WILMINGTON, MASS. — EA Fish Development has secured $22 million in financing to build Metro at Wilmington Station, a 108-unit apartment development in Wilmington. Tremont Realty Capital arranged the loan that was funded, in part, by an institutional equity investor and a local bank. The combination of debt and equity covered 98 percent of the total development costs.
Multifamily
NEW YORK CITY — Bergen Estates has sold 874 Bergen St., a 4,400-square-foot apartment building in Brooklyn, for $1 million. The property was built in 1930 and consists of eight, two-bedroom apartments. Shlomo Antebi and Joseph Landau of GFI Realty Services represented the seller in the transaction. Antebi also represented the buyer, a local investor.
DENVER – A 40-unit apartment complex next to the University of Denver campus has sold to DU Intrados, LLC for $3.25 million. The community is located at 1961-1967 S. Josephine Street. Kevin Calame and Matt Lewallen of Pinnacle Real Estate Advisors, LLC represented both the buyer and the seller, Larry Kane, in this transaction.
RIVERVIEW, FLA. — Alliant Capital has arranged $14.5 million in refinancing for the 204-unit Park at Kensington Apartments, a garden-style complex located in Riverview. The 10-year, fixed-rate loan has a 30-year amortization schedule.
WEST CHESTER, PA. — Cornerstone Communities has purchased The Greentree Building in West Chester from Victor Abdala and Tony Stancato for $9.8 million. The 64-unit apartment building at the corner of North High and East Gay streets includes 17,500 square feet of street-level retail. The new owners plan to upgrade the apartment units and common areas. Mark Thomson, Zachary Pierce, Matthew Gorman and Michael Shover of Marcus & Millichap represented both parties in the transaction.
DALLAS — Transwestern has brokered the sale of the 90-unit Park Towne Villas, located at 7117 Holly Hill Drive in Dallas. Taylor Snoddy, Mark Freeman and Philip Wiegand of Transwestern's Dallas office represented the seller, a California-based private client, in the transaction. The buyer was JSK Business Service.
PHOENIX – The 300-unit Lynnwood apartments in Phoenix has sold to Lili Rubin Investment Properties for $6.5 million. The apartment community is located at 5535 West McDowell Road. The seller, Lynwood Limited Partnership, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
ASBURY PARK, N.J. — Gebroe-Hammer Associates has arranged two REO sales of apartment buildings in Asbury Park. A mid-rise building at 1700 Webb St. sold for $2.6 million and a complex on Washington Avenue was reacquired by a previous owner for $560,000. David Oropeza and Steven Follman of Gebroe-Hammer represented both parties in the transaction. Neither the sellers nor the buyers were identified. The 1700 Webb St. building contains 39 units and is fully occupied. The 24-unit complex at 1239, 1251 and 1311 Washington Ave. features one-bedroom units and onsite parking.
ARCADIA, CALIF. — A 28-unit apartment building in Arcadia has sold to a limited liability company for $5.4 million. The property was built in 1959 and is located at 948-950 Arcadia Ave. Priscilla Nee of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, also a limited liability company, in this transaction.
ST. PETERSBURG, FLA. — Franklin Street Real Estate Services has arranged the $2.77 million sale of the 176-unit Woodlawn Park, a distressed apartment complex located at 1626 18th Ave. N. in St. Petersburg. The buyer, a local private investor, is planning a major renovation to the property. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented both parties in the bankruptcy auction sale.