NEW YORK CITY — Eastern Consolidated has arranged a $27.5 million refinancing of a construction loan for a condominium development located at 204 Forsyth St. on Manhattan’s Lower East Side. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the loan, which was provided by Churchill Credit Holdings LLC, for the borrower, Charles Saulson. The borrower is developing a seven-story, 21,166-square-foot residential property at the site. Once complete, the property will feature 11 apartments — 10 two-bedroom units and one three-bedroom unit — and two parking spaces.
WILLOW GROVE, PA. — Montgomery County Housing Authority (MCHA) has partnered with Pennrose Properties to redevelop Crest Manor, a public housing community in Willow Grove that was originally built in 1963. The $17.7 million revitalization includes rehabilitation of 15 of the existing two-story twin buildings, demolition of a two-story twin building with construction of a two-story building in its place, demolition of the existing maintenance facility and the construction of a two-story building in its place. Upon completion the community will feature 15 renovated twin buildings, three newly constructed multi-unit buildings and one newly constructed community and maintenance building, all totaling more than 49,492 square feet. The redeveloped community will provide 46 affordable housing units, ranging in size from one- to five-bedroom floor plans. Wallace Roberts & Todd LLC are serving as architect for the project, and Harkins Builders is the general contractor. The project was funded by Alden Torch Finance/JPMorgan Chase, low income housing tax credits allocated by Pennsylvania Housing Finance Agency (PHFA), PHFA PennHOMES, Montgomery County Housing Authority, Montgomery County Affordable Housing trust funds, Community Development Block Grant funds allocated by Abington Township, and Fulton Bank.
AZLE, TEXAS — Old Capital has provided a $1.7 million bridge loan for the purchase of Shady Creek Apartments, a 54-unit complex in Azle. A local ownership group bought the asset, which is located in a secondary submarket. Renovations are planned to increase rental rates.
BOCA RATON, FLA. — Miami-based Ocean Bank has provided a $50 million construction loan that will fund the development of a 282-unit luxury apartment community at the Park at Broken Sound in Boca Raton. The project will be located on 14.1 acres at the southeast corner of Congress Avenue and Clint Moore Road, a few miles from Florida Atlantic University, Mizner Park, Boca Town Center and the beaches. The apartment complex, which includes a 5,500-square-foot clubhouse, is expected to open in 15 to 16 months. Ralph Gonzalez-Jacobo and Eddie Diaz of Ocean Bank originated the loan on behalf of the Miami-based borrowers, Sergio Rok and James Tate of TR Danburg Boca Holdings. The loan represents 70 percent of the estimated total cost of $71.4 million, or $177,000 per unit, for the development and construction of the property.
PRIOR LAKE, MINN. — Dominium, an apartment development and management company, has broken ground on an affordable seniors housing property in Prior Lake, approximately 30 miles south of Minneapolis. The Grainwood, located at 5101 Gateway St. SE, will feature 168 units. Unit amenities will include 9-foot ceilings, appliances, patios, balconies and open floor plans. Select units will also feature walk-in closets. Community amenities will include underground parking, a community room with kitchen, craft room, salon, fitness center, outdoor plaza, theater area and fireplaces. The project is slated for completion by next summer.
JERSEY CITY, N.J. — Ironstate Development has received $170 million in permanent mortgage financing for the newly completed 70 Columbus, a 545-unit, Class A apartment tower in downtown Jersey City, located just across the Hudson River from downtown Manhattan. Holliday Fenoglio Fowler (HFF) arranged the financing on behalf of Ironstate and Panepinto Properties. Northwestern Mutual Real Estate provided the 10-year, fixed-rate loan, which replaced the existing construction financing. Designed by Gwathmey, Siegel, Kaufman and Associates Architects (GSKA) and HLW International, 70 Columbus includes studio, one- and two-bedroom rental residences featuring views of the New York skyline, wood floors, stainless steel appliances and quartz countertops. Common-area amenities include a lobby with fireplace lounge and social spaces designed by Noé Duchaufour Lawrance, bike room, business center, 60,000-square-foot roof deck with swimming pool, sport court, table tennis, grilling stations, dog run, and a 30,000-square-foot fitness center. The 50-story tower is located at 70 Christopher Columbus Drive at the road’s intersection with Warren Street, and within walking distance of the Hudson River. Ground-floor retail space at 70 Columbus includes a Sunac Natural Market and a Base Fitness Gym. The apartment tower is part of a series of Ironstate developments on the street. The company also built 50 …
FARMERS BRANCH, TEXAS — Old Capital has provided a $7.5 million loan for the purchase and renovation of Villa Creek Apartments, a 161-unit complex in Farmers Branch. A local ownership group purchased the asset, which is located near LBJ Freeway, and plans to make $1.6 million in renovations. Old Capital provided the non-recourse bridge loan with a 30-year amortization schedule.
ORLAND PARK, ILL. — Owner and operator Heritage Enterprises and Michuda Construction have opened Evergreen Senior Living at Parkview Campus, an assisted living and memory care community in Orland Park, approximately 25 miles southwest of Chicago. The community features 76 assisted living apartments and 40 memory care apartments. Heritage, based in Central Illinois, developed and will operate the community. Chicago-based Michuda oversaw the design and construction. Worn Jerabek Wiltz Architects PC of Chicago provided architectural services.
FAYETTEVILLE, ARK. — Grandbridge Real Estate Capital has provided a $12.2 million acquisition loan for Garden Park Apartments, a 246-unit apartment community in Fayetteville. Alan Tapie of Grandbridge originated the 10-year, non-recourse loan with a 30-year amortization schedule through Freddie Mac’s CME program. The loan was structured with an interest rate fixed below 4 percent and featured an interest-only period, according to Tapie. The non-student housing property is primarily occupied by University of Arkansas students and features a business center, swimming pool with sundeck, hot tub, fitness studio and a basketball court.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-building multifamily portfolio located in the West Bronx’s Fordham Heights neighborhood. John LaRocca of Arena Real Estate acquired the portfolio from Bernard Miller for $45.7 million. The portfolio contains 305 apartments across 271,000 square feet, including three six-story elevator-serviced buildings and three five-story walk-ups. The properties are located at 2063-2065, 2075, 2084 and 2095 Creston Ave., 108 Field Place and 2324 Morris Ave. David Berger of Rosewood Realty Group represented the seller and buyer in the transaction.