Philadelphia. The fixed-rate loan has a 10-year term.

BOSTON — Construction crews have broken ground on Waterside Place, a 20-story residential tower in Boston. The $120 million, mixed-use project will include 236 apartment units and 10,000 square feet of ground-level retail space. The project will be designed to achieve LEED Sliver certification. The Drew Co. is developing the tower and Commercial Construction Consulting is the project manager. TRO Jung/Brannen will serve as the architect. Suffolk Construction was recently selected to manage the construction. The tower is slated for completion in September 2014.