NEW YORK CITY — A group of investors has sold 193 Buffalo Avenue, a five-story, 9,100-square-foot apartment building in Brooklyn, for $1.1 million. The 10-unit multifamily property was built in 1910 and has had the same owners for more than 20 years. Shlomo Antebi of GFI Realty Services Inc. represented the seller. Joseph Landau of GFI Realty Services represented the buyer, a local investor, in the transaction.
GLENDALE, COLO. — 341-unit Solana Cherry Creek development in Glendale has received joint venture equity through an institutional investor. The funds will finance the Class A community's construction. It is scheduled for completion in 2016. Pat Burger, Josh Simon, Jordan Robbins and Husayn Hasan of HFF arranged the financing on behalf of MKS Residential LLC.
MIAMI, FLA. — The Harvard House Apartments, a formerly distressed North Miami Beach complex, has reopened following a renovation. Developers Carrfour Supportive Housing and the National Housing Trust partnered to redevelop the property into a 140-unit affordable housing community using $8 million in federal funds supported by HUD's Neighborhood Stabilization Program. The program revitalizes communities that have been negatively impacted by properties that were foreclosed upon or abandoned as a result of the recession. Harvard House is located at 2020 N.E. 169th St.
POMPANO BEACH, FLA. — CBRE has arranged a $10.4 million Freddie Mac loan for the refinancing of Palm Island Apartments, a 402-unit multifamily property at 401 N.W. 34th St. in Pompano Beach. The property was constructed in 1974 and is fully leased. The community consists of 13 two-story buildings and one clubhouse spanning 17 acres. Amenities include a laundry facility in each building, swimming pool, two tennis courts and a playground. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loan with a fixed interest rate below 4 percent on behalf of the borrower, Sample APTS LLC.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $28.6 million construction loan for the development of Kalorama West, a 117-unit apartment building in the Adams Morgan neighborhood of Washington, D.C. The borrower is a joint venture between Columbia General Corp. and Potomac Investment Properties. The sponsor developed and owned the adjacent 394-unit Dorchester House. Kalorama West is an expansion of the existing apartment building, which will be built on Dorchester House's surface parking lot. Construction of the five-story building is expected to begin next month, with completed slated for the first quarter of 2015. Andrew McAllister, Bruce Levin, Britton Browne and Nick Rubenstein led the MAC Realty team that arranged the loan through a national bank.
BLOOMINGTON, ILL. — Love Funding has arranged a $19.8 million HUD 223(f) loan for the refinancing of Wingover Apartments, a market-rate apartment community in Bloomington, located about 72 miles north of Springfield. The refinancing will allow the property owners to take on needed repairs and consolidate four separate mortgages into a non-recourse, fixed-rate loan with a term of 35 years. The ownership group includes Illinois State University graduate Darren Rogers and his business partners Donald Franke and Harold Hoeferle. Wingover Apartments was built in four stages between 2006 and 2009, and consists of 19 two- and three-story buildings and 250 apartment units. Love Funding Midwest regional director Bruce Gerhart secured the financing.
ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $10.48 million refinancing loan for Lowertown Commons, a seven-story, 112-unit multifamily building located in St. Paul. The borrower was REE Lowertown LLC. The HUD 223(f) non-recourse loan has a 30-year term and a 30-year amortization schedule. Constructed in 1905 as a facility for the St. Paul Rubber Co., the historic building was rehabbed and converted to apartment units in 1985. Approximately $1.2 million in renovations will be completed as part of the refinancing. Lowertown Commons is owned and managed by Real Estate Equities.
NEW YORK CITY — Prime East Realty has sold an apartment building at 539 E. 87th St. in Manhattan’s Upper East Side neighborhood, for $8 million. Far East 87 LLC purchased the five-story, 10,068-square-foot building. Each of the 10 units include high ceilings, oversized doors, oak strip flooring, A/C window units, aluminum kitchen appliances, exposed brick walls and a washer and dryer. The apartments also feature marble windowsills, countertops and bathrooms, as well as recessed lighting. Thomas Gammino of Massey Knakal brokered the transaction.
BOSTON — EagleBridge Capital has arranged $4.8 million in financing for three multifamily units in Boston on behalf of Neelon Properties. Ted Sidel and Brian Sheehan of EagleBridge arranged a $4 million mortgage for two units located at 251 Marlboro St. in the Back Bay neighborhood, plus an $820,000 mortgage for a unit located at 77 Worcester St. in the South End. The lenders were two leading financial institutions. The Marlboro Street units contain a total of 4,950 square feet on two floors. The two-story 77 Worcester Street is a 1,700-square-foot penthouse duplex. The interiors of Marlboro Street units and the Worcester Street unit are being completely rebuilt.
GLENDALE, COLO. — 341-unit Solana Cherry Creek development in Glendale has received joint venture equity through an institutional investor. The funds will finance the Class A community's construction. It is scheduled for completion in 2016. Pat Burger, Josh Simon, Jordan Robbins and Husayn Hasan of HFF arranged the financing on behalf of MKS Residential LLC.
