NEW YORK CITY — Beck Street Capital has disposed of an apartment building in Manhattan's Greenwich Village neighborhood for $6.8 million. The five-story property, which is located at 19 Greenwich Ave., contains 12 apartments and a ground-floor restaurant space. James Nelson of Massey Knakal Realty Services represented Beck Street in the deal. Rosa Murphy of Halstead Property represented the foreign buyer.
NORTH READING, MASS. — Fantini & Gorga has secured a $6.21 million permanent loan for the refinancing of a North Reading shopping center. North Reading Plaza is a 155,000-square-foot retail center located along Route 28. Its anchors include Walmart and Marshalls, and additional tenants include Dollar Tree and Citizens Bank. John Gorga and Derek Coulombe of Fantini & Gorga arranged the loan on behalf of the borrower, North Reading Plaza LLC, through a regional commercial bank.
PHILADELPHIA AND HAMDEN, CONN. — KeyBank Real Estate Capital has secured approximately $10 million to refinance two Northeast apartment communities. In the first deal, KeyBank arranged $4.7 million in Freddie Mac funds for Bryn Mawr Suites, a 104-unit apartment community located in Philadelphia. The borrower was Bryn Mawr Suites LP. In the second deal, Keybank secured $5.3 million in Freddie Mac funds for Chesnut Hill Apartments, a 97-unit community located in Hamden. The borrower was Chestnut Hill East LLC. Terms of the loan were not disclosed.
NEWTON, MASS. — Walker & Dunlop has secured a $10.5 million permanent loan for an assisted care facility in Newton. The loan carries a fixed 7-year term with 2 years of interest-only payments, a 30-year amortization schedule, a 52 percent loan-to-value ratio and a 2.26x debt-service coverage ratio. The property, known as Evans Park at Newton Corner, is a 121-bed, Class A facility. It was originally built as the Newton Public Library in 1904 and converted to a senior living facility in 1994. It provides assisted living and Alzheimer's care, and was 93 percent leased at the time of closing. The loan was added to an existing Fannie Mae master credit facility.
NEW YORK CITY — POKO Partners, in partnership with the New York City Housing Partnership, has broken ground for a $13 million affordable housing project in the Bronx. The project will include the construction of 37 affordable apartments at 1434-1438 Morris Ave. Completion is scheduled for early 2012. The project architect is GF 55 Architects. Financing for the project was provided by a variety of capital subsidy programs and grants as well as loans from the NYC Department of Housing Preservation Development, Community Preservation Corp., The Bank of New York Mellon, First Sterling Financial and the Bronx Borough President's Office.
NEW YORK CITY — A partnership between Community Preservation Corp., the New York City Department of Housing Preservation & Development and the New York City Pension Fund has provided a total of $3.5 million in permanent construction financing for the rehabilitation of a Harlem apartment building. The currently vacant property totals six stories and is located at 2527 Adam Clayton Powell Blvd. Upon completion of the renovation, it will contain six one-bedroom units, 10 two-bedroom units and two ground-floor commercial spaces. The financing carries a fixed interest rate, a 30-year term and a 30-year amortization schedule. The borrower is developer Raymond Yu.
BOSTON — Architectural Resources Cambridge (ARC) has been selected to complete a 70,000-square-foot interior renovation for Boston College. Construction will take place at the Chancery Building, which is located at 2121 Commonwealth Ave. on the school's Brighton Campus. The building will be renovated to house the consolidated offices of the college's University Advancement Departments. The new design will increase the amount of natural light the interior receives, and a new multi-story, sky-lit atrium will provide flexible meeting and event space. The construction timetable was not released.
PHILADELPHIA — Brandywine Realty Trust has completed the $252 million historic rehabilitation of the 30th Street Post Office in Philadelphia. Upon completion, the Internal Revenue Service took occupancy of the 862,692-square-foot building for a 20-year term. Concurrent with this project, Brandywine completed the $90 million construction of the Cira South Garage, which is located across the street. The project consists of 1,662 parking spaces and 9,788 square feet of ground-floor retail space. The project is on track for a LEED-Silver rating. As a result of the completion, Brandywine has received $256.5 million in financing from an affiliate of CTL Capital that had been escrowed pending completion of the two projects. The two loans carry a 5.93 percent interest rate and a 20-year term.
DANBURY, CONN. — TGM Associates has acquired Willow Grove at Danbury, a 135-unit, garden-style apartment community located in Danbury. Built in 1999, the community contains a mix of one- and two bedroom units with an average unit size of 1,232 square feet. Property amenities include a clubhouse, a fitness center, a heated pool with a wraparound sun deck, and detached garages. The seller was RREEF.
ROCHESTER, N.Y. — An affiliate of Broadstone Real Estate has acquired a triple net-leased office building in Rochester for $11.7 million. The property totals 39,900 square feet and is leased to ADT Security Services through 2023. The seller's name was not disclosed.