Northeast

NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin has brokered the sale of a 42,000-square-foot development site located along North 3rd Street in the Williamsburg neighborhood of Brooklyn for $22 million. The property consists of a block-long vacant parcel that encompasses the addresses 201 Berry St. to 248 Bedford Ave. The buyer, Henry Wollman of Quadriad Realty Partners, plans to develop the site into approximately 82,000 square feet of residential space with underground parking and a retail component. Joe Nicholas of Kalmon Dolgin represented Wollman, as well as the seller, Wydra Enterprises, in the transaction.

WYNNEWOOD, PA., AND WILMINGTON, DEL. — Green Park Financial has provided two multifamily loans totaling $12.1 million. In Wynnewood, the company provided $7.6 million for the refinancing of Brynwood Apartments, a 143-unit, Class B multifamily community. The property comprises eight two-story buildings and was 97 percent occupied at the time of closing. The loan carries a 10-year term and a 30-year amortization schedule. It was originated on behalf of the undisclosed borrower by Don Pettit of Carey, Kramer, Pettit & Panichelli (CKPP). Jay Thomas of Green Park Financial represented his company in the transaction. In Wilmington, Green Park provided a $4.5 million supplemental loan for Arbor Pointe Apartments, a 264-unit community located within a Wilmington residential subdivision. The property contains 11 three-story buildings and was 94 percent occupied at the time of closing. The loan carries a 5.66 percent fixed interest rate for a plus 1-year term with a 30-year amortization schedule. It has a 71 percent loan-to-value ratio with a 1.25x debt-service coverage ratio and a 6.25 percent capitalization rate. Brad Johnson of CKPP originated the loan on behalf of the borrower, Arbor Pointe Rental Co. Thomas represented Green Park in the transaction.

HARTFORD, CONN. — The New Haven, Conn., office of Marcus & Millichap has brokered the sale of Morgan at the Park, a 10-story apartment building located in the central business district of Hartford, for $17 million. The 227,500-square-foot tower is situated on 1.27 acres at 600 Asylum Ave. It contains 270 residences comprising 128 studio units, 140 one-bedroom units and two two-bedroom units, in addition to 10,000 square feet of ground-level retail space. Steven Witten and Victor Nolletti of Marcus & Millichap represented the seller, Capitol Garden LLC, and the undisclosed buyer.

STATE COLLEGE AND HARRISBURG, PA. — Calabasas Hills, Calif.-based PNC ARCS has secured two multifamily loans in Pennsylvania totaling $17.9 million. In State College, the firm provided $9.1 million for Cooper’s Pond Townhomes and Turtle Creek Apartments, two multifamily communities that total 297 units. The loans carry a 10-year term, interest-only, at a rate of 5.815 percent. The Princeton, N.J., office of PNC originated the loans through Fannie Mae. In Harrisburg, PNC’s Princeton office originated $8.8 million for Treeview Apartments, a 210-unit multifamily property located in Harrisburg. The loan carries a 10-year term with a 30-year amortization schedule at an interest rate of 6.01 percent. PNC also originated this transaction through Fannie Mae. The borrowers in both transactions were undisclosed.