NEW YORK CITY — National Cooperative Bank (NCB) has secured a $30 million loan for Amalgamated Houses in the Bronx. The financing will enable the owners of the multifamily community to refinance $8.5 million of existing debt at a lower interest rate. The borrower will use $19.6 million to undertake a number of exterior renovations projects during the next 10 years. Founded in 1927, Amalgamated Houses provides housing for 1,500 moderate-income families. NCB worked with Fannie Mae in securing the transaction. Edward Howe III, managing director at NCB’s New York office, arranged the financing.
NEW YORK CITY — Silvershore Properties has purchased two multifamily buildings in Queens in separate transactions totaling $2.6 million. The 17,000-square-foot, four-story building is located in Elmhurst at 43-05 Forley St. and includes 20 apartments. The second transaction includes a 5,500-square-foot, three-story building at 32-38 48th St. in Astoria. Built in 1928, the multifamily building features six units.
LONGVIEW, TEXAS — ARA has arranged the sale of The Tree House Apartments, a 172-unit multifamily community in Longview. Bart Wickard and Brian O'Boyle Jr. represented the seller, Kansas City, Mo.-based Kelco/Maxus Properties, in the transaction. Las Vegas-based Koza Consulting LLC was the buyer. The property was 96 percent occupied.
GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of Savannah Square, a 56-unit multifamily property located at 321 SW 5th St. in Grand Prairie. Doug Banerjee, Mason Green, John Barker and Boyan Radic of Marcus & Millichap's Fort Worth office represented the seller and the buyer, both private investors, in the transaction. The property was 60 percent occupied at the time of sale.
OAKLAND, CALIF. – A 48-unit apartment building that is located at 200-220 East 15th Street in Oakland has sold to Cohen Rojas Capital Partners for $5.1 million. The four-building community was built in 1955. It recently underwent renovations to make the property more eco-friendly. Cohen was represented by David Wolfe and Eli Davidson of Marcus & Millichap’s Oakland office. The seller was not named.
LONG BEACH, CALIF. – The 200-unit Long Beach Senior Arts Colony, which was built for seniors aged 55 and older, has debuted. The $70-million, transit-oriented development is located at200 E. Anaheim Street. It is situated along Long Beach’s light rail line. The project was developed by Meta Housing Corporationand Century Housing Corporation.
PHOENIX – The 275-unit Vista Ventana in Phoenix has sold to BH Properties LLC for $10.2 million. The community is located at 3221 W. El Camino Drive. The property recently underwent a series of improvements. Its occupancy is currently at 90 percent. Karl Abert and Brad Pickering of Newmark Grubb Knight Frank represented both the buyer and the seller, El Camino Vista, LLC, in this transaction.
DURHAM, N.C. — Passco Companies has acquired Encore at the Park, a Class A apartment community situated near Research Triangle Park in Durham, for $28 million. Constructed in 2001, the garden-style community is located at 2850 Country Creek Blvd. It contains 280 units in one- through three-bedroom configurations. Community amenities include a resort-style swimming pool, sundeck, business center, fitness center, car care center, picnic and grilling stations, and dog park. In the near term, Passco plans to complete minor interior and exterior upgrades to keep the property competitive in the marketplace. Sean Wood of ARA Investment Services represented both Passco and the seller, a joint venture between Atlanta-based Centennial Holding Company and Washington, D.C.-based The Carlyle Group. Riverstone Residential Group will take over management duties for the community.
CLARKSTON, GA. — Marcus & Millichap has brokered the sale of Kristopher Woods Apartments, a 214-unit multifamily community in Clarkston, for $5.9 million. The property is located at 762 Jolly Ave. South and was 99 percent occupied at the time of the sale. Andrew Mays and Paul Vetter of Marcus & Millichap’s Atlanta office arranged the sale between the two undisclosed parties.
NORTH SMITHFIELD, R.I. — CBRE New England’s Capital Markets team has arranged the sale of Halstead at Slatersville Mill, a 224-unit apartment community located in North Smithfield, about 15 miles northwest of Providence. The purchase price was undisclosed. Simon Butler and Biria St. John, both of who hold the title of executive vice president and partner, at CBRE represented the seller, DSF Slatersville Mill LLC, and the buyer, Residences at Slatersville Mill LLC, an affiliate of Acumen Real Estate, in the transaction. The Halstead at Slatersville Mill includes one single-story leasing center and three original mill buildings that were converted to apartment buildings in 2007. Community amenities include a theater/media room, lounge areas, business center, 24-hour fitness center, indoor basketball court, community/billiards room, pool table and an outdoor swimming pool.