NEW YORK CITY — A joint venture between developer Metro Loft and Eastbridge Sarl has closed on the acquisition of 70 Pine St. in Manhattan for about $200 million. Metro Loft plans to convert the 66-story Art Deco building into more than 700 luxury apartments, with a high-end hotel occupying the remaining area of the building. When completed in 2013, the tower will be one of the tallest residential buildings in New York City. Originally built for Cities Services Co., the building most recently served as the headquarters for American International Group.
LONG ISLAND CITY, N.Y. —Meridian Capital Group has negotiated a $16.5 million financing package to recapitalize a challenged condominium development project in Long Island City. An undisclosed local bank provided the 15-year, $14 million mortgage loan. In addition, a New York City-based hedge fund provided a $2.5 million mezzanine loan. Elliott Birnbaum of Meridian's New York City office negotiated the transactions. The six-story building, located on Vernon Boulevard, includes 64 apartments and 10,000 square feet of retail space.
NEW YORK CITY — Berkadia Commercial Mortgage closed on a $50 million mortgage loan for the refinancing of a 10-property multifamily portfolio in Manhattan. Stewart Campbell and Thomas Toland of Berkadia's New York office arranged the loan for the borrower, EGA 99 LLC, through Fannie Mae. The 10-year loan has a 30-year amortization schedule.
RENO, NEV. – The 80-unit El Chaparral Apartments has sold for $3,250,000, or $40,625 per unit. The bank-owned community is located near Downtown Reno and the University of Nevada, Reno. It contains 54,800 square feet of rentable space. Scott MacDonald and Ric Russell with Cassidy Turley’s Multi-Family Group represented the seller.
WASHINGTON, D.C. — A joint venture between UDR and Kuwait Finance House (KFH) has acquired the 292-unit 1301 Thomas Circle, a 10-story multifamily property in Washington, D.C., for $154 million. The property is currently 94 percent leased. Amenities include a rooftop pool, outdoor kitchen, fitness center, clubhouse, private courtyard, business center and 24-hour concierge. Fannie Mae provided a $90 million interest-only loan for the acquisition, KFH provided $44.8 million and UDR provided $19.2 million.
ATLANTA — A partnership between Novare Group and Baston-Cook Development Co. has commenced construction on the $60 million, 320-unit SkyHouse Midtown, an apartment high-rise located at 12th and West Peachtree streets in Atlanta. An investor account advised by UBS Global Asset Management is providing construction and permanent financing for the project. Jonathan Rice and Paul Berry of CBRE's Atlanta office arranged the financing. Smallwood, Reynolds, Stewart, Stewart is the architect for the development, which is slated for completion in December of 2012.
PITTSBURGH — Developers McCaffrey Interests and Pitt Ohio have broken ground on Lot 24, a 96-unit apartment residence in Pittsburgh. The four-story residential building was designed by Chicago-based Antunovich Associates and will be positioned on a former surface parking lot. Amenities will include a clubroom, a terrace with pool, and bicycle storage. Massaro Corp. is the general contractor for the project and Susan Caruso of IntraSpec Hospitality designed the interiors. The project is slated for completion in the fall of 2012.
ABINGTON, PA. — Marcus & Millichap has arranged the $1.95 million sale of Edgehill Apartments, a 32-unit apartment property in Abington. Clarke Talone, Andrew Townsend, Ridge MacLaren of the Philadephia office of Marcus & Milichap represented the seller, a local partnership. They also secured the buyer, a local management company.
HOUSTON — NorthMarq Capital has secured permanent acquisition financing for the 390-unit Bristol Place Apartments, a multifamily community located at 11245 W. Rd. in Houston. Greg Duvall of NorthMarq's Kansas City, Kan., office arranged the 10-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance on behalf of the borrower, Bristol Place Apartments LP. AmeriSphere is a Fannie Mae DUS lender.
LARGO AND WINTER SPRINGS, FLA. — Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando, Fla., office have arranged two multifamily sales for a total of $30.6 million. The 278-unit Waterchase, located at 401 Rosery Rd. NE in Largo, sold for $14.75 million. Whitaker and Warren represented Largo Westmarc LP., the seller, in the transaction. The buyer was Chicago-based Westdale Investment Partners. The 208-unit Chatham Pines, located at 1020 Chatham Cir. in Winter Springs, sold for $15.85 million. Whitaker and Warren represented Chatham Pines Apartments LLC, the seller, in the transaction. Seminole-Winter Springs Associates purchased the property.