AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.9 million acquisition loan for a 28-unit multifamily property located in Austin. The loan featured a five-year fixed term, a fixed interest rate of 4.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. BMC Capital is a lender for small-balance multifamily and commercial loans.
NEW YORK CITY — An undisclosed buyer has acquired an apartment building located at 316 68th St. in Brooklyn’s Bay Ridge neighborhood for $3.7 million, or $240 per square foot, in an all-cash transaction. The four-story, 15,390-square-foot property features 20 units, of which 19 are rent stabilized and one is rent controlled. Brendan Maddigan and Aaron Warkov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
OAK PARK, MICH. — Commercial Property Advisors has brokered the sale of Providence Green Apartments located at 25500 Greenfield Road in Oak Park. Loop on Greenfield LLC bought the 717-unit apartment complex located north of Detroit from Wood Stone Providence Green LLC for $15.2 million. The 526,693-square-foot property was 33 percent occupied at closing and will be renamed The Loop on Greenfield.
GLASTONBURY, CONN. — CBRE Capital Markets’ Debt & Structured Finance team has arranged $51.4 million in debt and equity for the development of Flanagan’s Landing, a 250-unit multifamily complex located in Glastonbury. The $36.5 million construction loan, which was provided by Wells Fargo Bank, carries a three-year term plus a mini-perm at a market spread over LIBOR. A private institutional investor contributed equity in excess of $14 million. The developers will convert a historic mill into a 250-unit apartment community featuring garages, an electric car charging station, carport parking, fitness center, billiards cyber-lounge, a heated in-ground salt water pool, picnic and sundeck areas. In-unit amenities include washers and dryers and top-of-the-line finishes. Additionally, Flanagan’s Landing will include 6,150 square feet of commercial space. Mike Riccio, Susan Larkin, Anna Pfau and Kyle Juszczyszyn of CBRE placed the debt and equity on behalf of a joint venture between Lexington Partners and a private equity firm.
NEW YORK CITY — New York REIT Inc. has entered into a definitive agreement to sell an apartment building located at 163 Washington Ave. in Brooklyn. The sales price is $38 million, or approximately $914 per square foot. Situated in Brooklyn’s Clinton Hill neighborhood, the property features 49 rental units, one commercial unit and 38 parking spaces. Holliday Fenoglio Fowler represented New York REIT in the transaction, which is expected to close in the fourth quarter. The name of the buyer was not disclosed.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at W. 204th and W. 207th streets in Manhattan’s Inwood neighborhood. The 49-unit property sold for $15.8 million, or $375 per square foot, in an all-cash transaction. The six-story, 42,108-square-foot building consists of 44 rent-stabilized units, three free-market apartments, one rent-controlled unit and one superintendent’s unit. Robert Shapiro of Cushman & Wakefield handled the transaction.
CHICAGO — The restoration and conversion of the Old Colony office building, located at 37 W. Van Buren St. in Chicago, into luxury student apartments is nearly complete. The building, renamed The Arc at Old Colony, is in the last stages of its $58 million update by CA Ventures LLC and MCJ Development. The building was originally constructed in 1894 and is on the National Register of Historic Places. This qualifies the building for a $10 million federal historic landmark tax credit, which is being guided by MacRostie Historic Advisors. McHugh Construction has completed the renovation and conversion of interior offices to 137 apartment units, which are 75 percent leased. The vintage 17-story building, originally designed by famed architects Holabird and Roche, was among the tallest buildings in Chicago at the time of its construction in 1894. The Old Colony Building was one of the first of its kind to employ a unique structural portal wind-bracing system, allowing for open floor plates and thinner masonry exterior cladding. The structure’s innovative design, dating back to the Columbian Exposition of 1893, reflects the evolving structural steel technology of the era. The building’s most distinctive features are the round oriel corner bays, oversized windows and upper level terra …
DETROIT — Triton Properties has sold The Van Dyke Manor for $1.9 million to Paul Zulewski of 1000 Van Dyke Investments LLC. Commercial Property Advisors was the listing broker for the seller. The Van Dyke Manor features 38 units, which sold for $50,000 per unit.
MUNCIE, IND. — Dean Weidner, founder of Weidner Property Apartment Homes, donates $1 million to Ball State University, which recently unveiled its Weidner Center for Residential Property in Muncie. The donation will expand the university’s residential property management (RPM) program that began in 1999 and was the country’s second university-based RPM program. The newly renovated Applied Technology Building features interview rooms, a resource desk and a lobby with video monitors for marketing purposes.
SAN RAFAEL, CALIF. — Reliant Management Group LLC has purchased Northgate Care Center, a 52-bed skilled nursing facility in San Rafael near San Francisco, from Meridian Foresight Management for $4.5 million. The sale price translates to about $87,000 per bed. Reliant, an owner/operator based in Baton Rouge, La., that was already operating the facility, made the acquisition as part of a lease-purchase agreement. A group of Los Angeles investors looking to expand their California skilled nursing portfolio owns Reliant. Meridian is looking to divest the majority of its skilled nursing portfolio. Shep Roylance of JCH Consulting Group brokered the transaction, representing both the buyer and seller.