NEW YORK CITY — Greystone Bassuk has secured a $103 million construction loan with Bank of China for an affiliate of The Moinian Group. The borrower will use the loan to construct 572 11th Avenue, a 13-story apartment building located in Manhattan. Designed by CetraRuddy, the 185,000-square-foot building will feature 164 apartment units over 25,000 square feet of street-level and below-grade retail space. Additionally, 46 of the apartments will be set aside for low- and moderate-income households pursuant to the new 421-a Program and the New York City Department of Housing Preservation and Development’s Inclusionary Housing Program.
NEW YORK CITY — Clipper Realty has purchased an apartment building located at 10 W. 65th St. on Manhattan’s Upper West Side. Touro sold the property for $79 million, or $585 per square foot. The 82,230-square-foot building features 82 apartments and 53,000 square feet of air rights. New York Community Bank provided Clipper Realty with a $34.5 million, 10-year loan for the acquisition of the property. Aaron Jungreis and Devin Cohen of Rosewood Realty Group represented the buyer and the seller in the transaction.
LAWRENCEVILLE, N.J. — AvalonBay Communities has completed the disposition of Avalon Run East, a garden-style apartment community located at 100 Avalon Bay Drive in Lawrenceville. A joint venture between Rockpoint Group and The Brooksville Co. acquired the property free and clear of existing debt for an undisclosed price. Situated on 69 acres, Avalon Run East features 312 apartments in a mix of one-, two- and three-bedroom units averaging 1,094 square feet. Residences feature gas fireplaces, direct access to personal garages, patios/balconies, in-unit washer and dryers, individual alarm systems and walk-in closets. On-site community amenities include a heated outdoor pool, tennis courts, a playground, picnic and grilling areas, a fully equipped fitness center, an indoor basketball court and a resident lounge. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal.
NEW YORK CITY — Silverback Development has secured a $43.1 million loan to facilitate construction for 67 Livingston Street, a condominium development in the heart of Brooklyn Heights. Melody Business Finance provided the financing for the project, which includes the conversion of a former student housing dormitory into a residential condo building. Situated on a 3,404-square-foot lot on Livingston Street, the 29-story building will feature full-floor residences with outdoor spaces and panoramic views of the Manhattan skyline, the Brooklyn and Manhattan bridges and the Statue of Liberty.
LOS ANGELES — G.H. Palmer has obtained a $266.7 million refinancing for a four-property multifamily portfolio in Los Angeles. The portfolio contains a total of 1,359 units. Properties featured in the portfolio include Skyline Terrace Apartments at 930 Figueroa Terrace and Pasadena Park Place at 101 Bridewell St., along with River Ranch Townhomes and Apartments at 18005 Anne’s Circle and The Terrace at 21311 Alder Drive in Santa Clarita. The refinancing was completed as seven-year, fixed-rate, interest-only, non-recourse loans at 3.54 percent interest with a 65 percent loan-to-value ratio. Gary M. Tenzer of George Smith Partners arranged the financing.
LEBANON, N.H. — Dartmouth-Hitchcock and E4H Environments for Health Architecture have opened the new Jack Byrne Center for Palliative & Hospice Care, a 30,000-square-foot skilled nursing and hospice facility. The property is located within the Dartmouth-Hitchcock Medical Center campus in Lebanon, located near the Vermont border. The new facility features 12 single-occupancy patient rooms that offer a home-like setting. The Jack Byrne Center will also serve as an educational and training center for end-of-life caregivers throughout New England. The resource program was developed and will be administered by Dartmouth-Hitchcock’s Palliative Care Program in collaboration with hospice and community partners. Construction of the facility by PC Construction began in June 2016. Led by a $10 million commitment from the Jack and Dorothy Byrne Foundation in 2014, philanthropic support covered 75 percent of the center’s construction cost.
ENGLEWOOD, COLO. — Hamilton Zanze has purchased the 238-unit Oxford Station apartment complex in Englewood for $60 million. The community is located at 4101 S. Navajo St. The asset features two five-story buildings that offer a mix of studio to two-bedroom units. Oxford Station was 96 percent occupied at the time of sale. Community amenities include a fitness center with virtual workout classes, skylevel entertainment lounge, social lounge, zen lounge, pet washing station and dog park, on-site secure storage, enclosed bicycle parking, pool with hot tub and barbeque area, outdoor gaming area, bike, ski and board repair station, and structured parking. CBRE’s David Potarf represented Hamilton Zanze.
SANTA FE, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Santa Fe, an assisted living and memory care community in Santa Fe. The 71,000-square-foot property will feature 56 assisted living suites and 29 memory care suites. The community will be located on four acres within a mixed-use development known as the St. Francis Drive Corridor. The project represents the 10th joint venture between Denver-based developer, owner and operator MorningStar and Denver-based investment and development firm Confluent. Confluent will own the finished community, which MorningStar will operate. Rosemann & Associates is serving as the architect for the new development and New Mexico-based Bradbury Stamm Construction is the general contractor. MonrningStar of Santa Fe is scheduled for completion in fall 2018.
LITTLE ROCK, ARK. — Dougherty Mortgage LLC has arranged a $23.9 million Fannie Mae loan for the refinancing of Bowman Pointe Phase I, a 217-unit multifamily community in Little Rock. The Minneapolis-based company arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Bowman Pointe LLC. Bowman Pointe features a business center, clubhouse, virtual fitness studio, fitness center and a resort-style pool with cabanas.
BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $11.9 million sale of Iron City Lofts, a 70-unit apartment community in downtown Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, KRE Ventures, in the transaction. Engel Realty acquired the asset. Constructed in 2016, Iron City Lofts features granite countertops, custom kitchens and hardwood flooring. Community amenities include a heated rooftop pool, fitness center and a dog wash facility. The property is located within walking distance to retail and dining hotspots Pepper Place and the Lakeview District.