NEW YORK CITY — Certes Partners, along with Metropolitan Acquisitions and United Management, have secured $71.5 million in financing from Goldman Sachs for the construction of 212 W. 95th St., a 19-story luxury condo development two blocks away from Central Park. The project will consist of 38 units as well as parking, retail and amenities. New York-based architecture firm CetraRuddy designed the project in collaboration with RKTB Architects. The development team consists of United Management’s Arthur Wiener, Meir Bouskila of Metropolitan Acquisitions and Elan Hakimian, Eitan Bouskila and Sunder Jambunathan of Certes Partners. Construction is scheduled to begin this month with project completion slated for early 2020.
NEW YORK CITY — Equicap has arranged a $14.6 million construction loan on behalf of New York-based privately held development firm Winchester Equities. The financing will be used to build 2222 Ocean, a 49-unit luxury multifamily building in Sheepshead Bay, Brooklyn. Equicap obtained a 70 percent loan-to-cost construction loan from a major bank. The building is slated for completion by fall 2019.
NEW YORK CITY — New York-based Hunt Mortgage Group has provided $187 million in refinancing for a portfolio of affordable and student housing properties located throughout Texas, Florida and South Carolina. The portfolio includes more than 3,500 units and 16 properties. The specific names and locations were not disclosed. The financing included $102 million in floating-rate debt through Freddie Mac and $83 million in fixed-rate financing through Fannie Mae. Hunt also provided a $2 million loan, as well as additional financing through its proprietary lending group. Hunt Mortgage originated the financing package on behalf of the borrower, Atlantic Housing Foundation, a community housing development organization in the affordable housing sector. The company plans to invest $14 million in the portfolio to make green improvements and other renovations.
DULUTH, GA. — Passco Cos. has acquired Merritt at Sugarloaf, a 424-unit apartment community in Duluth, for $68.9 million. The property is located at 2951 Satellite Blvd. N.W., roughly 30 miles north of Atlanta. Paul Berry and Shea Campbell of CBRE arranged the transaction on behalf of the seller, an affiliate of Boston-based Roseview Group. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the asset on behalf of Passco. Constructed in 1999, Merritt at Sugarloaf includes a mix of one-, two- and three-bedroom floor plans. Community amenities include a cyber café, recently expanded fitness center and yoga room, two swimming pools, tennis courts, a playground, outdoor grills, picnic areas, fire pit and a lake. In addition, the property is located roughly four miles from Infinite Energy Center and one mile from Gwinnett Place Mall. The community was 95 percent occupied at the time of sale.
CHARLESTON, S.C. — Madison Capital Group and Chaucer Creek Capital, along with their capital advisor Patterson Real Estate Advisory Group, have broken ground on Sweetgrass at Bees Ferry, a 192-unit apartment community in Charleston’s West Ashley submarket. Patterson arranged a construction loan through Dallas-based Bank of Texas on behalf of the developers. The property is located within a master-planned, mixed-use development and is across from a proposed Harris Teeter grocery store. The initial units are expected to deliver in summer 2019.
PHOENIX — High Street Residential and MetLife Investment Management have started construction of The Osborn Residences, a five-story residential building located at Seventh Avenue and Osborn Road in midtown Phoenix. The project will feature 190 apartments ranging in size from 583 square feet to 1,358 square feet, as well as a five-story parking garage. On-site amenities will include a club room with buffet kitchen, lounge spaces, gaming area, Wi-Fi access throughout the common areas, fitness room, bike storage, dog spa, valet trash service and guest suite for visitors. Additionally, the community will feature a resort-style pool, courtyard, shaded lounge areas, fire pits, outdoor kitchen and grills, hammocks and a yoga lawn. The project team includes Chasse Building Team, ESG Architects, Kimley Horn and Meyer/Borgman/Johnson. The project is scheduled to open in August 2019.
GROTON, WALLINGFORD AND NEW LONDON, CONN. — Chozick Realty Inc. has brokered the sale of a five-property multifamily portfolio consisting of 455 units in Groton, Wallingford and New London for $48.2 million. Chozick Realty represented the seller, The Tree Group, in the transaction and procured the undisclosed buyer. Four complexes in the portfolio totaling 275 units are located in New London and Groton, in southeastern Connecticut midway between Boston and New York. The fifth property, totaling 180 units, is located in Wallingford, 14 miles north of New Haven. All five properties in the portfolio have full amenity packages including swimming pools, tennis courts, fitness centers, community rooms, walking trails and picnic areas.
KING OF PRUSSIA, PA. — HFF has arranged $14.5 million in preferred equity for the development of Skye 750, a 248-unit, midrise apartment community located 20 miles northwest of Philadelphia in King of Prussia. HFF worked on behalf of the developer, LeCesse Development Corp., to arrange the equity from Parse Capital. Slated for completion in 2020, Skye 750 will feature a resort-style clubhouse with fitness center, a cyber café, juice bar, private movie theater, game room, sauna, fire pit and resident lounges throughout, as well as an outdoor courtyard with an infinity swimming pool. The 5.2-acre site is situated just off Route 422 in the center of the King of Prussia Business Park.
BOGOTA, N.J. — The Goldstein Group has completed the sale of a redevelopment site located at 250 and 300 West Fort Lee Road in Bogota, New Jersey. The site will become a multifamily mixed-use development. Lew Finkelstein and CJ Huter of the Goldstein Group represented both the seller, BR Colony Holdings, and the buyer, River Club Development, in the transaction. The site is slated for 421 residential apartments across five buildings, along with 8,000 square feet of ground-floor retail space. Amenities planned for the site include a pool, clubhouse, dog park and walkway promenade along the Hackensack River. Once completed, the development could increase Bogota’s population of 8,200 people by around 10 percent, according to Goldstein. Bogota is 12 miles northwest of Manhattan and 14 miles north of Jersey City.
WASHINGTON, D.C. — The NHP Foundation (NHPF) has acquired Woodmont Crossing Apartments, a 176-unit affordable housing community in Washington, D.C., for $44.6 million. The District of Columbia Housing Finance Agency (DCFHA) provided a $25.5 million acquisition loan for NHPF through the U.S. Department of Housing and Urban Development (HUD). In addition, the Royal Bank of Canada provided $12.1 million in low-income housing tax credits (LIHTC) on behalf of the NHPF. The Woodmont Crossing United Tenants Association selected NHPF to acquire the property as part of the D.C. Tenant Opportunity to Purchase Act (TOPA). The deal marks NHPF’s fifth TOPA acquisition in the D.C. area. As part of the agreement, NHPF will invest $42,000 per unit to upgrade kitchen and bath areas, as well as making 5 percent of the units fully handicap accessible. The property was originally constructed in 2002. All of the units are reserved for residents earning 60 percent of the area median income (AMI).