NEW YORK CITY — Ariel Property Advisors has arranged the $3.4 million sale of a development site located at 1408 Cromwell Ave. in the Bronx. The vacant lot is situated in the Jerome Avenue District, which was recently rezoned to residential under New York City’s affordable housing plan. The rezoning covers 92 blocks and is expected to generate approximately 4,600 new units of housing. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed.
BETHESDA, MD. — Walker & Dunlop has arranged $69.9 million in Fannie Mae financing for the acquisition of three multifamily properties located in the Atlanta and Richmond, Va., metro areas. Andrew Tapley and Alexandra Huffman of Walker & Dunlop arranged the financing on behalf of the borrower, Capital Square 1031. The financed portfolio includes Ivy Commons Apartments in Marietta, Ga., roughly 24 miles northwest of Atlanta; Axis 147 in Chesterfield, Va., roughly 17 miles south of Richmond; and Mayton Transfer Lofts in Petersburg, Va., approximately 24 miles south of Richmond. Both Mayton Transfer Lofts and Ivy Commons qualified for Fannie Mae’s Green Rewards program. Community amenities across the portfolio include business centers, dog parks, fitness centers and swimming pools.
PROSPECT HEIGHTS, ILL. — Cushman & Wakefield has arranged the sale of The Grandbrier at Prospect Heights, a 101-unit assisted living and memory care community in suburban Chicago. The sales price was not disclosed. A joint venture between Virtus Real Estate Capital and Pathway to Living acquired the asset. Built in 2017, the property features 69 assisted living units and 32 memory care units. Amenities include an outdoor terrace, theater, living rooms and lifestyle programming. Oz Real Estate was the seller.
LAWRENCE, KAN. — Dougherty Mortgage has provided an $8.3 million Fannie Mae loan for the acquisition of a two-property apartment portfolio in Lawrence, located about 42 miles southwest of Kansas City. The portfolio includes Sunrise Village and Sunrise Place for a total of 132 units. The 12-year loan features a 30-year amortization schedule. The borrower was a venture between MJP Property Group and Sky Castle Properties.
CHANDLER, ARIZ. — San Diego-based MG Properties Group has purchased Country Brook Apartments, a multifamily property located at 4909 W. Joshua Blvd. in Chandler. An undisclosed seller sold the property for $74 million. The 396-unit community features three resort-style swimming pools with outdoor televisions and shade sails, two whirlpool spas, gas barbecues, a picnic area and ramadas surrounded by landscaping. The apartments feature in-unit washers/dryers and an average size of 936 square feet. Cindy Cooke and Brad Cooke of Colliers International handled the marketing and sale transaction.
FEDERAL WAY, WASH. — CBRE has arranged $21.6 million in financing for Village Green Retirement Campus, a 167-unit independent living and assisted living community in the Seattle suburb of Federal Way. The borrower is The Powell Family, a Seattle-based developer and operator of many types of commercial real estate. The community is located less than a mile from St. Francis Hospital, which is a part of CHI Franciscan Health, one of the largest health care systems in the Puget Sound area. Situated on 12.9 acres, the property comprises two main buildings and 30 cottages. Mark Capeloto of CBRE’s Debt and Structured Finance office in Seattle and Aron Will of CBRE National Senior Housing arranged the financing. The Freddie Mac loan features a seven-year term, floating rate and 36 months of interest-only payments.
BALDWIN PARK AND SAN FRANCISCO, CALIF. — Ready Capital Structured Finance has arranged two loans totaling $8.1 million for properties in California. In the first transaction, Ready Capital secured a $5.8 million loan for the acquisition, renovation and stabilization of a 23,000-square-foot industrial property with 3.4 acres of exterior storage space. The property is located in Baldwin Park within the San Gabriel Valley industrial submarket. The non-recourse, interest-only, floating-rate loan features a 24-month term and flexible pre-payment options. Additionally, the financing includes a facility to provide future funding for capital expenditures, working capital and operating shortfalls during the renovation and lease up. In the second transaction, the company arranged $2.3 million for the refinance of a multifamily property located at 6-8 Nottingham Place on the border of San Francisco’s North Beach and Financial District. The undisclosed sponsor operates the 11-unit property as part of its co-living portfolio. The non-recourse, fixed-rate loan features a 60-month term with flexible pre-payment terms and partial-term interest-only payments.
RENO, NEV. — NAI Alliance has arranged the sale of Locust Apartments, a two-parcel multifamily property located 1700 Locust St. and 520 Colorado River Blvd. in Reno. A Reno-based private developer and investor sold the community to an undisclosed buyer for $2.4 million. Built in 1986 and renovated in 2016 and 2017, the property features 17 garden-style apartment units with granite countertops, stainless steel appliances, Tahoe wood-style cabinetry and all new blinds, windows, doors, roofs and water heaters. The community offers a mix of studio, one- and two-bedroom units, a laundry room and a manager’s quarters. At the time of sale, the property was 100 percent leased. Benjamin Nelson of NAI Alliance represented the seller in the deal.
DALLAS — NorthMarq Capital has added six multifamily investment sales specialists to its Dallas branch, which is the Minneapolis-based financial intermediary’s top-producing debt and equity advisory office. Joining the Dallas team is Taylor Snoddy, the top overall producer for Transwestern over the last two years, along with former Transwestern associates James Roberts and Philip Wiegand. Over the past two years, Snoddy, Roberts and Wiegand have closed more than $2.5 billion in multifamily sales and are on pace to exceed $1 billion in sales in 2018. Also joining NorthMarq’s Dallas office from Transwestern are Eric Stockley, Devin Etzold and Charles Hubbard, who will provide financial analysis, client service and transaction coordination.
HOBOKEN, N.J. — Angelo Gordon has arranged a $64 million construction loan for the Wonder Lofts, an 89-unit apartment building in Hoboken. Originally built in 1909 and used as an industrial facility that produced Wonder Bread, the project, dubbed the Wonder Lofts, will include five separate buildings and retain a significant amount of the property’s existing architectural detail. Angelo Gordon secured financing through Arkansas-based Bank OZK on behalf of Prism Capital Partners and Parkwood Development Corp. Nearly all interior demolition and construction preparation work has been completed, and construction of the main building of the Wonder Lofts project is expected to begin in the fourth quarter of this year.