NEW YORK CITY — Berkadia Commercial Mortgage has originated a $19.5 million mortgage loan through Fannie Mae to recapitalize an apartment property in Brooklyn. The 10-year, fixed-rate loan carries an interest rate of 4.18 percent. The 53,000-square-foot property is located at 475 Driggs Ave. and has been fully occupied since construction was completed in 2010. The building also includes 12,000 square feet of retail space on the ground floor. Stewart Campbell and Thomas Toland of Berkadia arranged the loan.
NEW YORK CITY — Fortuna Realty Group has sold a 57,000-square-foot mixed-use residential building in West Chelsea for $33.8 million. Azita Aghravi, Paul Nigido and Brian Ezratty of Eastern Conoslidated represented Fortuna in the transaction. The team also procured the buyer, who plans to rename the building Stonehenge 18 and update the apartments. The buyer also plans to reposition the building's retail component, which currently includes eight store fronts along Ninth Avenue. Built in 1939, the building is located at 364 W. 18th St. and consists of 64 apartments.
CLAYMONT, DEL. — Marcus & Millichap has arranged the $6.4 million sale of Water View Court Apartments, a 120-unit property located in Claymont. The apartments are located at 361 Harbor Dr., near the University of Delaware campus. Mark Thomson and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the seller, a student housing REIT. They also procured the buyer, a private investor.
NEW YORK CITY — Hunter Trace 62-unit affordable housing complex has opened at 397-403 Howard Ave. in Brooklyn. The property was financed by the New Housing Marketplace Plan (NHMP). Launched by Michael Bloomberg in 2003, NHMP is a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the end of 2014. The Lantern Group developed the $14 million Hunter Trace building, which includes on-site social services for formerly homeless adults.
WEST CHESTER, PA. — Marcus & Millichap Real Estate Investment Services has completed the $3.5 million sale of Northwyn Court Apartments, a 32-unit apartment property in West Chester. Northwyn is located at 803 E. Boot Rd. and includes one- and two-bedroom apartments. Mark Thomson and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the buyer in the transaction.
CHICAGO — Sue Blumberg of NorthMarq Capital's Chicago office has arranged $40 million for the first mortgage refinancing of 100 W. Chestnut in Chicago. The 30-story apartment high-rise contains 280 units and a parking garage. The building is fully occupied. The 10-year, Fannie Mae loan has a 30-year amortization schedule. The borrower is Great Lakes Property Group Trust.
NEW YORK CITY — An apartment building at 211 Taaffe Place, located between Willoughby and Dekalb avenues in Brooklyn, has sold for $1.2 million. The four-story building contains 6,875 square feet and is fully occupied. The apartments have newly constructed kitchens and bathrooms and the building has a new roof. Michael Amirkhanian and Kenneth Freeman of Massey Knackal represented the buyer and seller in the transaction.
VACAVILLE, CALIF. – The 135-unit Round Oak Village in Vacaville has received a $10.2-million refinancing. The loan includes a 10-year term and a 30-year amortization schedule. It was underwritten to a 74.14 percent loan-to-value with a 1.25x debt-service coverage ratio. The community was built in 1985 and was more than 96 percent leased at the time of closing. The loan was arranged by Jeff Burns and Verne L. Murray of Walker & Dunlop. The loan was originated by Ron Peters of Preferred Capital Advisors.
BUFFALO GROVE, ILL. —Grandbridge Real Estate Capital and Mesirow Financial Institutional Real Estate have arranged a $22.2 million first mortgage loan for Windbrooke Crossing, a 236-unit apartment community in Buffalo Grove. Jim Cope and Justin Nelson of Grandbridge Real Estate arranged the loan through Freddie Mac. The 7-year loan carries a 4 percent interest rate.
NEW MILFORD, CONN. — Harold Fischel, owner of the Bleachery at the end of West Street in New Milford, plans to redevelop the 130,000-square-foot property into a three-story apartment building this spring. The Bleachery mill building — named for its rich history of bleaching fabrics — is situated directly on Lake Lillinonah. The developer, Trust Realty, will create 99 one- and two-bedroom apartments. The city zoning commission also approved an expansion of the marina, allowing for 100 boat slips.