Multifamily

NEW YORK CITY — Ariel Property Advisors has arranged the $30.5 million sale of nine multifamily buildings on the Upper West Side, Central Harlem and East Harlem in New York City. Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch and Marko Agbaba of Ariel Property Advisors marketed the properties on behalf of the sellers, real estate investment firms. Five attached walk-ups at 265-273 W. 146th St. in Central Harlem totaling 100 unis sold for $11.1 million. A five-story, mixed-use walk-up at 950 Columbus Ave. on the Upper West Side sold for $5.1 million. Jeffrey Tanenbaum of Halstead Property represented the buyer, a local owner, in the transaction. A six-story, mixed-use building at 88 E. 111th St. in East Harlem sold for $5 million. The 19,884-square-foot walk-up includes 28 residential units and two commercial units. A six-story, mixed-use building at 1661 Park Ave. in East Harlem sold for $4.8 million. The 22,436-square-foot building features 34 residential units and one retail unit. A six-story walk-up at 524 E. 119th St. East Harlem sold for $4.5 million. The 21,100-square-foot building includes 35 residential units.

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FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Lowden Terrace, a 40-unit apartment complex in Fort Worth. Located at 2200 W. Lowden St., the four-building property is in close proximity to Texas Christian University. Lowden Terrace offers one- and two-bedroom floorplans as well as a communal laundry facility. Boyan Radic, Mason Green and Doug Banerjee of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, Clarus Investment 4 LLC, and also secured the buyer, a Fort Worth-based limited liability company.

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PUYALLUP, WASH. – The 225-unit Glenbrooke Apartments in Puyallup has received a $13.6-million refinance. The affordable housing complex is located at 701 43rd Ave. The property had a complex ownership structure with multiple partners. The transaction facilitated a refinance for a limited partner buy-out. Financing was based on a 10-year term and a 30-year amortization period with three years interest-only. It was arranged by Ron Peterson of NorthMarq Capital’s Seattle regional office through the firm’s seller-servicer relationship with Freddie Mac.

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GLEN ELLYN, ILL. — A joint venture between MedProperties Holdings LLC and the LaSalle Group, both based in Dallas, will soon begin construction of the 46-bed Autumn Leaves of Glen Ellyn. The 27,000-square-foot, one-story memory care community will be located at the northwest corner of Geneva and Bloomingdale roads, about 23 miles west of Chicago. The LaSalle Group will operate the community under its Autumn Leaves brand. Construction of The Autumn Leaves of Glen Ellyn is slated to begin next month, with a completion date set for late 2014. Chicago-based BMO Harris Bank is providing construction financing for the project.

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GEORGETOWN AND KELLER, TEXAS — PinPoint Commercial LP and Thrive Senior Living have completed construction of two assisted living and memory care facilities in Texas. The Legacy at Georgetown is a 158-bed, 63,000-square-foot property in Georgetown, located about 28 miles north of Austin. The Legacy at Bear Creek is a 116-bed, 55,000-square-foot property in Keller, located about 20 miles north of Fort Worth. The former is situated adjacent to Scott and White Georgetown Clinic, allowing for convenient medical care, while the latter is near Keller Town Center, a master-planned, mixed-use development. PinPoint acted as developer on the projects, and Thrive will manage the properties.

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ALEXANDRIA, VA. — The Bozzuto Group, a Greenbelt, Md.-based real estate services company, and MGL Partners, a Denver-based development firm, have broken ground on The Frasier, a $75 million apartment community in Alexandria. The 249-unit development will be located across the Potomac River from Washington, D.C. Bank of America and RBS Citizens provided construction financing, and The Bozzuto Group and MGL Partners provided equity. Bozzuto Construction Co. commenced construction on the development, which is slated for completion in spring 2015. The transit-oriented community will be located within walking distance of the Potomac Yard Metro Station, which is expected to open in 2016 or 2017. The Frasier's amenities will include an outdoor kitchen, lounge area with a fire pit and waterfall, a swimming pool, 2,200-square-foot fitness center, game room and library.

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ATLANTA — Washington, D.C.-based StoneBridge Investments has acquired Spalding Crossing, a 252-unit luxury apartment community located between Atlanta's Sandy Springs and Dunwoody neighborhoods. The community is also located within Atlanta's Central Perimeter office submarket. An offshore investment group and a Netherlands-based affiliate of StoneBridge provided equity for the purchase. Additionally, SunTrust Bank N.A. provided a $24.3 million acquisition loan. StoneBridge will soon begin a $2.7 million upgrade to the community. StoneBridge has retained ZRS Management LLC to provide property management services.

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SCHENECTADY, N.Y. — KeyBank (NYSE:KEY) has provided $26 million in Low Income Housing Tax Credit (LIHTC) equity and debt for an affordable housing development in Schenectady. The 155-unit rental community will include housing for low-income families, homeless persons, veterans and others who require supportive services. The development will transform a 96,060-square-foot, four-story historic industrial building and include 30 units for individuals struggling with homelessness or substance abuse and 57 units for the developmentally disabled and mentally ill. In total, KeyBank provided nearly $15 million in LIHTC equity and a $9 million construction loan to the development. The Galesi Group is serving as the developer for the project, which is slated to open next spring.

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BOSTON — National Development has announced plans to build SEPIA at Ink Block, an 83-unit luxury condominium development in Boston. The project will be built as part of Ink Block South End, a six-building, mixed-use development in the South End neighborhood of Boston. Construction is slated to begin in early 2014, with a sale center opening at 401 Harrison Ave. later this month. Amenities at SEPIA at Ink Block include underground resident parking, a rooftop sundeck, private balconies, access to Ink Block’s rooftop pool, fitness center, clubroom and a bicycle workshop. Residents of the community will also be in proximity to the 50,000-square-foot Whole Foods Market, which is slated to open at Ink Block South End in early 2015. The SEPIA condos are slated to be complete and open for occupancy in mid-2015. Cranshaw Construction is the general contractor, and Elkus Manfredi Architects is the architect for SEPIA. The Collaborative Cos. will serve as the marketing and sales agency.

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SAN ANTONIO — BMC Capital has secured a $1.2 million loan for Magnolia Apartments, a 25-unit multifamily property in an historic area of San Antonio. The loan featured a seven-year fixed rate of 4.25 percent and a 30-year amortization. Mike Callis of BMC’s Denver office arranged the terms. BMC Capital, headquartered in Dallas, acts as both a direct lender and a mortgage banker for commercial real estate properties.

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