CHICAGO — Kiser Group has brokered the acquisition of a fully leased six-unit apartment building at 6900 N. Sheridan Road in Chicago’s Rogers Park neighborhood for $3.1 million. At $525,000 per unit, the sale price is the highest on record for Rogers Park on both a per-unit and per-square-foot basis. Located at the northwest corner of Farwell Avenue and Sheridan Road, the four-story building was built in 1918 and fully rehabbed in 2014. It includes four two-bedroom, two-bath units; one three-bedroom, two-bath duplex; and a four-bedroom, two-and-a-half-bath penthouse, with monthly rents ranging from $2,500 to $4,000. Aaron Sklar of the Kiser Group broker represented the buyer, a private investor.
NORWALK, CONN. — Waltham, Mass.-based EPOCH Senior Living, in partnership with National Development, has broken ground on Bridges by EPOCH, a memory care assisted living community located at 123 Richards Ave. in Norwalk. Slated to open in fall 2017, the community will feature 64 memory-care suites and is designed for individuals living with all stages of memory impairment.
JERSEY CITY, N.J. — NorthMarq Capital has secured $14.4 million in refinancing for Morgan Loft Apartments, a 36-unit multifamily property located at the intersection of Steuben and Morgan streets in Jersey City. The loan features a 10-year term on a 30-year amortization schedule. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the financing for the borrower, Morgan Steuben Associates, through Freddie Mac.
NEW YORK CITY — Midwood Investment & Development has launched leasing for The Williams, a 13-story rental residential property located at 282 S. Fifth St. in Brooklyn’s South Williamsburg neighborhood. Designed by Morris Adjmi Architects, the property features 82 units in a mix of studio, one- and two-bedroom layouts, an attended lobby, a lounge with billiards and conference room, a fitness center and yoga room, children’s playroom, laundry facilities, bicycle and stroller storage, and an indoor pet spa. The property also offers a garden terrace with café lounge seating, walkways, grassy areas and a dog run, and a second rooftop terrace with barbecue areas, fire pit, lounge area and an outdoor shower. Additionally, the property features storage lockers, vegetable garden plots and on-site parking for an additional fee. The development is Midwood’s first ground-up residential development in Brooklyn.
ALTAMONTE SPRINGS, FLA. AND DURHAM, N.C. — Walker & Dunlop has closed two loans totaling $111 million to finance Cortland Partners’ acquisitions of two apartment communities in the Southeast. The properties include Camden Renaissance in Altamonte Springs and Arboretum at Southpoint in Durham. The financing comprised two Freddie Mac moderate rehab loans, which Cortland Partners will use to fund the acquisition and renovations. The loans include an initial three-year interest-only period with a floating interest rate, followed by a seven-year, floating-rate loan term with two years of interest-only payments. Stephen Farnsworth of Walker & Dunlop’s New Orleans office arranged the financing.
WOODSTOCK, GA. — The Praedium Group LLC has purchased Crest at Laurelwood, a 272-unit apartment community located in the northwest Atlanta suburb of Woodstock. Praedium Group bought the asset for nearly $43.2 million. Built in 2015, Crest at Laurelwood’s units feature nine- or 10-foot ceilings, cherry wood cabinetry, tiled backsplashes and private balconies. Community amenities include a cyber café, billiards room, two-story fitness center and yoga studio, resort-style swimming pool, outdoor fireplace with a TV, dog park and electric car charging stations.
SWAMPSCOTT, MASS. — TA Realty, on behalf of a separate account relationship with a state pension fund, has acquired Hanover at Vinnin Square, a multifamily property located at 330 Paradise Road in Swampscott. An undisclosed seller sold the property for $67 million. The newly constructed property features 184 apartments with living spaces with high ceilings, expansive windows, custom color accent walls and open-concept gourmet kitchens.
NEW YORK CITY — Alpha Realty has brokered the sale of an apartment building located at 530 W. 136th St. in Manhattan’s Hamilton Heights section. Steeplechase Design acquired the six-story building from the Bejaktari family for $14.5 million, or $349 per square foot. The 41,520-square-foot building features 37 apartments in a mix of two-, three- and four-bedroom layouts and a ground-floor retail space occupied by a deli. Glenn Raff and Lev Mavashev of Alpha Realty represented the sellers, while Scott Schwartz, also of Alpha, represented the buyer.
NEW YORK CITY — TOWN Residential has arranged the sale of a six-story residential building located at 445 W. 36th St. in Manhattan’s Hudson Yards district. 445 Dev Corp. sold the property to an undisclosed buyer for $7.9 million. The 8,214-square-foot property features 24 studio apartments; 22 of which of free market, with rents ranging from $1,700 to $2,250 per month. Tom Brady and Tricia Mader of TOWN Residential represented the seller in the deal.
SIERRA MADRE, CALIF. — RED Capital Group has arranged a $29 million Fannie Mae loan for Kensington SM GP LLC, which will use the capital to refinance The Kensington Sierra Madre, a luxury assisted living and memory care community in the Los Angeles suburb of Sierra Madre. The Kensington Sierra Madre features 41 assisted living suites and 34 memory care suites. Kensington Senior Living LLC owns and operates the community. The financing replaces the community’s original construction loan, which RED also provided. Kensington Senior Living owns and operates five assisted living communities in California, Maryland, Virginia and New York, with four more currently in development.