NEW YORK CITY — Eastern Consolidated has arranged $83.8 million in total financing for Cape Advisors for the construction of a retail and residential condominium project in Tribeca. The financing package consists of a $19 million mezzanine loan from Terra Capital Partners behind a $64.8 million first mortgage from Bank of the Ozarks. Located at 30 Warren St., the 12-story, 65,700-square-foot property will feature 23 apartments in one-, two- and three-bedroom layouts, and 10,858 square feet of retail space. On-site residential amenities include a fitness center, attended lobby, children’s playroom and storage. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated represented the developer and borrower in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged $46.5 million in acquisition financing for Sugar Hill Capital Partners for the purchase of six contiguous multifamily properties located at 471-476 Central Park West in New York. The three-year loan, which was provided by a mortgage REIT, features a floating rate and interest-only payment for the full term. The semi-vacant multifamily properties total 125 units. Ronnie Levine and Shamir Seidman of Meridian Capital Group negotiated the financing for the borrower.
NEW YORK CITY — Westbridge Realty Group has arranged the sale of a four-building multifamily portfolio in Brooklyn. Brooklyn-based J.Wasser & Co. acquired the portfolio from West 36 RS LLC for $3.5 million, or $185 per square foot. Totaling 18,960 square feet and 24 residential units, the properties are located at 2832, 2836, 2844 and 2850 W. 36th St. Steven Westreich of Westbridge Realty Group represented the buyer and seller in the off-market transaction.
COLORADO SPRINGS, COLO. — Ziegler, a specialty investment bank, has arranged $44.2 million in fixed-rate bonds for Sunny Vista Living Center, a skilled nursing and independent living community in Colorado Springs. Sunny Vista features 110 skilled nursing beds and 50 one-bedroom independent living apartments using Section 8 subsidies through the U.S. Department of Housing and Urban Development (HUD). The bonds will fund the addition of 38 assisted living units and 28 memory care units on a 4.8-acre site. The expansion will comprise 55,500 square feet. In conjunction with the financing, Sunny Vista merged with The Villa at Sunny Vista. The two communities were separate entities previously, but were affiliated and shared a CEO. The two facilities will now be a single, consolidated campus. The financing is composed of $42.3 million of tax-exempt bonds and $1.9 million of taxable bonds.
DALLAS — Street Lights Residential and Tricon Capital Group Inc. have broken ground on a high-rise apartment community located at the corner of Harvard Avenue and Tracy Street in the Knox Henderson neighborhood of Dallas. The project, named The McKenzie, is a 22-floor building that will offer 183 units ranging from 990 to 2,700 square feet. The McKenzie will include one-, two- and three-bedroom floor plans with limited penthouse units. The average unit size is 1,600 square feet. Amenities will include a bar, garden room, fitness room, valet service, elevated pool deck and outdoor dining. The apartments are scheduled to be available in early 2018. Looney Ricks Kiss Architects is the architect for the project, Linda Tycher & Associates is handling landscape architecture and Waldrop + Nichols Studio is the interior designer.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of Trinity Bell Gardens, a 240-unit multifamily community in Fort Worth. Will Balthrope, Drew Kile and Rowan Burch represented the seller, Western Securities Limited, and procured the buyer, Block Real Estate Services, in the transaction. Trinity Bell Gardens is located at 9500 Trinity Blvd. The property is 15 miles from downtown Fort Worth.
LINCOLNWOOD AND CHICAGO, ILL. — Baum Realty Group LLC has brokered the sale of three Chicagoland properties for $49.5 million. In the first deal, Baum Realty represented an undisclosed seller in the disposition of a 45,000-square-foot retail center anchored by CVS. The property is located at 7175 N. Lincoln Ave. in Lincolnwood and sold for $9.8 million. In the second transaction, Baum Realty represented the buyer of a 90,000-square-foot mixed-use property in Chicago. Located at 3115 N. Broadway, the facility consists of ground-floor retail and a four-level parking garage. The buyer plans to convert the property, acquired for $5.7 million, for multifamily use. Lux24 is a 73-unit apartment tower in Chicago’s West Loop that sold for $34 million. Baum Realty brokered the off-market transaction of the 66,000-square-foot property. Danny Spitz and Greg Dietz of Baum Realty brokered all three transactions.
IOWA CITY, IOWA — A partnership between Grand Living and Ryan Cos. has unveiled plans to develop a 170-unit senior housing community in Iowa City. Grand Living in Iowa City will provide independent, assisted living and memory care services. The complex will offer a variety of floor plans ranging from studios to two-bedroom apartment homes. Construction on the community is scheduled to begin this fall. Amenities at Grand Living in Iowa City will include a variety of dining options, a salon, indoor pool, exercise studio, library, performance theater, chapel, activity and art studios, music practice rooms, pet grooming center and wood working shop.
CHICAGO — Marcus & Millichap has arranged the sale of a four-unit apartment property in Chicago for $1 million. A local partnership purchased the asset, located at 2014 W. Cortez St. in the Ukrainian Village historic district, from another undisclosed partnership. The property consists of a two-bedroom/two-bathroom duplex unit, a top floor three-bedroom/two-bathroom unit and two separate two-bedroom/one-bathroom units. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.
ALEXANDRIA, VA. — Passco Cos. LLC has purchased The Shelby, a 240-unit, Class A apartment community located at 6200 N. Kings Highway in Alexandria, for $69.5 million. Built in 2014, the property features 100 pieces of original art from more than 40 locally commissioned artists. A little more than 57 percent of The Shelby’s current residents are under the age of 30, according to Passco Cos. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco. Ryan Ogden of ARA Newmark represented both Passco and the seller, Insight Properties.