YONKERS, N.Y. — Rosewood Realty Group has arranged the $36 million sale of a 143-unit multifamily building located at 525-527 Riverdale Ave. in Yonkers. The seven-story, 161,000-square-foot, rent-regulated building was built in 1981 and sold at a 5.3 percent capitalization rate. The property also includes 124 parking spaces and 13 storage units. Aaron Jungreis of Rosewood represented both the buyer, Emerald Equities, and the seller, 525-527 Riverdale Avenue Property LLC, in the transaction.
LEXINGTON, MASS. — HJ Sims has closed $52.1 million in financing for new construction and a health center repositioning at Brookhaven at Lexington in Lexington, Massachusetts. The 32-acre life plan community was opened in 1989 and was expanded and renovated in 2006. A recent master planning process identified a need for significant renovations and reconfigurations, as well as additional independent living apartments. Total financing included a $36 million short-term, taxable construction loan with a floating interest rate and a 12-year, $16.1 million taxable term loan maturing in 2030 with a fixed interest rate of 3.89 percent.
LAWRENCE, MASS. — MassHousing and Trinity Financial have broken ground on Van Brodie Mill, a 102-unit, mixed-income housing community in Lawrence. Lawrence Mayor Dan Rivera, Executive Director of MassHousing Chrystal Kornegay and State Representative Frank Moran attended the groundbreaking, which took place on June 6. The adaptive reuse project, which is located at 590 Broadway,will preserve a historic former mill in the Arlington Mills historic district. Trinity Financial is a real estate development firm specializing in redeveloping urban sites in the Northeast. The cost of the project was not disclosed.
OGDEN, UTAH — Community Preservation Partners (CPP) has completed its first acquisition in Utah with the $14.3 million purchase of two apartment communities in Ogden. The seller was an undisclosed private developer. Renovations are currently underway at Normandie Apartments, a 58-unit property at 610 First St., and Osmond Heights, a 40-unit community at 630 23rd St. Planned improvements for both properties include full kitchen renovations; updated bathrooms; new carpeting throughout units and common areas; ADA accessibility improvements throughout exterior spaces; improved outdoor spaces, including parking repavement and landscaping; installation of new outdoor playground equipment; and remodeled laundry rooms and management offices. The transaction preserved all 98 units as affordable through the combination of a 20-year renewal on the existing 54 project-based Section 8 vouchers and reallocation of 44 project-based Section 8 vouchers from another property located outside the city. WNC & Associates, CPP’s parent company, is the lead investor for the project, which includes a loan from California Bank & Trust.
LA MESA, CALIF. — Kidder Matthews has arranged the sale of Rimrock Apartments, a multifamily community located at 8420 Buckland St. in La Mesa. Wyoming-based Joehnk LLC acquired the property from Rimrock LP and Partners LLC for $14.1 million. Jim Neil, Eric Comer, Merrick Matricardi and Bryan Calhoun of Kidder Mathews represented the seller in the transaction. Built in 1974, the garden-style community features 62 value-add apartments. The property features 48 one-bedroom/one-bath and 14 two-bedroom/two-bath floor plans. On-site amenities include a pool, spa and shared laundry room.
ATLANTA — Cushman & Wakefield has arranged the $78.3 million sale of a six-property, 1,522-unit multifamily portfolio located across Alabama, Georgia and Mississippi. Tampa-based Blue Rock Partners acquired the properties from Atlanta-based Varden Capital Partners. Tyler Averitt, Jimmy Adams and Craig Hey of Cushman & Wakefield’s Atlanta office arranged the transaction on behalf of the seller. The sold portfolio includes the 184-unit Madison Square in Dothan, Ala.; the 324-unit Preserve at Bent Creek in Atlanta; the 384-unit Lakeview Trails and the 210-unit Epic Brookside in College Park, Ga.; the 188-unit Orchard Cove in Covington, Ga.; and the 232-unit Gardens of Canal Park in Robinsonville, Miss. Community amenities across the portfolio include swimming pools, playgrounds, business centers, laundry facilities and fitness centers.
ANCHORAGE, ALASKA — Hunt Mortgage Group has provided two Fannie Mae Small Balance Loans totaling $5.4 million for two multifamily properties in Anchorage. The borrower is a limited liability company backed by key principal Elaine Baker, owner of Elaine S. Baker & Associates, a design and furnishing company. The transactions included: A $2.8 million loan for the acquisition of Horizon West Apartments, a 29-unit apartment property located at 540 L St. Constructed in 1971, the five-story building features 17 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. At the time of acquisition, the property was 96 percent occupied. The 10-year loan features a fixed rate with 12 months of interest-only payments followed by a 30-year amortization schedule. A $2.6 million loan for the purchase of East 56th Avenue Apartments, located at 200, 240 and 270 E. 56th Ave. The community features five three-story, walk-up multifamily buildings constructed in 2009. At the time of sale, the property was 95 percent occupied. The property features 10 two-bedroom/one-bath units and 12 two-bedroom/two-bath units. The 10-year, fixed-rate loan features a 30-year amortization schedule.
CHAPEL HILL, N.C. — Eyzenberg & Co. has selected Greystar to develop Grove Park, an 850-bed student housing community located at 425 Hillsborough St. in Chapel Hill, a half-mile from the University of North Carolina (UNC) at Chapel Hill campus. Eyzenberg arranged the 12.3-acre ground lease for the project, which is currently home to an existing 111-unit apartment community. Other terms of the deal were not disclosed. The community will include a mix of apartment units and townhomes, and will feature study spaces, a swimming pool, fitness facilities, five-level parking garage and a rooftop deck. Townhouse Apartments LLC, owned by the Segar Family, which also owns the land, developed the project concept, managed the design, coordinated the entitlement and delivered the permits. Greystar expects to break ground on the community this summer and deliver the project prior to the 2020-2021 school year.
LEWISVILLE, TEXAS — Transcontinental Realty Investors Inc. and its subsidiary, Adobe Properties, have broken ground on Tower Bay Lofts, a 308-unit midrise multifamily community in Lewisville, a northern suburb of Dallas. The four-story property will feature amenities such as multiple pools, a fitness center, bocce court, storage units, bike rental service, coffee bar and a resident lounge with a bar. Units will range in size from 575 square feet to 1,604 square feet. A timeline for completion has not yet been established.
ROYSE CITY, TEXAS — Bellwether Enterprise Real Estate Capital LLC has provided a $19.6 million loan to complete the acquisition and construction of Cypress Creek Apartment Homes at Parker Boulevard, a 220-unit affordable housing community in Royse City, about 35 miles northeast of Dallas. The property features one-, two-, three- and four-bedroom units and amenities such as a pool, outdoor grilling area, fitness center, computer center and a resident clubhouse. Kevin Bowen and Bob Morton of Bellwether secured the 40-year, non-recourse loan through the U.S. Department. of Agriculture (USDA).
