NEW YORK CITY — Zeckendorf Development, Eyal Ofer’s Global Holdings and Park Sixty LLC, an entity formed by Rafael and Ezra Nasser, are developing 520 Park Avenue, a 51-story residential tower in Manhattan. The development is located at East 60th Street between Park and Madison avenues on the Upper East Side. The property will feature 31 residences and 4,000 square feet of ground-floor retail. The building will be entirely clad in Indiana limestone articulated with French balconies and stone detailing evocative of New York apartment buildings in the 1920s and 1930s. Construction is slated for an early 2017 completion.
Multifamily
COLORADO SPRINGS, COLO. – The 207-unit Whispering Pines Apartments in Colorado Springs has received $4.3 million in acquisition financing. The community is located at 3030 East Fountain Blvd. Financing contains a three-year term and a 25-year amortization schedule. It was arranged by Gregory T. Benjamin of NorthMarq Capital’s Denver office through the firm’s relationship with a regional bank.
LINDENWOLD, N.J., AND LEVITTOWN, PA.— Local real estate investor Philip Balderston has purchased Coachman Manor, a 546-unit apartment complex located on 401 E. Gibbsboro Rd. in Lindenwold. Joseph Brecher and Eli Rosen of Gebroe-Hammer Associates represented both the buyer and the seller in the $15.88 million transaction. Coachman Manor is located near the PATCO train station and offers a mix of one-, two- and three-bedroom units. Gebroe-Hammer also represented a limited partnership led by Balderston in the $10.35 million purchase of Edgely Estates, a newly renovated apartment property located at 1610 Edgely Road. The community features 245 studio, one- and two-bedroom units.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of Sunrise Suites, a 53-unit multifamily property in the Metroplex suburb of Irving. The community offers studio, one- and two-bedroom apartments, as well as two laundry facilities and an on-site rental office. Located at 1411 W. Shady Grove Road, the complex is in proximity to major thoroughfares including the Airport Freeway and President George Bush Turnpike. John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor, and also secured the buyer, another private investor. The transaction closed within 60 days at 99 percent of the asking price.
SEATTLE — Kennedy Wilson and Capri Capital Partners have joined forces to acquire the 372-unit Bailey Farm Apartments in the Seattle suburb of Bothell. The community was built in 2013 at 1225 183rd Street SE , just north of Bellevue. The seller was Wolff Company. Bailey Farm was acquired with $45.8 million of debt through a life insurance company. Kennedy Wilson also invested $4 million of equity in this transaction.
SAN FRANCISCO – A 71-unit apartment building in San Francisco has received $32 in refinancing. The Class A community is located at 2130 Post. The seven-year, fixed-rate loan was arranged by Dennis Williams and Brian Esquivel of NorthMarq Capital through one of the firm’s existing banking relationships.
NORTH CAROLINA — Berkadia Commercial Mortgage LLC has originated $85.9 million in financing for a portfolio of 15 seniors housing communities in North Carolina. Christopher Fenton of Berkadia worked with subsidiaries of Chevalier Group to secure the 35-year, fixed-rate financing through HUD’s 232/223(f) program. The loans are fully amortizing and feature a fixed 4.03 percent interest rate. Meridian Senior Living operates the 15 facilities, which consist of 1,136 beds and are approximately 90 percent occupied. The borrower will use the loans to refinance prior debts, which Berkadia originated in conjunction with GE Capital Healthcare Financial Services in 2012.
CHICAGO — Marcus & Millichap has arranged the sale of a portfolio of four seniors housing properties in Illinois for $25 million. The four properties are branded under the name Villas at Holly Brook and are located in Effingham, Herrin, Marshall and Shelbyville. The properties were constructed within the past five years. Each one-story facility is 35,000 square feet or larger with approximately 46 units located on at least two acres. The properties feature efficiency studios, one- and two- bedroom apartments, and deluxe corner suites. Mark Myers, Alex Blagojevich, and David Gaines of Marcus & Millichap represented the seller, a private investor/owner. American Realty Capital was the buyer in the transaction. Meridian Senior Living operates the properties.
CLEVELAND — Marcus & Millichap has arranged the sale of a manufactured home community portfolio in Ohio. The eight properties, containing 1,013 sites, sold for approximately $25 million. Kyle Baskin and Jonathon McClellan of Marcus & Millichap represented the seller, Evergreen Communities. Baskin and McClellan also represented the buyer, UMH Properties Inc. (NYSE: UMH)a publicly traded real estate investment trust that owns and operates 82 manufactured home communities in Indiana, Michigan, New Jersey, New York, Ohio, Pennsylvania and Tennessee. The manufactured home communities, which are located on approximately 270 acres, were 70 percent occupied at the time of the sale.
YPSILANTI, MICH. — Commercial Property Advisors, a multifamily investment brokerage firm, has arranged the $1.9 million sale of Campbell Street Apartments in Ypsilanti. The apartment community, built in the 1960s, consists of 60 units. Cary Belovicz represented the seller, Campbell Street of Ypsilanti LLC, in the transaction. Local residential real estate firm Howard Hanna represented the buyer, AMK Campbell Apartments LLC. The property was fully leased at the time of the sale.