NEW YORK CITY — Besen & Associates has arranged the sale of a residential building located at 3873 Orloff Ave. in the Van Cortlandt Village neighborhood of the Bronx. A private investor sold the asset to an undisclosed buyer for $19.2 million, or $203 per square foot. Built in 1964, the 93,767-square-foot property features 90 apartments and a 56-car garage. Additionally, the building is serviced by two elevators. Amit Doshi and Lynda Blumberg of Besen & Associates handled the transaction.
NEW YORK CITY — Marcus & Millichap has negotiated the sale of an apartment building located at 231 N. Henry St. in Brooklyn’s Greenpoint neighborhood. The six-unit property sold for $3 million. The buyer, a limited liability company, plans to reposition the property, which is one of the largest brick six-family buildings in the neighborhood. Shaun Riney, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and secured and represented the buyer, a limited liability company, in the transaction.
CLEVELAND — KeyBank Real Estate Capital has arranged a total of $47.7 million of permanent financing for six assisted living communities managed by Ridge Care Inc. The financing included a $38.5 million, 35-year, fixed-rate loan through the FHA 232/223(f) mortgage insurance program and a $9.2 million Fannie Mae loan. John Randolph and Charlie Shoop of Key’s Healthcare Mortgage Group arranged the financing, which provides Ridge Care with cash flow flexibility and excess proceeds to make capital improvements within their portfolio and continue the development of additional assisted living communities. The six recently refinanced properties comprise 319 units and include The Havens at Princeton in Princeton, W.Va.; Walnut Ridge Assisted Living in Walnut Cove, N.C.; Kerner Ridge Assisted Living in Kernersville, N.C.; Forest Ridge Assisted Living in West Jefferson, N.C.; Mallard Ridge Assisted Living in Clemmons, N.C.; and Arbor Ridge at Stanleyville in Stanleyville, N.C.
NORTH CHARLESTON, S.C. — Kettler and The Stillman Group have purchased Jamison Park in North Charleston from Middle Street Partners for $22.5 million. The apartment complex is located near the Joint Force Air Force Base, the Charleston International Airport and The Boeing Co. Phil Brosseau and Kevin Kempf of CBRE represented the buyers in the transaction. The acquisition increases the number of apartment units that Kettler manages to roughly 33,000.
NEWNAN, GA. — The RADCO Cos. has purchased the 114-unit Park Manor Apartments in Newnan from LivCor for $9.9 million. The Atlanta-based apartment investor has renamed the apartment complex Woodlands at White Oak, which is located adjacent to another RADCO property, the 561-unit Creekside at White Oak. RADCO financed the acquisition using private capital and debt financing from Mutual of Omaha. HFF’s Atlanta office brokered the transaction. RADCO plans to invest more than $1.3 million on capital improvements for the property’s clubhouse, fitness center, pools, landscaping and building exteriors. Interior renovations will include upgraded flooring, lighting, countertops and appliances.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of the residential condominium portion of 92 Pinehurst Ave. in Manhattan’s Hudson Heights neighborhood. Pinehurst Partners LP sold the residential portion of the property for $25.5 million, or $350 per square foot. The residential portion of the elevator-serviced, 72-unit building contains 72,896 square feet above grade of which the usable residential area is approximately 60,000 square feet. James Nelson and Mitchell Levine of Cushman & Wakefield handled the transaction.
SUNNYSIDE, N.Y. — Marcus & Millichap has arranged the sale of Sunnyside Gardens, an apartment building located at 41-05 Skillman Ave. in Sunnyside. A limited liability company acquired the 16-unit apartment building for $4.3 million. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, in the transaction.
CHICAGO — Associated Bank, serving as lead arranger, has provided a $45.8 million construction loan for the development of a multifamily property in the Logan Square neighborhood of Chicago. Henry Street Partners and 2293 NMA LLC were the borrowers. The transit-oriented development, to be located at 2293 N. Milwaukee Ave., will consist of two buildings that will be 11 and 12 stories. The 217-unit project will also include 8,373 square feet of ground floor retail. Krista Casper of Associated Bank arranged the loan.
CEDAR CITY AND ST. GEORGE, UTAH, AND PARKER, COLO. — Senior Living Investment Brokerage Inc. has arranged the sale of three skilled nursing facilities — Crown Crest of Parker in the Denver suburb of Parker, Kolob Regional Care in Cedar City and Rehab and Kolob Care in St. George — for $31.8 million. Both Utah facilities are located in the southwest corner of the state near the Nevada and Arizona borders. The portfolio totals 454 beds, representing a price per bed of $70,000. The purchase represents a capitalization rate of 8.7 percent. The buyer is a real estate investor in the Midwest that leased the communities to local operators. The seller is a private owner based in Illinois looking to exit the seniors housing sector. Ryan Saul and Patrick Burke of Senior Living Investment Brokerage led the transaction.
AUSTIN, TEXAS — CBRE Global Investors’ U.S. Managed Accounts Group has acquired The Mosaic at Mueller, a Class A, 441-unit apartment community in Austin, on behalf of Allstate. The Mosaic was 96 percent occupied at the time of sale. The community is located at 4600 Mueller Road in East Austin, a residential area two miles from the University of Texas and four miles from Austin’s central business district. Mosaic is part of the 711-acre mixed-use Mueller Redevelopment. When completed, Mueller Redevelopment will consist of more than 4 million square feet of office and retail, 5,700 residences and 140 acres of recreational amenities. The Mosaic at Mueller’s interiors include granite countertops, stainless steel appliances, faux wood flooring and tile backsplashes. Property amenities include an 1,800-square-foot fitness center, two pools, five courtyards with grilling areas, garage parking and 8,669 square feet of fully leased ground-floor retail. Minor cosmetic updates are planned for the common areas.
