NEW YORK CITY — Marcus & Millichap has arranged the sale of a multifamily building located at 2405 Tilden Ave. in Brooklyn. The six-unit property sold for $1.1 million. The property sold within 99 percent of the asking price. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
OMAHA, NEB. — Grandbridge Real Estate Capital has secured a $25.5 million first mortgage loan for a multifamily property in Omaha. The funding was provided by a Grandbridge correspondent life insurance company and features a 10-year term and a 30-year amortization schedule. Built in 1958 as an office building and later converted to residential, the 300-unit Class A apartment building is 100 percent leased. Dick Riley and Brett Olson of Grandbridge’s Minneapolis office originated and closed the refinance transaction.
ELMWOOD PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 2646-50 N. Harlem Ave. in Elmwood Park. The 12-unit property sold for $850,000. The property consists of two one-bedroom/one-bath units, two two-bedroom/one-bath units and eight two-bedroom/one-bath units. Andrean Angelov, Ryan Engle and Jordan Gilbert of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.
MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Princeton Apartment Homes, a 164-unit apartment property located in Mesquite. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker and Daniel Burton also secured the buyer, a limited liability company. Marcus & Millichap’s Barker Multifamily Group conducted numerous showings and generated multiple competitive offers prior to going under contract. Princeton Apartment Homes is located at 4300 Gus Thomasson Road. The community offers one- and two-bedroom floor plans ranging from a 506-square-foot one-bedroom/one-bath to a 1,020-square-foot two-bedroom/two-bath.
SAN DIEGO – The 98-unit Park Grove Apartments in San Diego has sold to 3635 College Ave LLC for $9.6 million. The community is located at 3635-75 College Ave. Park Grove is situated just two miles from San Diego State University. The buyer plans to rebrand the multifamily property after it completes major interior and exterior upgrades. Peter Scepanovic and Corey McHenry of Colliers International’s San Diego Multifamily Advisory Group represented both the buyer and the seller, the William R. Mundt Trust, in this transaction.
SAN DIEGO — California-based real estate firm Merrill Commercial Real Estate Inc. has arranged the sale of Golden Living of Point Loma in San Diego for $5.1 million. The assisted living community consists of 55 units (113 beds) within 30,832 square feet on a 0.75-acre lot. New ownership plans to convert a portion of the existing units to memory care.
BURLINGAME, CALIF. — Sunrise Senior Living opened its newest community — Sunrise of Burlingame near San Francisco — on June 29, marking the 40th community in California for the owner/operator. The new four-story, 65,000-square-foot assisted living and memory care community on Trousdale Drive contains about 80 units, with a resident capacity of 97. Sunrise expects to open a new community in Dublin, Ohio, in August and Sunrise at Palos Verdes in the Los Angeles area next year.
WASHINGTON TOWNSHIP AND MONROE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $25.6 million in Fannie Mae loans for Aragona Properties for the refinancing of two suburban Detroit multifamily properties. Pillar secured a $16.2 million loan for Enclave Apartments, a 200-unit complex in Washington Township, approximately 35 miles north of Detroit. Consisting of 46 single-story buildings, the property offers a mix of one- and two-bedroom garden apartments. Aragona Properties and Lombardo Cos. developed the property. Additionally, Pillar originated a $9.3 million loan to refinance the Hampton Apartments, a 235-unit, garden-style multifamily property in Monroe, about 40 miles south of Detroit. Aragona and Sam Mignano developed the 38-building property. Adam Klingher and Brook Jackson of Pillar originated the two fixed-rate, 15-year loans, which both feature five years of interest-only payments and a 30-year amortization schedule.
CHICAGO — Marcus & Millichap has arranged the sale of a mixed-use property located at 1606 N. Harding Ave. in Chicago. The 9,050-square-foot property sold for $830,000. The property consists of six two-bedroom and three one-bedroom apartment units, and two commercial spaces. Joseph Bergman and Kyle Stengle of Marcus & Millichap’s Chicago represented the seller, a private investor, in the transaction.
NEW YORK CITY — Eastern Consolidated has secured $65 million in debt and equity for a planned mixed-use rental project at 1 Flatbush Ave. in downtown Brooklyn. Developed by Slate Property Group, the 19-story, 172,000-square-foot property will feature 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable, and 30,000 square feet of basement, ground- and second-level retail space, as well as a fitness center for residents. Adam Hakim and Sam Zabala of Eastern Consolidated’s Capital Advisory Division arranged the financing for the acquisition and pre-development phases of the project.
