NEW YORK CITY — Pembrook Capital Management has provided a $12.4 million acquisition loan for 100 Belmont Place and 101 Daniel Low Terrace, two multifamily assets totaling 112 units on Staten Island. Both properties were built in 1966. The undisclosed borrower will use a portion of the proceeds to fund capital improvements to the unit interiors and property exteriors.
PATERSON, N.J. — Marcus & Millichap has arranged the $7.9 million sale of 61 Park Avenue, a 36-unit residential property located in the western New York suburb of Paterson. The newly constructed building consists of 24 one-bedroom units, 12 two-bedroom units and two commercial spaces. Richard Gatto, Daniel Aviles, Fahri Ozturk and Casey Egan of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors who requested anonymity.
NEW YORK CITY — Westbridge Realty Group has brokered the $1.4 million sale of a multifamily building located at 2412 Webster Ave. in The Bronx. The property spans 9,240 square feet and totals eight units. Steven Westreich of Westbridge Realty represented the seller 2412 Webster Associates Inc., and procured the buyer, YSLW Webster LLC.
AURORA, ILL. — Walker & Dunlop Inc. has arranged a $14.6 million loan for the refinancing of The Vistas Fox Valley in Aurora. The 136-bed skilled nursing facility offers full medical support and rehabilitation services for seniors age 65 and older. Amenities include an onsite spa and salon, dining services, transportation options, family lounges and 24-hour medical assistance. Joshua Rosen of Walker & Dunlop led the origination team. The HUD loan will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.
ARLINGTON, VA. — CBRE has arranged a $161.5 million Freddie Mac loan for the refinancing of Crystal House, an 825-unit apartment community in Arlington, just south of Washington, D.C. Crystal House is located in the Crystal City neighborhood near Ronald Reagan Washington National Airport and the site of Amazon’s future second headquarters. The property was originally built in 1965 and renovated in 2017. Crystal House offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, hardwood-style flooring, granite breakfast bars and walk-in closets. Select units also feature private balconies. Communal amenities include two rooftop decks with lounge seating, TVs and fireplaces, a clubhouse with billiards and a cyber lounge, pool with cabanas and a sundeck, fitness center, convenience store and outdoor picnic areas. The property also offers valet dry cleaning and 24-hour concierge services. Michael Sherman, Irene Lu, Michael Riccio, Susan Larkin and Anna Pfau of CBRE originated the loan. The borrower was a partnership between Roseland Residential Trust, which is a subsidiary of New Jersey-based REIT Mack-Cali Corp., and an investment fund advised by UBS Realty Investors LLC. “This is among the largest multifamily refinancings to occur completely during the COVID crisis, as lenders have …
SALT LAKE CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Liberty Crossing, a multifamily property located in Salt Lake City. Elan Multifamily Investments acquired the community from Liberty Crossing Associates for an undisclosed price. Built in 2019, the 102,011-rentable-square-foot property features 95 apartments. Danny Shin and Brock Zylstra of IPA brokered the transaction
CORAL SPRINGS, FLA. — Meridian Capital Group has arranged a $51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An undisclosed regional balance sheet lender provided the seven-year loan, which features a fixed 3.4 percent interest rate, one five-year extension option and three years of interest-only payments followed by a 30-year amortization schedule. The Harbor, formerly known as Innovo Living on Atlantic, comprises 33 two-story buildings. The asset is located at 790 Harbor Inn Drive, equidistant to Fort Lauderdale and Boca Raton. Communal amenities include a new 5,700-square-foot club house including a climbing wall, fitness center, business center, lap pool, and a yoga and Pilates studio. Noam Kaminetzky and Jason Grimm of Meridian Capital arranged the financing on behalf of the borrower, CaraCo Group. According to Kaminetzky, the sale was originally slated to close in late March or early April but was delayed due to the COVID-19 pandemic. Meridian Capital worked with all parties to negotiate a new closing date, which coincided with Broward County allowing shops and restaurants to reopen. Copperline Partners was the seller.
BETHESDA, MD. — MetLife Investment Management has provided a $34.3 million refinancing loan for Element 28, a 101-unit multifamily community in downtown Bethesda. The loan features a floating interest rate and two one-year extensions. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour concierge, resident lounge with complimentary coffee, temperature-controlled wine lockers, conference room, fitness studio, retractable glass-walled rooftop lounge, green roof areas, bike storage and transit screen providing real-time status of transit options. Located at 100 Commerce Lane, Element 28 is one block from the Bethesda Metro Station and less than one mile from the Capital Crescent Trail head, which connects downtown Bethesda with D.C.’s Georgetown district. The borrower is a partnership between institutional investors advised by J.P. Morgan Asset Management and Kettler. Kelly Gaines, Jennifer Keller, Jamie Leachman and Amy Lousararian of JLL arranged the loan on behalf of the borrower.
WASHINGTON, D.C. — Greysteel has negotiated the sale of The Waring and The Regent, two apartment communities in Washington, D.C. Urban Investment Partners acquired both assets for a total of $21 million. In the first deal, 1433 T Street Associates LLC sold The Waring, a 38-unit property located at 1433 T St., for $12.5 million. In the second deal, Mozart LLC sold The Regent, a 37-unit property located at 2517 Mozart Place NW, for $8.5 million. The Waring was built in 1909 and is situated less than one mile from downtown Washington, D.C. The property offers studio, one- and two-bedroom floor plans averaging 573 square feet. The seller recently upgraded unit interiors, including fully renovating the kitchens and bathrooms. The Regent, which is situated less than one mile from The Waring, offers studio through two-bedroom floor plans averaging 732 square feet. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each deal and procured the buyer.
HOBOKEN, N.J. — A partnership between locally based developer Bijou Properties and Intercontinental Real Estate Corp. has completed 7Seventy House, a 424-unit multifamily project in Hoboken. The property features studio, one- and two-bedroom units that are furnished with quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a pool, bocce court, coworking lounge, game room and a dog park, with many of the amenity spaces offering views of the Manhattan skyline. MHS Architects designed the 14-story building, which also houses 24,000 square feet of ground-floor retail space and is now 70 percent leased.