NEW YORK CITY — Greystone has provided an $18.3 million Fannie Mae loan for the refinancing of a 154-unit multifamily property located at 400 Herkimer St. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property was built on 18 acres in 1965 and offers studio, one-, two- and three-bedroom units. Anthony Cristi of Greystone originated the 10-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
COLONIE, N.Y. — Axiom Capital Corp., a New York-based commercial finance and advisory firm, has arranged an $8.6 million loan for the refinancing of a 107,245-square-foot retail property in Colonie, located just outside of Albany. The property consists of nine buildings, some of which contain office space, on a 15.8-acre site. The nonrecourse loan was structured with a fixed interest rate and a five-year term. The borrower and direct lender were not disclosed.
PROVIDENCE, R.I. — JLL has brokered the sale of a 30,000-square-foot medical office building in Providence. Built in 2006, the building was 96 percent leased at the time of sale to tenants offering urgent care, primary care, imaging, pediatric care, physical therapy and pathology services. A partnership between Sendero Capital and Angelo Gordon acquired the asset from an undisclosed seller. Brannan Knott, Mindy Berman and Anthony Sardo of JLL brokered the deal.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.8 million sale of a 25-unit affordable housing complex located at 201 W. 148th St. in Harlem. Information on specific income restrictions was not disclosed. Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the seller in the transaction. Additional terms of sale were not disclosed.
PLAINSBORO, N.J. — Massachusetts-based investment firm Colony Hills Capital has acquired Addison at Princeton Meadows, a 440-unit apartment community located in the Central New Jersey community of Plainsboro. The sales price was $115 million. The garden-style property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, basketball court, dog park and outdoor grilling and dining stations. Allan Szlafrok, Eli Maryl, Ohad Babo, and Michael Weiser of GFI Realty Services represented Colony Hills Capital, which plans to implement a value-add program, in the transaction. JLL represented the seller, New Jersey-based Kushner Real Estate Group (KRE).
EAST NORRITON, PA. — JLL has negotiated the $23.1 million sale of Dekalb Plaza, a 178,356-square-foot shopping center in East Norriton, a northwestern suburb of Philadelphia. Urban Air and Big Lots anchor the open-air center, which was 98 percent leased at the time of sale. Other tenants include Goodwill, Chick-fil-A, Applebee’s, Sally Beauty and Celebree School, and the roster carries a remaining weighted average lease term of 5.7 years. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL represented the seller, Broad Street Realty, in the transaction. The buyer was Abrams Realty & Development.
PLYMOUTH, MASS. — Maryland-based developer Bozzuto has begun leasing Rowen at The Pinehills, a 178-unit apartment complex in Plymouth, located in the southern coastal part of The Bay State. The four-story building houses one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and tile backsplashes. Select residences also offer private balconies/patios. The amenity package consists of a pool, landscaped courtyards, fitness center with yoga and Pilates studios, a library with coworking spaces, entertainment and demonstration kitchen, billiards room, pet spa and storage lockers. Rents start at $2,550 per month for a one-bedroom apartment.
ELIZABETH, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the sale of Chilton Hall Apartments, a 126-unit multifamily property located in the Northern New Jersey community of Elizabeth. The garden-style property comprises 21 buildings on a four-acre site, and the unit mix consists of 60 one-bedrooms and 66 two-bedrooms. Stephen Tragash of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
SPRINGFIELD, MASS. — MassHousing has provided $13.3 million in financing for Van der Heyden Apartments, an affordable housing complex located in the western Massachusetts city of Springfield. The undisclosed borrower will use the proceeds to acquire and renovate the property as well as preserve its affordability status. Built in 1914, the property totals 45 units. Under the new affordability agreement, 18 of the units are reserved for households earning 30 percent or less of the area median income (AMI). The other 27 are earmarked for renters earning 50 percent or less of AMI. Residences come in one- and two-bedroom floor plans. As part of the renovation, the building’s commercial space will be converted into a supportive services area with an office and meeting room.
ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. “Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.” Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older. Funded by the …