CROTON-ON-HUDSON, N.Y. — NorthMarq Capital has arranged $16 million in refinancing for Springvale Apartments, an age-restricted multifamily property located on Skytop Drive in Croton-on-Hudson. The property features 524 units for residents age 55 or older. The transaction was structured with a 15-year term on a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.
MORRISTOWN, N.J. — Woodmont Properties and Roseland Residential Trust have commenced construction for Metropolitan Lofts, a luxury apartment building located at 11 Dehart St. in Morristown. The building will feature 59 units in a mix of one- and two-bedroom apartments and 1,100 square feet of ground-level retail space. On-site amenities include a fitness center and golf simulator. The building is the final component of a mixed-use redevelopment project that combines residential space with 53,000 square feet of retail space at the Shops on the Green and a 795-car public parking facility.
ORANGE, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 256 Reock St. in Orange. A private investor sold the 13,500-square-foot property to an out-of-state buyer for $1.6 million. The property features seven residential units and two commercial spaces. Michael Lombardi of Marcus & Millichap represented the seller, while Chip Collins, also of Marcus & Millichap, represented the buyer in the deal.
FORT WORTH, TEXAS — Pilot Properties has acquired Barclay House, a multifamily property located at 2100 Forest Park Blvd. in the Berkeley Place neighborhood of Fort Worth, from an out-of-state investor for an undisclosed sum. Built in 1926, the property features 17 units in two buildings, a courtyard, covered parking and on-site laundry facilities. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel represented the seller and procured the buyer. Additionally, Greysteel arranged a three-year loan through a local bank for the acquisition. The loan features two years of interest-only payments, a two-year extension option and a 25-year amortization schedule. Anton Mattli and John Marshall Doss of Greysteel arranged the financing for the buyer.
ARLINGTON, TEXAS — Greysteel has brokered the sale of Treehouse Apartments, a multifamily property located in Arlington. RMC Consultants sold the property to a private investor for an undisclosed price. Built in 1972, the property comprises five buildings totaling 16 units. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel represented the buyer and seller in the deal.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of two neighboring multifamily properties in Fort Worth. A Dallas-based limited liability company acquired the 104-unit Villas Del Sol and the 118-unit Wedgewood Apartments from a private investment group for an undisclosed price. Al Silva, Mark McCoy and Ford Braly of Marcus & Millichap represented the seller and procured the buyer in the transaction.
STAMFORD, CONN. — GAIA Real Estate and its institutional partners Menora Mivtachim Insurance, Amitim Senior Pension Funds, Psagot Investment House and CAPSSA have acquired a five-property multifamily portfolio at Harbor Point in Stamford from a joint venture between Building and Land Technology and the Lubert-Adler Real Estate Funds. The 1,214-unit portfolio consists of Postmark, 111 Harbor Point, Vault, The Key at Yale & Towne and The Lofts at Yale & Towne. The acquisition price was not released.
NEW YORK CITY — Toll Brothers Inc. has partnered with Gemdale Properties and Investments, an affiliate of Gemdale Corp., to develop a luxury condominium property at 121 E. 22nd St. in Manhattan. Designed by the Office for Metropolitan Architecture, the two-tower property will feature 133 condominium units. The joint venture has secured a $237 million construction loan from a syndicate of five banks, including Bank of New York Mellon, Capital One, China Merchants Bank-New York, MUFG Union Bank and CIT Bank. The debt and equity were arranged by Toll Brothers’ in-house finance team. Additionally, Morrison & Foerster provided legal counsel to Gemdale in the joint venture.
NEW YORK CITY — Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for the acquisition of a mixed-use development site located at 39-08 Janet Place in the Flushing neighborhood of Queens. ACORE Capital provided the loan, and Morris Betesh of Cushman & Wakefield handled the transaction. The waterfront site offers 780,446 buildable square feet of residential, retail and office space.
RENSSELAER, N.Y. — Capital District Real Estate Investment Team has started the $1.8 million conversion of a vacant office building, located at 22 High St. in Rensselaer, into Falls Edge Apartments. Once completed the property will feature 12 new apartment units, each with pre-installed WiFi and Sonos home stereo systems, hallway security cameras, granite countertops and in-unit washer/dryers.
