CHICAGO — Marcus & Millichap has arranged the $9.8 million sale of 2157 North Damen Avenue, a 34,875-square-foot mixed-use property in Chicago. The property is located in Chicago’s Bucktown neighborhood and features two-bedroom, two-bath units. Apartments include ample closet space, fireplaces, hardwood floors throughout and balconies. Tenants have access to a climate-controlled indoor garage that houses 31 parking spaces with two additional handicap accessible spaces and 17 outdoor parking spaces. Steve Livaditis and Kyle Stengle in Marcus & Millichap’s Chicago offices, marketed the property on behalf of the seller, a limited liability company, and represented the buyer.
Multifamily
CHICAGO — Deutsche Asset & Wealth has acquired 2555 North Clark in Chicago on behalf of an institutional client. The 19-story apartment tower includes 162 units, which are 96 percent occupied, and 6,884 square feet of retail space. The property, four miles north of downtown Chicago, is located in the Lincoln Park neighborhood on Clark Street and is within close proximity to Lake Michigan. The building has undergone extensive exterior renovations since it was built in 1987. The purchase price was not disclosed.
JERSEY CITY, N.J. – Greystone has arranged $64.5 million in Fannie Mae Multifamily Affordable Housing (MAH) financing for Salem Lafayette Apartments, an affordable housing complex in Jersey City. The deal was structured utilizing a mix of public and private funding, including tax- exempt, short-term bond financing and 4 percent Low Income Housing Tax Credits to be used towards the acquisition and rehabilitation of the property. Salem Lafayette Apartments is a 412-unit, affordable-housing community built in 1977. The 15-story, 182-unit age-restricted tower targets tenants 62 years and older, while the 230-unit townhouse and garden-style property targets families.
NEW YORK CITY – Simon Baron Development (SBD) has signed a contract to purchase a Long Island City site that will be turned into a 44-story, 400-unit residential rental apartment building. A formal closing is expected in April so a price has not been disclosed yet. SBD is acquiring the 400,000-square-foot site at 29-26 Northern Blvd. near Queens Boulevard from the Rabsky Group, which had started to develop the site. Plans for the property include bike storage, parking, commercial space on the first floor, an exercise room, pool and lounge on the 43rd floor.
NEW YORK CITY – Berko & Associates has brokered the $24 million sale of 809 Broadway, the former Blatt Billiards loft building south of Union Square in New York City, to IDM Capital. The new owner plans to build a 15-story commercial/residential tower on the site. In May 2013, Blatt Billiards, represented by its principals Ronald Blatt and Bruce Roeder, inked a deal to sell the 23,152-square-foot building between 11th and 12th streets. The building also includes an additional 7,045 square feet of air rights. Joe Berko of Berko & Associates represented both the seller and the buyer in the transaction. IDM Capital has hired ODA Architecture to design the planned building. Blatt Billiards, a pool table manufacturer, had owned the 126-year-old building since 1972 and was a tenant at the location before then.
SAN ANTONIO — Financial services group Greystone has arranged a $38.8 million loan for the refinancing of Renaissance at Canyon Springs, a 360-unit multifamily community in San Antonio. The Class A property offers one- to four-bedroom townhomes, as well as communal amenities including multiple swimming pools, basketball and tennis courts, a media center, fitness center, playground and putting green. Located at 24245 Wilderness Oak, the complex is in close proximity to the Canyon Springs golf course. Reuben Dolny of Greystone arranged the 35-year HUD 223(f) loan on behalf of The Bascom Group LLC.
SAN MARCOS AND TOMBALL, TEXAS — Berkadia Commerical Mortgage LLC has arranged $28 million in financing for the acquisition of two multifamily properties in central Texas. A fixed-rate loan of $21.9 million at a sub-4.5 percent interest rate funded the purchase of Palazzo Apartments, a 300-unit property located at 1011 Wonder World Drive in San Marcos. The community offers one- to three-bedroom floor plans and is currently 93 percent occupied. Additionally, a $6.1 million floating-rate loan funded the purchase of Dartford Square, a 124-unit property located at 1100 S. Cherry St. in Tomball. The complex includes one- to four-bedroom layouts and is currently 98 percent occupied. Andy Hill of Berkadia secured both loans, which include terms of seven years each, through Freddie Mac.
LAKEWOOD, COLO. – The 257-unit Mountain Vista apartments in Lakewood has received an $18.5-million bridge loan. The funds will be used to facilitate the property’s acquisition and renovation. The community is located at 434-485 S. Wright Street near Green Mountain Open Space, Matthews Winters Park, Dakota Ridge Trail and Red Rocks Amphitheatre. The asset consists of two neighboring communities, the 137-unit Alpine Mountain Vista and the 120-unit Green Mountain Vista. Financing was provided by Pembrook Capital Management, LLC.
WASHINGTON, D.C. — Aria Development Group has wrapped up the $6 million renovation of The Alden, a multifamily community located in Washington, D.C.’s Columbia Heights neighborhood. The Alden has begun its lease-up period with monthly rents for market-rate units starting at $1,950. The Alden is located at 2620 13th St. N.W. and is listed on the National Register of Historic Places. United Bank provided construction financing for the project, which involved construction manager Blaco Construction, interior designer Aline Trindade, landscape architect Fritz & Gignoux, furniture provider Foundry, the DC Historic Preservation Office, the US National Parks Service and Traceries, an architectural history and historic preservation consulting firm. Aria Development Group paid $5 million to acquire the property in 2012.
MINNEAPOLIS – Local developer Alatus has chosen Doran Construction to build Latitude 45, a 319-unit, market-rate apartment project Alatus is developing on Washington Avenue South in Minneapolis. Construction of the 13-story multifamily property is slated to start later this month and be completed in 2015. Finance & Commerce reported that Alatus expects to close on a deal for the site (owned by Mikulay Trust) shortly. The property is assessed at $2.4 million.