Northeast

PITTSBURGH — Pittsburgh-based Grant Street Associates has brokered the sale of a 24-unit apartment property located at 131 Edgewood Ave. in Pittsburgh for $750,000. The six-building property was 85 percent occupied at the time of closing. Michael Sell of Grant Street represented the seller, RSME Holdings. Ned Shekels of Pennsylvania Commercial represented the buyer, Cambridge Court Associates.

NEW YORK CITY — The Jericho Project has received $10.6 million in federal stimulus funding for the construction of a new supportive housing community for veterans in the Bronx. Residence at Kingsbridge will feature 76 units. The community will also provide professional counseling services for returning veterans as well as employment assistance and family reunification services. The building is applying for LEED certification and should be complete in the next 18 months. It will mark The Jericho Project's fifth Veterans Residence community, which are located in the Bronx and Harlem. Additional funding for the Kingsbridge project is coming from the New York City Department of Housing Preservation and Development, Bronx Borough President Ruben Diaz, Jr., and private donations.

NEW YORK CITY — Massey Knakal Realty Services has completed the $3.12 million sale of a residential building located on the Lower East Side of Manhattan. The six-story building contains ground-floor retail space and 22 rent-stabilized apartments above. Apartment occupancy was 40 percent at the time of closing, and the retail space was occupied under a short-term lease. Michael DeCheser of Massey Knakal handled the all-cash deal between the two undisclosed parties.

NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged $5.25 million for an apartment building located in the Bronx, New York City. The six-story property features 78 rent-stabilized units, 90 percent of which are occupied. The loan carries a 1-year, interest-only term followed by a 30-year amortization schedule. Max Herzog and Michael Diaz of CBRE Capital Markets' Debt & Equity Finance Group arranged the loan on behalf of the undisclosed borrower through a local bank.

WATERVLIET, N.Y. — Groundbreaking has occurred for an $18 million renovation of Van Rensselaer Village, a 12-building, 100-unit affordable housing community located in Watervliet. Construction will include substantial interior renovations that will reduce the unit count to 80 and add energy-efficient appliances and systems to units and buildings. Windows and insulation will be replaced, central air conditioning will be installed and the exteriors of the buildings will receive new siding and roofs. Omni Housing Development is completing the project on behalf of the Watervliet Housing Authority. The project architect is CK Dennis Architects.

MASSACHUSETTS, NEW YORK AND CONNECTICUT — Arbor Commercial Funding has arranged $1.4 million in Fannie Mae DUS financing for Pyramid Apartments, a 16-unit property located in Hyde Park, Mass. The loan carries a 10-year term, a 30-year amortization schedule and a 5.98 percent note rate. John Kelly of Arbor's Boston office originated the financing. In addition, Edward Petti of Arbor's New York City office originated $1.85 million in Fannie Mae DUS financing for 1922 McGraw Avenue Cooperative, a 53-unit property located in the Bronx. The loan carries a 10-year term, a 30-year schedule and a 6.05 percent note rate. Finally, Kelly originated another Fannie Mae DUS loan in Seymour, Conn. The $1.61 million loan was for the 43-unit Sunny Knoll Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.15 percent note rate.

NEW YORK CITY — NorthMarq Capital has arranged $18 million in Freddie Mac financing for 2161-2169 Broadway, a 76-unit apartment property located in Manhattan, New York City. The loan carries a 10-year term and a 30-year amortization schedule. Craig Bjornsund of NorthMarq's New York Metro regional office secured the loan on behalf of the borrower, Colorado Associates.