NEW YORK CITY — Developers have broken ground on an 83-unit condominium building at 211 E. 13th St. in Manhattan's East Village. Sales are expected to begin next May for the studio, one-, two- and three-bedroom units. A joint venture partnership between Ironstate Development Co., Abe and Scott Shnay and Charles Blaichman is developing the property. The building will be located on a long-vacant site that was once home to the historic Jefferson Theater. Amenities will include a fitness room, lounge and library. BKSK Architects is the project architect.
NEW YORK CITY — Ares Commercial Real Estate Corp. has arranged a $36 million first mortgage loan secured by a 101-unit apartment building in Manhattan's Murray Hill neighborhood. The borrower is a partnership between Benchmark Real Estate and Western Heritable Investment Co. The senior mortgage will fund the acquisition and renovation of the asset.
WYLIE — Marcus & Millichap has arranged the sale of the 26-unit Village East, an apartment community located at 105 S. 5th St. in Wylie. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a local private trust, in the transaction. The buyer was a private investor.
LANCASTER, CALIF. — MG Properties Group (MGPG) has purchased a four-property, 1,190-unit multifamily portfolio in Lancaster for $91.75 million. The acquisition includes 416-unit Cordova Park, 320-unit Granada Villas, 314-unit Sienna Heights and 140-unit Woodlands West. The acquisitions were financed separately with a 10-year, fixed-rate loan of $75.60 million that was provided by Rob Prouty at KeyBank Real Estate Capital and Fannie Mae. MGPG plans to upgrade the properties’ exterior and common areas, as well as address any deferred maintenance issues. The firm represented itself in this transaction, while the private seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Smolen of Institutional Property Advisors.
CEDAR PARK — Austin-based TRISUN Healthcare, a subsidiary of Harden Healthcare, will open Cottonwood Creek Nursing and Rehabilitation Center, located at 1500 Cottonwood Creek Trail in Cedar Park. The 50,000-square-foot, 120-bed seniors community will include TRISUN's Enhanced Dining program, 24-hour nursing care, short- and long-term rehabilitation services and a rehab gym staffed by professional therapists. The center will staff approximately 140 full- and part-time employees when fully staffed.
CLEARWATER, FLA. — A $7.1 million construction loan has been arranged for Seasons Largo, an assisted living facility located at 1475 E. Bay Dr. in Clearwater. Robert Hernandez of NorthMarq arranged the financing for the borrower, Center Bay Office Inc., through NorthMarq’s relationship with a national bank on a 60-month term with interest-only for 36 months then a 30-year amortization schedule.
MAULDIN AND SPARTANBURG, S.C. — The Terrace at Butler, a 132-unit Class B apartment complex located at 771 E. Butler Rd. in Mauldin, has traded for $8.4 million to a California-based investor seeking to expand an apartment portfolio into the Carolinas. Tony Bonitati, Kay Hill and Gwinna Cahal of Greenville, S.C.-based NAI Earle Furman represented the local seller. The NAI Earle Furman team also represented the seller of the 89-unit Schuyler Apartments, located at 275 S. Church St. in downtown Spartanburg, which was sold to an Alabama-based buyer that plans to redevelop the building as part of a revitalization effort in downtown Spartanburg. The building, which was a lender-owned asset, was originally built in the 1950s and NAI Earle Furman worked with the City of Spartanburg in obtaining approvals to ensure redevelopment.
FALL RIVER, MASS. — TAG Fall River Real Estate II LLC has acquired the 49-unit Clearview Apartments in Fall River for $3.4 million. The property, located at 4000 N. Main St., includes two buildings containing 42 two-bedroom units and seven one-bedroom units. The apartments feature central air conditioning and either a balcony or ground-level patio. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Clearview Investments, in the transaction. They also procured the buyer.
FORT WORTH — Colliers International has arranged the sale of Edge 55, a 55-unit, off-campus student housing development, located at 3517 S. University Drive in Fort Worth, that serves the students of Texas Christian University (TCU). The complex is located a half mile away from TCU's campus. Dorothy Jackman and Travis Prince of Colliers Student Housing Group represented the seller, investor Steve Berry's Campus Village Centre, in the transaction. Nick Fluellen of Marcus & Millichap represented the buyer, Shore to Shore Properties.
DALLAS — NorthMarq Capital has arranged a construction/permanent loan and joint venture financing for the 263-unit Uptown Victory Apartments, a luxury multifamily development located in Dallas. The apartment community boasts views of Victory Park and Dallas' Central Business District. William Jackson of NorthMarq's Dallas office arranged the financing with a regional commercial bank and a Texas-based equity fund company.