NEW YORK CITY — ABJ Properties has closed on the acquisition of Manhattan Avenue Portfolio, a 12-building multifamily portfolio totaling 101 units. ABJ Properties, run by Ben Soleimani and Joe Soleimani, purchased the portfolio for $14.5 million. The properties are located at 492, 496, 498, 500, 506, 508, 510 and 514 Manhattan Avenue; 317 West 120th Street; and 301, 309 and 312 West 121st Street. Ira Zlotowitz and Meir Kessner of Eastern Union Funding arranged $9.5 million in financing for the acquisition. The loan, which was provided by Customers Bank, covers 80 percent of the buildings’ value and features a 3.75 percent rate without recourse.
Multifamily
WANTAGE, N.J. — Gebroe-Hammer Associates has arranged the sale of The Regency at Sussex, a garden-style multifamily complex located at 10 Layton Road in Wantage. The seller, a limited partnership that included private investor Michael Halpern, sold the property to an undisclosed buyer for $6.75 million. Built in 1975, the 100-unit multifamily property features a mix of one- and two-bedroom residences ranging in size from 850 to 950 square feet. The residential units feature spacious closets, eat-in kitchens and separate living and dining areas. Community amenitites include a playground and laundry facilities. Stephen Tragash of Gebroe-Hammer represented both parties in the transaction.
LONG BEACH, CALIF. — Meta Housing Corp. has broken ground on Long Beach & 21st Apartments, a $16.4 million, 41-unit seniors housing property in Long Beach. To be located at 2114 Long Beach Blvd., the affordable housing complex will offer one- and two-bedrooms residences for adults ages 55 and older. Amenities will include a community activity room, community kitchen, library and rooftop deck. Meta Housing is partnering with PATH Ventures in the development of the project. PSL Architects has designed the facility to achieve LEED Silver certification. Bank of America provided construction financing and equity for the project. Completion is slated for the summer of 2015.
BOCA RATON, FLA. — HJ Sims has raised roughly $214 million for a start-up continuing care retirement community (CCRC) in Boca Raton known as Sinai Residences of Boca Raton. The property is located on the campus of the Jewish Federation of South Palm Beach County. The resort-style CCRC features 237 independent living units, 48 assisted living units, 24 memory care units and 60 skilled nursing suites. Federation CCRC Operations Corp. is the property’s developer, owner and manager. HJ Sims structured $120.7 million of tax-exempt fixed-rate bonds, $69 million of Entrance Fee Principal Redemption Bonds and $24.1 million of Draw Down Bonds. Sinai Residences of Boca Raton is slated to open in 2015. The project team includes development and marketing consultant Greenbrier Development, manager Life Care Services and architect Perkins Eastman.
FORT LAUDERDALE, FLA. — Stiles Construction has topped off construction on Elan 16Forty, a 261-unit luxury apartment community at 1640 E. Sunrise Blvd. in downtown Fort Lauderdale. Greystar owns the project and will operate it upon completion in September. Elan 16Forty will feature one-, two- and three-bedroom units ranging in size from 686 to 1,599 square feet. The community will feature 2,300 square feet of ground-level retail space, a gourmet demonstration kitchen, community room, business center, game room, resort-style swimming pool, sun deck with cabanas, outdoor grilling stations and a rooftop terrace.
DAVENPORT, FLA. — NorthMarq Capital has arranged a $36.3 million loan to refinance Victoria Park Apartments, a 348-unit multifamily community located at 1000 Victoria Park Blvd. in Davenport, about 35 miles southwest of Orlando. Melissa Marcolini Quinn and David Schofield of NorthMarq’s Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.
CORAL GABLES, FLA. — Grandbridge Real Estate Capital has closed a $24.5 million first mortgage loan for The Mile at Coral Gables, a 13-story luxury apartment project under construction at 3622 S.W. 22nd St. in Coral Gables. Once complete, the property will feature 3,000 square feet of ground-level retail space and 119 apartment units, with amenities including a swimming pool, fitness center and 175-space parking garage. Phil Carroll of Grandbridge originated the three-year interest-only loan through an unnamed bank.
ZIMMERMAN, MINN. — Marcus & Millichap has brokered the $5 million sale of The Pines I & II, a 64-unit apartment property in Zimmerman, a rural community located approximately 42 miles northwest of Minneapolis. The address of the Pines I & II is at 25685 3rd St. West. The property, which was built in two phases in 2005 and in 2006, features several different floor plans. Amenities include attached covered garages, a large community room and fitness center. The property closed at below a 7 percent cap rate. Michael Ahles, Mox Gunderson and Chris Collins of Marcus & Millichap’s Minneapolis office represented the seller, a developer, and the buyer, a partnership.
NEW YORK CITY — Delshah Capital has acquired 221 West 17th Street, a loft warehouse building in Chelsea, from Doreen Interiors for $26.4 million. Along with its development partner, On The Level Enterprises, Delshah plans to redevelop the 33,000-square-foot property into a residential condominium building with ground-floor retail space. The redevelopment will include the addition of four floors to create a 10-story multifamily property.
NEW YORK CITY — Meridian Capital Group has arranged $4.4 million in refinancing for 247 Audubon Avenue, a six-story, 42-unit multifamily property in Manhattan’s Hudson Heights neighborhood. The 5-year loan features a 3.25 percent fixed rate and was provided by a regional balance sheet lender. Judah Hammer of Meridian Capital Group arranged the transaction.