NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development property located at 515 E. 86th St. in the Upper East Side. The 22-foot wide development site, which is part of an assemblage, sold for $11.2 million. The property has approximately 22,150 buildable square feet as of right for a rental or condominium development. A four-story, 6,060-square-foot vacant building currently sits on the lot. Victor Sozio, Howard Raber, Shimon Shkury, Randy Modell and Jesse Deutch of Ariel Property Advisors represented the seller, a private investor, and procured the buyer, a private investor, in the transaction.
NEW YORK CITY — The Brodsky Organization has opened Enclave at the Cathedral, located at 400 W. 113th St. in Manhattan’s Morningside Heights, for leasing. Situated on the ground of The Cathedral of Saint John the Divine, the two-tower property features 430 residences in a mix of studio, one- and two-bedroom with rents ranging from $2,400 per month to $4,720 per month. On-site amenities include an indoor art gallery, game room, screening room, a café, fitness center, parking garage, two roof decks and landscaped terrace with outdoor television. The property was designed by Handel Architects.
BOGOTA, N.J. — Redwood Realty Advisors has arranged the sale of an apartment building located in Bogota. Landmark Development Co. sold the property to Real Estate Growth Advisors for $6.7 million. Built in 1962, the garden-style property features 48 apartment units. Michael Scrima, Matthew Sandelands, Kevin McCrann and Thomas McConnell of Redwood Realty Advisors brokered the transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 957 Utica Ave. in Brooklyn’s East Flatbush neighborhood. A private investor acquired the property for $5.1 million. Built in 2007, the three-story property features 18 apartment units in a mix of studio, one-, two- and three-bedroom units; 6,000 square feet of retail spaces; and a 26-space gated parking lot. The property features a 421-A tax exemption in place, which expires in June 2023. Greg Corbin and Miguel Jauregui of Besen & Associates, along with former Besen broker Jacob Aronov, represented the seller and procured the buyer in the transaction.
LOS ANGELES — NorthMarq Capital has arranged a $22.1 million refinancing for The Meadows, a 690-unit apartment complex in the Los Angeles submarket of Culver City. The community is located at 6100-6500 Green Valley Circle. The loan features a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the financing through the firm’s correspondent relationship with a life insurance company.
MONROVIA, CALIF. — A private investor has purchased a 53-unit apartment building in Monrovia for $12.2 million. The community is located at 1219 S. Alta Vista Ave. It was built in 1971. Warren Berzack and Stephen Geiger of Berzack Investment Property Advisors Group of Lee & Associates-LA North/Ventura represented both the buyer and seller, another private investor, in the transaction.
SAN ANTONIO — Berkadia has negotiated the sale and financing of Oak Hills Village located at 1847 Babcock Road in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the transaction. Jeffery Kinney of Berkadia’s Jacksonville, Fla., office arranged the 10-year, fixed-rate CMBS financing. Built in 1972, the 121-unit property features one-, two- and three-bedroom floor plans. Each unit features fully equipped kitchens, walk-in closets, linen closets and ceiling fans. Select units feature a fenced backyard or patio, wet bar, gas fireplace, extra storage and golf course views. Community amenities include laundry facilities, covered parking, outdoor picnic and barbecue areas, swimming pool and pet park. The community is located near Loop 410 and I-10. Oak Hills Village is four miles from Ingram Park Mall and 10 miles from downtown San Antonio. A private investor from California was the seller. A Florida-based private investor was the buyer and will rehabilitate the units to optimize rent potential.
CARROLLTON, TEXAS — John St. Clair of NOVUS Realty Advisors represented American Bank of Texas in the sale of 5.6 acres in north Carrollton for the development of a seniors housing community. Overlook at Prestonwood purchased the property, located at the northwest corner of the East Hebron Parkway and Marsh Lane intersection. The Overlook at Prestonwood project is a proposed 181-unit, four-story luxury multifamily residence with an additional five single-story cottages planned for independent seniors. The proposed unit mix consists of one-, two- and three-bedroom apartments and five one-bedroom cottages totaling 158,482 square feet. The development will feature elevators, an enclosed courtyard, swimming pool, an outdoor grilling area, fitness center and community room. Cross Architects is the architect for the project. Construction will begin in early summer.
KATY, TEXAS — PCCP has provided a $20 million senior loan for the acquisition and lease-up of the Haven at Westgreen, a newly constructed, 225-unit Class A multifamily project located in Katy. The new ownership is a joint venture between Dallas-based CAF Capital Partners, the Rainier Cos. and Chicago-based Blue Vista Capital Management. Guefen Development Co., a Houston-based multifamily developer that built the property, was the seller. Cortney Cole of HFF’s Houston office arranged the financing. The garden-style, low-density property is situated on 6.6 acres and includes one- and two-bedroom unit floorplans. Amenities include a swimming pool, fitness center, barbecue area and clubhouse.
DALLAS — Ready Capital Structured Finance has secured a $3.8 million value-add loan in Dallas. The unnamed borrower will use the loan to renovate and stabilize a three-story, garden-style multifamily complex totaling 98 units, located in the North White Rock submarket of Dallas. The loan features a two-year term with a one-year extension. Ready Capital Structured Finance originates, manages and finances non-recourse floating and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.