PHOENIX — Continental Realty Advisors has purchased the 368-unit Courtney Village apartment complex in Phoenix for $45.5 million. The community is located at 4848 E. Roosevelt St. Courtney Village was built in 2002. It includes two resort-style pools, a spa, 24-hour fitness center, gated access and dog park. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Passco, in this transaction.
LONG BEACH, CALIF. — Jaison Robinson has purchased the 127-unit Patio Gardens in Long Beach for $35.3 million. The community is located at 4874 E. Los Coyotes Diagonal in the Traffic Circle neighborhood. Patio Gardens is situated on nearly six acres that front Los Coyotes Diagonal. It is also less than two miles from California State University of Long Beach, and three miles from the Belmont Shore neighborhood. The property was built in 1958. It contains 19 two-story buildings. The purchase allowed Robinson to complete a 1031 exchange. Robert Stepp of Stepp Commercial represented Robinson in both transactions. Gregory Harris of Marcus & Millichap represented the seller, Patio Gardens LLC, in this transaction.
SEATTLE — Create World America has acquired an 8,748-square-foot residential development site near Pike Place Market in Seattle for $17.1 million. The space is located at 1613 2nd Ave. The acquisition includes air rights that allow for a large floor plate and protected views from the 14th floor and above. Create World America, an international construction management firm based out of Hong Kong, plans to erect a high-rise residential tower on the site. Jim Klinger and Ross Klinger of Kidder Mathews represented the seller, MJA Building, an affiliate of Principal Real Estate Investors, in this transaction.
NEW YORK CITY — Five Mile Capital and Centurion Group have completed the development of River & Warren, a condominium project located at 212 Warren St. in Lower Manhattan. The project included the renovation and conversion of a 27-story, 324-unit apartment building into a 162-unit condominium building feature two- to five-bedroom layouts. Condos include white oak flooring, kitchens with custom oak and marbled islands, custom floor-to-ceiling millwork cabinetry with white Italian marble countertops, and high-end appliances. On-site amenities include a fitness center, playroom and rooftop park. CetraRuddy Architecture designed the property, while Mc Gowan served as construction manager.
NEW YORK CITY — World Wide Group has secured $247 million in financing for three properties in New York City. The Singer & Bassuk Organization arranged the financing for the borrower. World Wide Group received $50 million in permanent financing for a six-story, 185,000-square-foot property located at 110 Green St. in Brooklyn’s Greenpoint neighborhood. The company acquired the 130-unit apartment building from Meadow Partners for $103 million. World Wide Group also received a $32 million acquisition loan for the $73 million purchase of Luna, a 124-unit residential building located at 42-15 Crescent St. in Long Island City, Queens. Additionally, World Wide secured $165 million in permanent financing for QLIC, a 421-unit apartment building that the company developed in Long Island City.
NEW YORK CITY — Gotham Organization is converting a schoolhouse into a condominium property called Inkwell in the Hell’s Kitchen neighborhood of Manhattan. Located at 520 W. 45th St., the five-story building will feature 18 residences and is the first New York City condominium project designed by AvroKO. The design incorporates features of the former elementary school with blackboards in the kitchens and powder rooms. Additionally, the property features AvroKO-designed custom lighting and furniture throughout, a custom cage light fixture in the gym, entry closets in each unit, and bespoke light fixtures in the kitchens and bathrooms. Slated for completion this fall, the building will feature 16 two-bedroom residences ranging in size from 1,200 square feet to 1,400 square feet and starting at $1.78 million, and two three-bedroom, 1,900-square-foot residences with private gardens starting at $2.75 million. On-site amenities will include a gym with an outdoor lounge, and bike and tenant storage.
CHICAGO — CA Residential LLC has broken ground on a 26-story, 102-unit luxury apartment tower in Chicago’s Gold Coast neighborhood. The building, which will be located on the northeast corner of State and Huron streets, is scheduled for completion next October. Designed by Valerio Dewalt Train Associates, the tower will include a mix of studio, one-, two- and three-bedroom apartments. Units will include floor-to-ceiling windows, wood plank flooring, quartz countertops, stainless steel appliances and in-unit washers and dryers. The building will feature 8,000 square feet of amenity space on the 24th floor which will include an infinity-edge pool, sundeck, grilling stations, demonstration kitchen, resident lounge, media room, fitness center with yoga studio, pet spa and dog run.
GREEN AND SYLVANIA, OHIO — Bellwether Enterprise Real Estate Capital LLC has closed two loans totaling $11.5 million for multifamily properties in Ohio. In the first transaction, Bellwether arranged a $9.3 million HUD loan to refinance Greenview Senior Assisted Living, a 99-unit seniors housing facility in Green, approximately 50 miles south of Cleveland. The facility, built in 2002, features a dining room, café, chapel, activity area, patio and lounges. The Inn at Green Limited LLC was the borrower. The non-recourse loan features a 35-year term. Barbara Sullivan and Jim Doyle of Bellwether arranged the financing. In the second deal, M&D McCord Road Holdings LLC refinanced The Colony, an apartment property approximately 15 miles west of Toledo. The Colony, built in 2015, consists of four single-story buildings and one two-story building, which contain a total of 34 units. All units are two-bedroom/two-bathroom. DJ Effler of Bellwether arranged the 15-year loan, which features five years of interest-only payments.
BEDFORD, OHIO — Greystone’s Real Estate Advisors group has arranged the sale of Woodside Village, a 211-unit assisted living and memory care community in the Cleveland suburb of Bedford, for $6.5 million. Pritok Capital purchased the property from a public healthcare REIT. MB Financial served as the lender on the transaction. Woodside Village was built in 1988 and sits on 20 acres. The facility is 164,920 square feet.
NASHVILLE, TENN. — Love Funding has closed a $19.7 million construction loan through the U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program for the construction of The Paddock at Grandview in Nashville. The new 240-unit affordable housing community will feature residences reserved for families earning 60 percent or less of area median income. Bruce Gerhart of Love Funding secured the non-recourse loan, which features a 40-year amortization schedule beginning when construction ends. Funding was also provided by 4 percent Low Income Housing Tax Credits (LIHTC) and HOME funds on behalf of the borrower, LDG Development.
