NEW YORK CITY — Cadre has closed on the $70 million sale of a portfolio consisting of four multifamily apartment buildings in the Astoria neighborhood of Queens. Acquired in January 2015, the portfolio was renovated during Cadre’s ownership, including improvements to common areas and individual units, such as the addition of bedrooms and bathrooms to some units.
NEW YORK CITY — Rosewood Realty Group has arranged the $20.9 million sale of an apartment property located at 188-30 and 188-34 87th Dr. in the Holliswood neighborhood of Queens. A Brooklyn-based family purchased the six–story, 68,466-square-foot property, adding to its other holdings in Queens, Brooklyn and the Bronx. The 1950-built building includes 96 apartments as well as a storage area, laundry room and indoor parking for up to 40 vehicles.
NEW CANAAN, CONN. — CH Vitti Street Associates and Collins Enterprises will develop a mixed-use medical and residential property at 23 Vitti St. in New Canaan. Known as New Canaan Medical Arts Center, construction will begin in May and will be completed in spring 2018. Do H. Chung & Partners is the project architect and Avison Young will serve as leasing agent. The two-story, 9,000-square-foot medical center will be constructed along the parcel’s 121 feet of frontage, with a public courtyard along Vitti Street. The commercial portion of the project includes 2,000 square feet of medical space on the first floor and 7,000 square feet on the second floor, which can be subdivided. Building features will include automated doors and a medical grade HVAC system with HEPA filtration. The project also includes eight apartments to be developed as a separate building on the site. Each use will have its own entrance and will be separated by a landscaped parking area and residential pathways. The site is located in downtown New Canaan within walking distance of restaurants, services and transportation.
GOLETA, CALIF. — PSRS has arranged an $80 million loan for a 266-unit apartment complex in Goleta. The luxury complex is situated on a 13.7-acre lot. It features 18 buildings and amenities such a business center, clubhouse, fitness center, swimming pool, barbecue, fire‐pits and spa. The loan was used to pay off construction costs. PSRS’ Mike Thorp arranged the financing. The 10‐year, fee-simple loan will amortize in 30 years. One of PSRS’ correspondent life companies provided the capital for the loan.
SAN FRANCISCO — A private investor has acquired a four-unit apartment building in San Francisco for $3.2 million. The community is located at 537-541 Dolores St. The units look directly into Dolores Park. Clinton Textor and Nick Bonn of Marcus & Millichap represented both the buyer and seller, another private investor, in this transaction.
BOSTON & LYNN, MASS. — On behalf of Helge Capital, CBRE New England’s multifamily debt and structured finance team has secured a $56.3 million first mortgage loan to finance the recapitalization of a 19-building multifamily portfolio in metro Boston and Lynn, Mass. The assets consist of workforce housing of both market-rate and affordable apartments. CBRE’s John Kelly arranged the financing through a national lender on behalf of Helge Capital, a commercial real estate investment and operating company specializing in multifamily and development properties in the greater Boston area.
BOSTON, CAMBRIDGE & BRIGHTON, MASS. — KeyBank Real Estate Capital has secured $38.7 million in Fannie Mae financing for a four-property multifamily portfolio located in Massachusetts. A $20.7 million first mortgage loan was secured by Boylston Apartments, a 129-unit property built in 1927 in Boston; a $10.1 million first mortgage loan was secured by Cambridge Apartments, a 56-unit property built in 1880 in Cambridge; and a $7.9 million first mortgage loan was secured by Commonwealth & Lothian Apartments, two properties totaling 61-units built between 1925 and 1928 in Brighton. Hayley Suminski of KeyBank’s commercial mortgage group arranged the financing with 10-year terms, five years of interest-only payments and 30-year amortization schedules. The non-recourse loans were used to refinance existing debt.
HENDERSONVILLE, TENN. — Ryan Cos. US Inc. has acquired an 11-acre land parcel in the Nashville suburb of Hendersonville. The buyer will use the property to build Clarendale at Indian Lake, a $48.5 million, 189-unit independent living, assisted living and memory care community. Project partners include LCS and Harrison Street Real Estate Capital. It will be the fourth Clarendale-branded community. The developers plan to start construction this spring for completion in fall 2018. Life Care Services, an affiliate of LCS, will operate the community once construction is completed. HFR Design, a Nashville-based architecture and engineering firm, designed the property. Bone McAllester Norton provided legal services. Terry Smith and Henry Trost of Avison Young represented Ryan Cos. in the land acquisition. The price was not disclosed.
NASHVILLE, TENN. — GBT Realty Corp. has begun construction on Belcourt Park, a $20 million multifamily community situated on 0.7 acres in Nashville’s Hillsboro Village. Belcourt Park will include 76 units and an onsite leasing and management office. Community amenities include a Wi-Fi workspace, an espresso bar, fitness facility, patio with cabanas and fire pits and a concealed parking structure that can hold up to 84 cars. Pre-leasing is expected to start this winter with the first residents moving in no later than next spring. GBT Realty financed the development with an $11.4 million construction loan from Trustmark Corp. Belcourt Park brings GBT’s total current investment in Hillsboro Village to $65 million, including Village 21 at Regions Park.
CLEMSON, S.C. — Stonemont Financial Group has begun construction on Plaza One89, a 45-bed student housing community located near Clemson University in South Carolina. The four-story property, which is also home to 6,000 square feet of retail space leased to Amici Italian Café, will offer two- and four-bedroom, fully furnished units with balconies. Community amenities will include a rooftop patio, on-site parking and controlled access. The project is set to open this August.