NEWARK, N.J. — Arbor Commercial Funding has funded a $40.7 million loan to refinance the 654-unit First King Apartments in Newark. The loan, a Fannie Mae Affordable Housing Loan DUS, is a 10-year product that amortizes on a 30-year schedule. Stephen York of Arbor’s New York City office originated the loan.
Northeast
PITTSBURGH, PA. — The former Showcase West Cinema building located at 301 Park Manor Drive Parkway West was purchased by Robinson, AD, LLC from Rave Pittsburgh West, LLC. Herky Pollock and Jason Cannon of CB Richard Ellis represented Rave Pittsburgh West, and Steven Esposito and Joseph Mangiacotti of CBRE represented Robinson. The 10.66 acre property includes a parking lot that will be converted to an Auction Direct USA Used Car Superstore.
PHILADELPHIA — Grubb & Ellis Healthcare REIT II has purchased a five-property portfolio of skilled nursing facilities located throughout Philadelphia for $75 million. The portfolio, which totals more than 392,000 square feet and 1,200 patient beds, is leased to Mid-Atlantic Health Care through 2026.
BRONX, N.Y. — Bethesda, Md.-based Beech Street Capital has given a $5.8 million Fannie Mae conventional loan to refinance the 111-unit The Buckeye Apartments in the Bronx. Meridian Capital Group originated the transaction. The fixed-rate loan has a term of 7 years and a 30-year amortization schedule.
NEW YORK CITY — A joint venture between DMR CRE Opportunity Fund I LP and CTNY Investors has purchased 70,000 square feet of Class A office space at The Setai Wall Street, located at 40 Broad St. in New York City. The condominium comprises four commercial floors.
NEWBURYPORT, MASS. — Product Resources has purchased a 33,000-square-foot industrial building, located at 4 Mulliken Way in Newburyport, for $1.62 million from GEM Group Realty. Greg Klemmer and Tim Brodigan of Winchester, Mass.-based Klemmer Associates represented the buyer and Austin Spinella of North Andover, Mass.-based Minco represented the seller.
NEW JERSEY — A joint venture between Vantage Properties and Angelo, Gordon & Co. have purchased AIG's 2,200-unit Central New Jersey multifamily portfolio for $241.5 million. It contains six properties located in Plainsboro, Neptune, Long Branch, Matawan and South River.
BRONX, N.Y. — Sierra Realty Corp. has acquired a three-building portfolio of multifamily properties in the Bronx for $15.5 million through affiliate entities Miles Sherman, LLC, Coltrane Hoe, LLC and Thelonius GC, LLC. The buildings include the 76-unit 1515 Grand Concourse, the 46-unit 1136 Sherman Ave. and the 53-unit 1052 Hoe Ave. Mortgage financing of $11.62 million was obtained through Bridgehampton National Bank. Stuart Stein of SBS Associates represented the seller.
NEW YORK CITY — Ava Property Group has sold a 20-unit apartment building located at 527 West 48th St. in New York City to Ranger Management for $3.82 million. Christoffer Brodhead of New York City-based Massey Knakal was the sole broker in the transaction.
NEW YORK CITY — American Realty Capital New York Recovery REIT has purchased a parking garage commercial condominium, located at 33 West 56th St. in New York City, for $5.4 million. The property is currently 100 percent leased to Regal Car Park.