NEW YORK CITY — BHI, the U.S. division of Israeli financial institution Bank Hapoalim, has provided a $102.7 million construction loan for the development of a multifamily project at 1165 Madison Ave. on Manhattan’s Upper East Side. Naftali Group is developing the 62,700-square-foot project, which will offer 12 for-sale condos and 3,750 square feet of retail space. Robert A.M. Stern Architects is designing the project. Completion is slated for May 2023.
MARYLAND HEIGHTS, MO. — Monument Capital Management, an A-Rod Corp. subsidiary founded by Alex Rodriguez and Ramon Corona in 2012, has acquired Haven on the Lake in Maryland Heights for $67.3 million. Built in 1974, the 528-unit apartment community is located at 2050 Lakerun Court in suburban St. Louis. Amenities include a fitness center, business center, newly renovated clubhouse and indoor and outdoor tennis courts. Brad Williamson and Wesley Moczul of Berkadia originated $52 million in acquisition financing through Freddie Mac. The six-year loan features a fixed interest rate. Matt Bukhshtaber of CBRE represented the seller, FPA5 Pheasant Run LLC. The acquisition marks Monument’s entry into the Missouri market. Monument plans to implement a capital improvements program throughout the property’s unit interiors as well as the exteriors and community amenities.
ST. JOSEPH, MO. — Sky Real Estate LLC and Sunflower Development Group LLC have completed a $36 million adaptive multifamily reuse project in downtown St. Joseph, about 55 miles north of Kansas City. The project involved the conversion of the former Richardson Dry Goods Co. headquarters into a 140-unit, loft-style apartment complex named American Electric Lofts. Amenities include a game room, fitness room, pet park and smart home technology throughout the property. Hazel’s Coffee recently opened on the building’s first floor. SWD Architects, Lankford Fendler + Associates and Rau Construction made up the project team. The developers utilized federal and state historic tax credits.
INDIANAPOLIS — Asia Capital Real Estate (ACRE) has provided a $21 million loan for the renovation of Williamsburg North in Indianapolis. The 318-unit multifamily property, located at 4430 Brookline Court, was built in the 1960s. Amenities include a clubhouse, dog park, fitness center, pool and picnic areas. At the time of loan closing, the asset was 97 percent leased. The three-year loan features a loan-to-value ratio of 71 percent. Real estate investor David Shemano was the borrower.
NEW YORK CITY — Ariel Property Advisors has brokered the $3.5 million sale of a 2,700-square-foot retail and residential building in the Kips Bay area of Manhattan that consists of one retail space leased to Dunkin’ and two residential units. Howard Raber, Sean Kelly and Jack Moran of Ariel Property Advisors represented the undisclosed seller in the deal. The buyer and sales price were also not disclosed.
GREENVILLE, S.C. — Capstone Apartment Partners has brokered the $49 million sale of Vantage at Powdersville, a 288-unit, garden-style apartment community in Greenville. The property is situated on 22 acres in west Greenville at the intersection of Anderson Road and State Road 153, about 19 miles from Greenville-Spartanburg International Airport and 7.2 miles from downtown Greenville. Caleb Troop, Austin Green and Alex McDermott of Capstone represented the seller, Vantage Communities, in conjunction with Marcus & Millichap’s Institutional Property Advisors. The buyer is California-based RK Properties, which plans to complete light upgrades to the community amenities and interior units. Built in 2019, Vantage at Powdersville features one-, two- and three-bedroom apartment homes with wood-style flooring, fully equipped kitchens, ceiling fans, walk-in closets, full-size washers and dryers and a patio or balcony. Community amenities include a resort-style swimming pool, fitness center, picnic/grilling area, business center, dog parks and washing stations and garages. The community was approximately 97 percent occupied at the time of closing. Vantage at Powdersville is RK’s third transaction in the Carolinas in the past seven months. The company purchased Haven Pointe at Carolina Forest in Myrtle Beach this year, as well as Novel Research Park in Charlotte late last year. …
PHOENIX — ABI Multifamily has arranged the sale of Parkwood Apartments, a multifamily property in Phoenix. The asset sold for $69.2 million, or $201,30 per unit. The names of the seller and buyer were not released. Built in 2001, Parkwood Apartments consists of 23 residential buildings offering a total of 344 units in a mix of 48 one-bed/one-bath, 48 two-bed/one-bath, 144 two-bed/two-bath and 104 three-bed/two-bath units. All apartments include washers/dryers, air conditioning/heating, vaulted ceilings, private patios, additional storage and fully equipped kitchens. Community amenities include a rental office, fitness center, pool/spa, playground, barbecue grills, picnic area, gated entry and residential parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the seller and buyer in the deal.
DENVER — Virginia-based Willow Creek Partners has purchased The Croft Apartment Homes, a mid-rise property located at 7200 E. Evans Ave. in Denver. This is the company’s first acquisition in the region. The name of the seller and acquisition price were not released. Adam Randall and John Westby-Gibson of Newmark’s Multifamily Capital Markets Debt & Structured Finance group arranged $21.8 million in acquisition financing for the buyer. The Croft Apartment Homes features 138 units in a mix of one- and two-bedroom floor plans. Built in 1974, the building’s renovated units offer new appliances, granite countertops, air conditioning, ample storage, in-unit washers/dryers and private outdoor space. Community amenities include a business center, clubhouse, courtyard, fitness center, indoor pool and game room.
MIAMI BEACH, FLA. — Cushman & Wakefield has arranged the $24.5 million sale of Marina Del Rey, a 108-unit waterfront apartment community in Miami Beach. Calum Weaver, Garrett Pordes, Robert Given, Zach Sackley and Troy Ballard of Cushman & Wakefield represented the seller, Finvarb Group, in the transaction. An entity doing business as 1006 Bay Drive LLC was the buyer. Located at 1006-1022 Bay Drive, Marina Del Rey features over 400 feet of direct water frontage with views of Biscayne Bay and downtown Miami.
PFLUGERVILLE, TEXAS — Newmark has arranged the sale of Villas at Spring Trails, a 270-unit apartment community located in the northern Austin suburb of Pflugerville. Built in 2013, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, sand volleyball court, gaming and media center and a putting green. Patton Jones of Newmark represented the seller, Kansas-City based KC Venture Group, in the transaction. Dallas-based private equity firm Knightvest Capital purchased the property, which was 96 percent occupied at the time of sale, for an undisclosed price.