Northeast

NEPTUNE, SOUTH RIVER and LONG BRANCH, N.J. — Phoenix Realty Group and The Orbach Group have purchased three former AIG properties in central New Jersey for $46.5 million. The three properties — Jumping Brook Apartments in Neptune, Leonardine Gardens in South River and Marine Gardens in Long Branch — total 472 apartments. Nearly $2.5 million will be spent in renovations on all three properties. The purchase was part of a larger deal involving three other apartment communities in New Jersey sold to Vantage Properties and Angelo, Gordon & Co.

NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has brokered the sale of 1306 Fteley Avenue, an apartment building totaling 69 units in the Soundview Section of the Bronx. The six-story, 69,060-square-foot property sits on the southeast corner of Fteley Avenue and East 172nd St. Marco Lala of Marcus & Millichap’s Manhattan office represented both buyer and seller.

NEW YORK CITY — Beech Street Capital has provided a $14.8 million Fannie Mae loan to refinance two Section 8 apartment buildings in Manhattan’s Hamilton Heights. The property is comprised of 89 units and has had an occupancy of more than 97 percent over the past 2 years. Joe Klein of Meridian Capital Group originated the transaction. The loan has a 10-year term with a 9.5-year yield maintenance and a 30-year amortization schedule.

NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has facilitated the $2.4 million purchase of an 8-unit apartment building in New York’s Chelsea neighborhood. The property is located at 308 W. 22nd St. and fetched a capitalization rate of 4 percent. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap represented both buyer and seller in the transaction.

NEW YORK CITY — Beech Street Capital has provided $31.9 million in Fannie Mae conventional loans to refinance a 21-property portfolio of multifamily properties located mostly in the Bronx. The portfolio consists of more than 1,000 units. The refinancing was originated by Meridian Capital Group. Joel Goodman, Tyrone Purdie, Amy Sodeinde and Kanett Curtis, all of Beech Street, underwrote the transaction and Linda Clark of Beech Street acted as the closer. Michael Kesselman and Matt Texler were Meridian’s brokers.

NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has brokered the $8.05 million sale of 203 West 107th Street, a 34,514-square-foot apartment community in New York City. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office represented the buyer, a private investor, and seller, a limited liability company, in the transaction. The asset has a 3.45 percent cap rate. The property is nine stories tall and contains 28 residential units.