NEW YORK CITY — HFF has closed the sale of 166 W. 75th Street, a 207-unit multifamily property with 3,425 square feet of ground-floor retail on Manhattan’s Upper West Side. HFF marketed the property exclusively on behalf of the seller. The 16-story building is located near the intersection of Amsterdam Avenue and 75th Street close to Central Park, Riverside Park, Lincoln Center and the 72nd Street Subway Station. Simon Development Group purchased the asset and intends to renovate the property. Jeff Julien, KC Patel, Andrew Scandalios, Jose Cruz and Kevin O’Hearn led the HFF team representing the seller. The sales price was undisclosed.
SAN ANTONIO AND NORTHLAKE, TEXAS — Dallas-based SWBC Real Estate LLC has sold three of its multifamily communities in Northlake and San Antonio for approximately $100 million. The communities include the 288-unit Dry Creek Ranch in Northlake, the 304-unit Mission Hills in San Antonio and the adjacent 329-unit Evans Ranch. Will Balthrope and Drew Kyle of Institutional Property Advisors represented the seller in the Dry Creek Ranch sale. Calgary-based Western Securities Limited purchased Dry Creek Ranch. Boston-based TA Associates purchased both Mission Hills and Evans Ranch. Additionally, SWBC plans to break ground on Overlook Ranch later this year. The Class A, 318-unit community will be located in the AllianceTexas development in north Fort Worth.
SAN ANTONIO — Criterion Property Co. LP has opened a new luxury living community in midtown San Antonio called 1800 Broadway, located at its namesake address. The 230-unit community is more than 50 percent leased and is located close to downtown San Antonio, the revitalized Pearl Brewery development, the River Walk, Alama Heights neighborhood and Fort Sam Houston. The community features one- and two-bedroom plans, as well as townhomes. Amenities include three outdoor living areas, a resort-style pool courtyard, oversized fireplace, outdoor grilling kitchen and a courtyard next to a river. The community also features “The Cave,” a covered space with a wet kitchen, flat screen TVs, bar games and free Wi-Fi.
SAN JOSE, CALIF. — Chateau La Salle, a 434-unit housing community in San Jose, has received $43.8 million in financing. It is located at 2681 Monterey Road. The 10-year, fixed-rate loan has a 30-year amortization schedule. The Fannie Mae Delegated Underwriting and Servicing (DUS) Loan was originated by Tim Thompson of Greystone’s San Francisco office. The deal was brought to Greystone by Robert Mallett, of Marcus & Millichap Capital Corporation.
FAIRFAX, VA. — Crow Holdings Capital Partners LLC has secured an $86.8 million acquisition loan for Monument Park, a 460-unit Class A apartment community in Fairfax. The property is located at 4457 Oakdale Crescent Court and units average 1,014 square feet. Community amenities include a clubhouse, resort-style swimming pool, fitness center, pub room and jogging trails. Whitaker Johnson, Andy Scott and Cary Abod led the HFF team that arranged the 10-year, fixed-rate loan through TIAA-CREF.
BALTIMORE — The Greens at Irvington Mews, a 100-unit residential community for seniors and adults with disabilities, has opened in the Irvington neighborhood of southwest Baltimore. Enterprise developed the four-story property, which includes 5,000 square feet of common area space, a fitness center, TV lounge, computer center and community room. The $16 million property is located across from Mount Saint Joseph High School. Hord Coplan Macht designed the development, which includes energy-efficient features, such as Energy Star appliances and water-conserving plumbing features. Harkins Buildings Inc. served as contractor. The project was financed largely through the federal Low-Income Housing Tax credit program.
CHICAGO — The Marquette Cos. has broken ground on Catalyst, a 22-story apartment building located at 630 W. Washington in Chicago’s West Loop. The development is a joint venture with El Paso, Texas-based Hunt Cos. and New York-based Kayne Anderson Real Estate Advisors. Designed by architect Brininstool + Lynch, Catalyst will include 223 apartment homes with studio, one-, two- and three-bedroom plans. The street level of Catalyst will include a 13,000-square-foot Walgreens. The property will also include approximately 175 parking spaces. Lend Lease is serving as general contractor. Leasing is expected to begin in early 2014 with units delivering in summer 2014.
NEW YORK CITY — Cronheim Mortgage has secured $20.6 million in acquisition financing for an eight-building, 229-unit, multifamily portfolio located in the Manhattan neighborhoods of Washington Heights and Inwood. The funding was sourced from two banks, each of which financed four buildings for $10.6 million and $10 million on a nonrecourse basis. The combined facility provided 79 percent loan-to-cost financing for the $26 million multifamily purchase. The 10-year loans carry an average 4 percent fixed interest rate and features a 30-year amortization schedule. David Turley and Janet Proscia of Cronheim Mortgage secured the loans.
JACKSONVILLE, FLA. — KeyBank Real Estate Capital has provided an $11.6 million loan to Legend Senior Living for the construction of a new assisted living and Alzheimer's residence in Jacksonville. The property, The Windsor at San Pablo, will consist of 94 units. This is the second senior living facility Grant Saunders, senior vice president of KeyBank's Senior Housing and Healthcare Group, has arranged for the borrower this year.
NEW YORK CITY — Hudson Realty Capital LLC has funded a $5.5 million construction loan secured by a former school building in the Bedford-Stuyvesant section of Brooklyn. The borrower is using the loan proceeds to fund renovations at the property. A former Catholic school and rectory, the property includes two buildings, which total 57,720 square feet. The properties will be converted into a 46-unit multifamily complex with underground parking. The former school building will include a mix of studio, one- and two-bedroom units, a lounge and gym facility.