PATERSON, N.J. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for Congdon Mill Apartments, a 67-unit affordable housing property in Paterson. Paul Aanonsen and Jack Bauer of Grandbridge negotiated the 15-year loan through Freddie Mac. The property, originally constructed as a manufacturing mill in 1907, is located on the Passaic River. The loan contains a 35-year amortization schedule.
DALLAS — Marcus & Millichap has arranged the sales of The Colorado Apartments and Riverfall Square in Dallas. The 59-unit Colorado property is located at 2610 W. Colorado Blvd., and the 144-unit Riverfall Square is located at 7879 Riverfall Drive. John Barker of Marcus & Millichap's Dallas office represented seller, a limited liability company, and the buyer, an individual trust, in the Colorado Apartments transaction. Will Jarnagin and Michael Ware of Marcus & Millichap's Dallas office represented the seller, a New York-based private investment group, and procured the buyer, a local investor, in the Riverfall Square transaction.
AUSTIN — HFF has arranged $7.4 million in financing for the 166-unit Keystone Apartments, located at 5230 Thunder Creek Road in Austin. The property is currently 95 percent occupied. John Brownlee of HFF arranged the seven-year loan through Freddie Mac's CME Program on behalf of the borrower, Price Realty Corp.
HOUSTON — LMI Capital has arranged $7.2 million in acquisition financing for the 436-unit Crescent Park Apartments, located in west Houston. Brandon Brown of LMI Capital arranged the three-year loan through a bridge lender. LMI Capital has also recently arranged loans for Windfern Pointe Apartments in northwest Houston, Ashford Park Apartments in west Houston and Bay House Apartments in the Clear Lake area.
ATLANTA — Atlanta-based The RADCO Companies has acquired a three-property, 402-unit multifamily portfolio, located in Georgia, for $13.7 million. The sale included the 112-unit Ashford Place Apartments in Griffin, the 160-unit Briar Creek Apartments in Conyers and the 130-unit Sierra Place Apartments in Atlanta. RADCO had been the asset manager for the portfolio on behalf of an equity fund for five years. The company plans to invest nearly $1 million in capital improvements during the next six to 12 months. The transaction also included the acquisition of the equity and a restructure of the existing debt on the property.
CHICAGO — Weis Builders, The Davis Group and VOA Associates have teamed to begin work on the second phase of Lake Park Crescent in Chicago. The multi-phase redevelopment will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group has contracted Weis Builders to add a total of 132 units to the community, which is situated along Lake Michigan. The second phase will include the construction of a midrise building, three-story parking ramp, several low-rise buildings and the completion of sitework for these, and future buildings.
NEW YORK CITY — Aimco has acquired The Milan, a 92-unit apartment building at 118-122 West 23rd St. in Chelsea for $39 million, or $750 per square foot. The 15-story building contains ground-floor retail and a mix of one-, two- and three-bedroom units. Each unit features an outdoor terrace and floor-to-ceiling windows. Capital One Bank occupies approximately 10,000 square feet of retail space on the ground floor and basement. Paul Smadbeck, Brock Emmetsberger and James Nelson of Massey Knakal represented both parties in the transaction.
MAPLEWOOD, N.J. — J.G. Petrucci Co. has broken ground on its 50-unit apartment community, named The Station House, in Maplewood. The community is across from the Maplewood Memorial Park and adjacent to the Maplewood Train Station. The property, situated on the site of the former Maplewood Police Station, will consist of one- and two-bedroom apartments. The Township of Maplewood had named J.G. Petrucci as the master developer of the project in October 2011. The Station House is expected to be delivered in the spring of 2013.
NEW YORK CITY — 391 Leonard Street LLC has sold a 50,000-square-foot development site at 88 Richardson St. in the Williamsburg section of Brooklyn for $18 million. The site is comprised of three interconnecting properties. The buyer, 88 Richardson LLC, plans to develop luxury apartments on the site, which offers 160,000 buildable square feet. Robert Klein of Kalmon Dolgin Affiliates represented both parties in the transaction.
ELMWOOD PARK, N.J. — Riverfront Residential has completed the first phase of Riverwalk, an upscale rental community at 400 Riverfront Blvd. in Elmwood Park. Phase I of the project included the construction of 91 one- and two-bedroom apartments. When complete, the community will feature 158 rental residences and 17,000 square feet of ground-floor retail space. Amenities will include a fitness center and on-site parking. Niles Bolton Associates is the project architect.