CHICAGO — Essex Realty Group has brokered the $7.6 million sale of 3808-16 N. Sheffield Ave. in Chicago. The 31-unit courtyard building is located in Chicago’s Lakeview neighborhood. The building was converted to condominiums in 2008. Doug Imber and Kate Varde of Essex Realty represented the undisclosed seller and buyer.
PROSPER, TEXAS — Dallas-based Tribute Senior Living will begin construction this spring on an advanced memory care and seniors living community at the corner of Preston Road and Broadway in Prosper, Texas. Upon completion in 2016, the 60,000-square-foot community will be home to 100 residents. “There are more than 5.2 million people living with Alzheimer’s disease in the United States,” says Charles Hodges, a partner with Tribute. “That number is expected to grow to more than 16 million by 2050. Those are very real numbers and when you also consider the family and friends touched by this horrible disease, we are talking about hundreds of millions of people affected in one way or another.” Sodalis Elder Living principal and Tribute Senior Living partner Mark Rushing will serve as the operating partner. The team has formally partnered with Dr. Paula Grammas, former executive director of the Garrison Institute on Aging and tenured professor of neurology at the Texas Tech University School of Medicine, to ensure that the communities utilize every environmental and care advantage in treating Alzheimer’s and dementia.
SAN DIEGO – A 24-unit apartment building in the San Diego submarket of Lemon Grove has sold to Phx CapI LLC for $2.9 million. The community is located at 1790 Dayton Drive. It was fully leased at the time of sale. Curtis Lockey of Voit Real Estate Services’ San Diego office represented both the buyer and seller, Limoncello LLC, in this transaction.
SAN DIEGO – A 10-unit apartment building in the San Diego submarket of Pacific Beach has sold to Plotts Real Estate LP for $2 million. The community is located at 2030 Diamond Street. Plotts Real Estate was represented by Terry Moore of ACI Apartments. It acquired the property as part of a 1031 tax deferred exchange. The unnamed seller was represented by Ron Hammett of Hammett Properties.
NEW YORK CITY — HFF has arranged the sale of The Nathaniel, an 85-unit residential building located at 138 E. 12th St. in Manhattan’s Greenwich Village neighborhood. The firm also arranged financing for the $98.3 million acquisition. Wafra Residential Value Invest I, a fund managed by Wafra Investment Advisory Group Inc., purchased the asset from YYY Third Avenue LLC, a joint venture affiliate of Joy Construction Corp. Designed by Karl Fischer Architect and built in 2014, the nine-story, 49,741-square-foot property features 10,000 square feet of ground-floor retail space, 8,000 square feet of below-grade retail space, floor-to-ceiling windows, a 24-hour doorman, resident lounge with TV/media center and billiards, rooftop reflecting pool, sunset terrace, fitness center and bike storage. Andrew Scandalios, Erin Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller in the transaction. Steven Klein and Jennifer Keller, also of HFF, arranged the acquisition financing for the borrower.
NEW YORK CITY — Oak Grove Capital has arranged $82 million in refinancing for 33 West End Avenue Apartments, a 211-unit apartment building located on Manhattan’s Upper West Side. The floating-rate loan has a 20-year term with a 35-year amortization and a one-year lockout. The 25-story apartment building features a variety of amenities, including 24-hour concierge services, a fitness center, a tenant lounge, shuttle services to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace. C.W. Early of Oak Grove Capital arranged the Fannie Mae loan for the borrower, Atlantic Development.
NEWARK, N.J. — Cronheim Mortgage has arranged $28.1 million in financing for Eleven80, a 37-story residential property in Newark. The three-year loan features a floating rate. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower, an affiliate of KBS Capital Advisors. Located at 1180 Raymond Blvd., the 418,797-square-foot building features 317 units. Originally built in 1929 as an office building, the property was converted in 2007 into an apartment building. The building also includes 7,567 square feet of retail space, which is occupied by TD Bank and a convenience store. Eleven80 features a 24-hour doorman, shuttle service, bowling alley, billiards room, library and 8,000-square-foot fitness center.
WEST NEW YORK, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.5 million in financing for the acquisition of a 32-unit apartment building in West New York. The 30-year loan features a 30-year amortization schedule, a 3.25 percent fixed rate and a 75 percent loan to value. Joseph Belgiovine of MMCC’s New Jersey office arranged the financing on behalf of the undisclosed borrower.
CHICAGO — Interra Realty has brokered the $1.1 million sale of a 23-unit mixed-use building located at 4712-20 W. Diversey Ave. in the Kelvyn Park neighborhood northwest of Chicago. The property includes five retail spaces, 10 studio apartments and eight one-bedroom apartments. Joe Smazal and James Clough of Interra represented the undisclosed seller.
NEW YORK CITY — Meridian Capital Group has arranged $15.5 million in refinancing for a multifamily property in New York City. The seven-year loan, which was provided by a local savings bank, features a 3.37 percent fixed-rate and interest-only payments for the full term. Located at 1380 Riverside Dr., the 19-story property features 138 residential units and views of the Hudson River and George Washington Bridge. Isaac Filler of Meridian Capital’s New York City office negotiated the transaction. The name of the borrower was not released.