TUCKAHOE, N.Y. — Roseland, a subsidiary of Mack-Cali Realty Corp., Glenco Group and Mirado Properties have broken ground on 150 Main Street, a multifamily development in Tuckahoe. Designed by Minno & Wasko Architects and Planners, the four-story building will offer 61 one-bedroom and 47 two-bedroom units, as well as 3,500 square feet of ground-level retail space. The apartments will feature hardwood flooring, stainless steel appliances, marble countertops and in-unit washer/dryers. Community amenities include a fitness center, yoga studio, clubroom, and an outdoor terrace with gardens, a water sculpture, stone fireplace pit with seating area and an outdoor kitchen. Additionally, the community will feature a 169-space underground parking garage and 19 surface parking spots. The project is slated for completion in fourth quarter 2015, with units available for occupancy in early 2016.
Multifamily
NEW YORK CITY — TerraCRG has brokered the sale of four multifamily properties in Park Slope and Carroll Gardens for a total of $12.5 million. New York-based Slate Property Group purchased 310 12th Street, a four-story, 20-unit apartment building in Park Slope, for $6 million or $410 per square foot. Also in Park Slope, an Israel-based investor acquired 14 Lincoln Place, a four-story, eight-unit building, for $3.5 million, which equates to $391 per square foot and a 3.53 percent cap rate. Additionally, a local investor purchased 96-98 Baltic Street, two four-story, eight-unit buildings in Brooklyn’s Columbia Waterfront district, for $3.1 million or $254 per square foot. Adam Hess, Sam Shalumov and Chris Pechlivanides of TerraCRG handled the transactions.
McALLEN, TEXAS — Marcus & Millichap has brokered the sale of Paradise Village, an 82-unit multifamily property in the south Texas city of McAllen. Located at 4210 N. Main St., the community offers 30 one-bedroom and 52 two-bedroom apartments, as well as a swimming pool. Zar Haro and Mike Moffitt of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Haro and Moffitt also secured the buyer, another limited liability company.
SAN DIEGO – Silver Oak Apartments Venture LLC has acquired the 133-unit Silver Oaks apartment complex in the San Diego submarket of La Mesa for $20 million. The community is located at 7400 Parkway Drive, near Interstate 8. Employers in the area include Sharp Grossmont Hospital, Grossmont-Cuyamaca Community College, San Diego State University and Aztec Shops. The buyer is an affiliate of Pacific Urban Residential. The transaction was executed by Steve Huffman and Shane Shafer of Hendricks-Berkadia.
ATLANTA — Inland American Communities Group Inc. has broken ground on University House Midtown, a student housing project located adjacent to the Georgia Institute of Technology (Georgia Tech) in Atlanta. The 20-story, 268-unit project will be located at 930 Spring St. at the corner of Spring and 8th streets. The property will feature more than 10,000 square feet of retail space. Pre-leasing will begin in the summer with opening scheduled for August 2015. The 700-bed property will feature a resort-style pool on an elevated terrace, parking garage, business center, study rooms and fitness centers and a lounge on the top floor, which offers views of Midtown, downtown Atlanta and the Georgia Tech campus. The project team includes architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin.
LAKEVILLE, MINN. — Dougherty Mortgage has arranged a $21.6 million loan for the refinancing of Southfork Village Townhomes. The 272-unit market rate townhome property is located in Lakeville approximately 26 miles south of Minneapolis. Dougherty arranged the 35-year term HUD loan for Southfork Apartments LLC with a 35-year amortization schedule. The property features one-, two- and three-bedroom units with fully equipped kitchens, walk-in closets and carpeting. The community also features a clubhouse, picnic grilling areas and a pool. The townhomes were built in two phases in 1988 and 1990.
HOUSTON — The Morgan Group Inc. has broken ground on two new multifamily properties near Houston’s Energy Corridor submarket. The projects, Pearl CityCentre and Pearl Residences at CityCentre, are located on a 4.6-acre site in proximity to the CityCentre mixed-use development. Pearl CityCentre will stand seven stories and offer 312 units ranging from 650 to 1,500 square feet, while Pearl Residences at CityCentre will stand eight stories and offer 148 units ranging from 750 to 2,500 square feet. Wallace Garcia Wilson Architects is designing both buildings, and Wells Fargo is providing construction financing. Both properties are scheduled to open in the fall of 2015.
WACO, TEXAS — Asset Campus Housing (ACH) will develop The Domain at Waco, a 564-bed, off-campus student housing community serving Baylor University students. The 186 units will offer a mix of one-, two- and four-bedroom residences, each fully furnished and featuring granite countertops, stainless steel appliances and washer and dryer. Amenities at the property will include a clubhouse, swimming pool, internet café, sand volleyball court, fitness facility and outdoor fire pit. Construction will begin this quarter and is expected to conclude in time for the 2015-16 school year. ACH will manage the facility upon completion.
SAN BENITO, TEXAS — Dougherty Mortgage LLC has arranged a $10.2 million loan for the refinancing of Villages at Paso Real, a 180-unit multifamily property in the south Texas city of San Benito. Completed in 2013, the community offers one- to three-bedroom apartments, as well as a swimming pool, fitness center and clubhouse with media center. The complex is located at 349 S. Helen Moore Road, in proximity to I-69. The Fannie Mae loan includes a term of 12 years.
SAN FRANCISCO – The 41-unit Pacific Terrace in San Francisco has received a $20.5-million refinance. The community is located at 1595 Pacific Ave. in the Russian Hill neighborhood. It also features 2,500 square feet of ground-floor retail. The seven-year, fixed-rate loan features a 25-year amortization schedule. It was arranged by Dennis Williams and Brian Esquivel of NorthMarq Capital’s San Francisco office.