MESA, ARIZ. – A 98-unit apartment building in Mesa has sold to a foreign entity for $4.1 million. The community is located at 5801 East Albany Street across from Dreamland Villa Golf Course. It was built in 1971. Doug Fielding of Marcus & Millichap’s Phoenix office represented both the buyer and the unnamed seller in this transaction.
Multifamily
JACKSON, MISS. — Dougherty Mortgage LLC has closed a $2.6 million Fannie Mae loan for the refinancing of Southbrook Gardens Apartments, a 100-unit affordable housing community in Jackson. Dougherty Mortgage’s Austin, Texas, office arranged the 10-year loan on behalf of the borrower, Daniel Lake Partners LP.
BLUE SPRINGS, MO. — Arbor Commercial Funding LLC has closed an $11.4 million loan for Brookwood Village Townhomes, a 200-unit multifamily property in Blue Springs, an eastern suburb of Kansas City. The 10-year Fannie Mae DUS loan includes a 30-year amortization schedule. The multifamily property includes a community gazebo located in the center of a cul-de-sac.
NEW YORK CITY — Massey Knakal has arranged the $45 million sale of The Boulevard Heights Portfolio, which includes four multifamily properties located in Manhattan. The sales price equates to approximately $185 per square foot. The buildings are located at 3489 Broadway, 519 W. 143rd St., 610 West 163rd St. and 548 W. 164th St. in the West Harlem and Washington Heights neighborhoods. The four pre-war properties total 205 units and approximately 242,740 square feet. Bob Knakal, Robert Shapiro and Josh Lipton of Massey Knakal arranged the sale.
SAN FRANCISCO – A three-property California apartment portfolio has received an $89.1-million refinance. The properties include the 164-unit The Boulders in Walnut Creek; the 100-unit Chesapeake Point in San Mateo; and the 248-unit Los Robles in Thousand Oaks. The loans feature 10-year terms and 30-year amortization schedules. They were arranged by Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco regional office through the firm’s relationship with theGuardian Life Insurance Company of America.
MESA, ARIZ. – A 98-unit apartment building in Mesa has sold to a foreign entity for $4.1 million. The community is located at 5801 East Albany Street across from Dreamland Villa Golf Course. It was built in 1971. Doug Fielding of Marcus & Millichap’s Phoenix office represented both the buyer and the unnamed seller in this transaction.
DENVER – A 23-unit apartment building in Denver has sold to a local group of apartment buyers for $2.8 million. The community is located near the intersection of Colfax Avenue and Colorado Boulevard near National Jewish Health. Jim Knowlton of Pinnacle Real Estate Advisors represented the buyers. The unnamed seller was represented by Jeff Johnson of the firm’s Johnson Ritter Team.
GILBERT, ARIZ. – The Shoppes at the Islands land, an 11.4-acre site at the southeast corner of Warner and McQueen roads in Gilbert, has sold to Genica Arizona, LLC for $2.1 million. The partnership plans to use the land to develop a new single-family housing community. It was represented by Aaron Carson of Carson Commercial, LLC. The seller, Starwood Asset Management, LLC, was represented by Jim Crews, Brett Polachek and Adam Madison of Cushman & Wakefield.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $250 million mortgage for the refinancing of the Aire multifamily property located at 200 W. 67th St. in New York City on behalf of 150 Amsterdam Avenue Holdings LLC. A national conduit lender provided the 10-year CMBS loan, which features a fixed interest rate of 5 percent. The Aire, located on the Upper West Side, is a 43-story, 310-unit multifamily property featuring numerous amenities including a private courtyard, an indoor children’s playroom and outdoor play area, an event deck, fitness center, conference room, on-site parking and a private park. Aaron Appel, managing director, Jeffrey Weinberg, executive vice president, and Michael Diaz, vice president at Meridian Capital Group, arranged the financing. Kasowitz, Benson, Torres & Friedman LLP represented 150 Amsterdam Avenue Holdings LLC in the transaction.
GREENWICH, CONN. — Q10 | New York Realty Advisors has arranged a $2 million loan on a luxury cooperative apartment building in Greenwich. The 20-year, self-liquidating loan includes a fixed interest rate of 4.84 percent. The co-op corporation also received a $1 million revolving line of credit, which features a floating interest rate starting at 2.5 percent. The property overlooks the Long Island Sound and Greenwich Harbor. Scott Gerard, Esq. of Murtha Cullina LLP in Stamford, represented the co-op board. Jeanne Cronin, managing director of Q10 | New York Realty Advisors, arranged the loan.