WASHINGTON, D.C. — New York City-based Aria Development Group has completed a $10 million renovation of The Bond, an apartment building located at 1250 New Hampshire Ave. in the city’s West End neighborhood. Aria purchased the property in 2012 from the International Monetary Fund, which had been using it for corporate housing. Aria completed a gut renovation that provided brand new interiors for the building’s 83 units. Upgrades include European-style kitchens, three-inch natural white oak floors, Bosch washers and dryers, and all new systems including video intercoms and Nest programmable thermostats. The building’s front yard and courtyard were also landscaped. Aria will soon install a cast iron canopy on the building exterior. The Bond was developed by Aria in partnership with New York-based Manocherian Brothers. Monarc Construction was the general contractor, and Bonstra Haresign Architects designed the project.
NEW YORK CITY —Meridian Capital Group LLC has arranged $27.5 million in financing for the purchase of a multifamily property, located in the Bronx, on behalf of Azure Partners LLC. The seven-year loan carries an interest rate of 3.1 percent and two years of interest-only payments. A national balance sheet lender provided the loan. The 13-story mixed-use property includes 273 apartments and is located at 1749 Grand Concourse. Moshe Majeski, managing director at Meridian Capital Group, originated the transaction. Abe Hirsch, managing director, and Zev Karpel, senior vice president at Meridian, negotiated the financing
AUSTIN, TEXAS — Muskin Commercial LLC has arranged the sale of Vista Lago, a 102-unit multifamily complex in the Lakeshore District of Austin. A local partnership purchased the property. The complex will undergo extensive renovations and a full reopening. The property was traded at an undisclosed price, but was listed for $5.6 million. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, The Cornerbrook Cos. Brannin Prideaux and Ben Joyce of IBC Bank provided financing. Roscoe Properties will manage the property.
SEATTLE— Emeritus Senior Living is assuming operations of 38 seniors housing communities from Merrill Gardens as part of an agreement that contains a total of 4,400 units across eight states. The majority of the facilities, however, are located in California and Washington. More than 40 percent of the units are designated as independent living facilities, though some properties also contain assisted living and memory care services. Seattle-based Emeritus intends to retain Merrill Gardens' community employees in the transaction, which is anticipated to close in the next few months. The move will build Emeritus' continuum of care, and for Seattle-based Merrill Gardens the deal provides greater nimbleness of operations for future innovation and development, according to company officials. Emeritus is the nation's largest assisted living and memory care provider, with a workforce of more than 30,000 and the ability to serve nearly 50,000 residents in 45 states. Completion of the Merrill Gardens transaction will increase the number of senior living communities Emeritus operates nationally to more than 500. Merrill Gardens will then have 26 operating and development communities in six states in its portfolio. The company plans to continue to develop four to five communities per year in select markets. Health …
MAPLE GROVE, MINN. — SilverCrest Properties LLC and Ryan Cos. have purchased land in Maple Grove, a northwest suburb of Minneapolis, to co-develop a new 260,000-square-foot senior living community. Phase I of the two-phase development is a $34 million campus situated on nine acres at WeaverLake Road and Main Street. The four-story building will include 182 units and feature a mix of independent living, assisted living and memory care. The City of Maple Grove sold the land to SilverCrest and Ryan Cos. Construction for Phase I is scheduled to begin in September. The architectural design team on the project is Harriss Architects and Pfister & Associates.
SEATTLE — Emeritus Senior Living is assuming operations of 38 seniors housing communities from Merrill Gardens as part of an agreement that contains a total of 4,400 units across eight states. The majority of the facilities, however, are located in California and Washington. More than 40 percent of the units are designated as independent living facilities, though some properties also contain assisted living and memory care services. Seattle-based Emeritus intends to retain Merrill Gardens' community employees in the transaction, which is anticipated to close in the next few months. The move will build Emeritus' continuum of care, and for Seattle-based Merrill Gardens the deal provides greater nimbleness of operations for future innovation and development, according to company officials. Emeritus is the nation's largest assisted living and memory care provider, with a workforce of more than 30,000 and the ability to serve nearly 50,000 residents in 45 states. Completion of the Merrill Gardens transaction will increase the number of senior living communities Emeritus operates nationally to more than 500. Merrill Gardens will then have 26 operating and development communities in six states in its portfolio. The company plans to continue to develop four to five communities per year in select markets. …
NORWALK, CALIF. – The 192-unit Avalon at Civic Center in Norwalk has sold to Sares-Regis Multifamily Fund, L.P. for an undisclosed sum. The community is located at 12700 Bloomfield Ave. Sares-Regis plans to upgrade and rebrand the property as Solterra at Civic Center. The seller, Avalon Bay, was represented by HFF’s Mark Peterson and Sean Deasy.
WILLIAMSBURG, VA. — Merrimac Associates has acquired a Williamsburg apartment community from Woodshire LLP for an undisclosed amount. Village of Woodshire Apartments is located at 150 Merrimac Trail. It comprises 252 one- through three-bedroom units on a heavily wooded site. Community amenities include a playground, a laundry facility, a swimming pool and a picnic area. Dan Johnson and Hank Hankins of CBRE|Hampton Roads partnered with Andrew Boyer and Jonathan Greenberg of CB Richard Ellis’ Washington, D.C. Multi-Housing Group to represent the seller.
NEW YORK CITY — Treetop Development has purchased Saxon Hall, a 16-story high-rise multifamily building located at 62-60 99th St. in the Rego Park neighborhood of Queens, for $85.2 million. The 417-unit building is the latest in Teaneck, N.J.-based company’s plan to grow its portfolio of homes by purchasing rental properties in emerging and undervalued New York City neighborhoods. The property includes two ground-floor commercial spaces and an underground garage. Jose Cruz and Andrew Scandalios of HFF served as brokers for the transaction, and Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer. Treetop plans to invest $5 million to upgrade the exterior façade, improve building systems such as elevators, electric, plumbing and roof and enhance cosmetics in the lobby and hallways. Saxon Hall features laundry rooms, secure parking, storage and an on-site playground.
PORTSMOUTH, N.H. — Boston-based Fantini & Gorga has arranged $7.3 million in financing for Millport Apartments, a 63-unit, loft-style multifamily property in Portsmouth. The FHA-insured financing includes a 35-year, self-amortizing term. Eastern Mortgage Capital provided the loan using FHA mortgage insurance under the 223(f) program, which provides long-term, fixed-rate nonrecourse financing. Millport Apartments, located at 1001 Islington St., is a former mill redeveloped into housing by the current owner in 1996. The property has a mix of studio, one-, two-, three- and four-bedroom units, as well as 3,830 square feet of commercial space.