OVERLAND PARK, KAN. — NorthMarq Capital has arranged $5.28 million in first mortgage financing for the 136-unit Bremerton Park, located at 6313 W. 75th St. in Overland Park. Greg Duvall of NorthMarq's Kansas City, Kan., office closed the 10-year loan with a 30-year amortization schedule through Freddie Mac.
NEW YORK CITY — Concern for Independent Living, a nonprofit supportive housing provider, has opened the 65-unit Rochester Avenue Apartments in the Crown Heights section of Brooklyn in New York City. The nonprofit repositioned the former St. Mary's Hospital facility to house the apartment community. The cost to redevelop the property was $24.56 million, and the property's financing included $10 million in federal low-income housing tax credits, a $13 million NYS Office of Mental Health grant, a $900,000 grant from the Federal Home Loan Bank of New York in partnership with Astoria Federal Savings, a $6.5 million Bank of America Merrill Lynch construction loan and $13 million in permanent financing from CPC.
WEST NEW YORK, N.J. — Love Funding has provided $54.4 million in refinancing for the 688-unit Parkview Towers, an apartment community in West New York. Laura Saull-Smith of Love Funding's Washington, D.C., office arranged the loan through HUD on behalf of the borrower, Parkview Towers LLC. The loan extends the property's contract for Section 8 status for 20 more years.
CARROLLTON — Dallas-based CONTI Organization has purchased the 256-unit Parkside Village, a multifamily property located at 3022 N. Josey Ln. in Carrollton, for $11 million. CONTI is planning a $2 million renovation of the property's office, clubhouse and apartment units. Parkside Village was 89 percent occupied at the time of the sale. Michael Lewis and Andrew Porteous of Jones Lang LaSalle's Dallas office represented the seller, while Carlos Vaz and Stewart Hsu of CONTI handled the transaction in house.
WICHITA FALLS — Marcus & Millichap has brokered the sale of the 88-unit The Timbers Apartments, a distressed property located at 500 Fillmore St. in Wichita Falls. Mason Green and Boyan Radic of Marcus & Millichap's Fort Worth office represented both the buyer, a San Diego, Calif.-based limited partnership, and the seller, the original developer's family.
GLENDALE, CALIF. — Institutional Property Advisors (IPA) has sold the 77-unit Legacy at Westglen apartment complex in Glendale to Acacia Realty Corp. for an undisclosed sum. The property was built in 1984 and contains 80,766 square feet that reside at 1151-1161 Sonora Ave. IPA’s Ron Harris and Joseph Smolen represented both the buyer and the seller, TIAA-CREF Global Real Estate.
BOCA RATON, FLA. — Alliance Residential Co. has started construction on the $62 million, 384-unit Broadstone at North Boca Village, located along North Federal Highway in Boca Raton. Apartments will feature stainless steel appliances, washers and dryers, granite countertops and 9-foot ceilings. Completion is slated for March 2013.
ORLANDO, FLA. — Wood Partners has acquired 9.69 acres of land to build the $32.7 million, 264-unit Alta at Lake Eve, located on International Drive in Orlando. Apartments will feature ENERGY STAR appliances, washers and dryers, and wood laminate flooring. Charlan Brock & Associates is the architect for the project and HSBC Bank USA is providing construction financing. SunTrust foreclosed on the land last year after the previous owner, Eve Development, defaulted on a $3.8 million loan. Stephen Flanagan with Land Advisors Organization's Orlando office represented the buyer in the transaction and Paul Hoffman of Maitland, Fla.-based Coldwell Banker Commercial NRT represented the seller. Completion is slated for March 2013.
KANSAS CITY, MO. — NorthMarq Capital has secured $5.86 million in first mortgage financing for the 83-unit Richards and Conover Lofts, located at 200 W. 5th St. in Kansas City. David Garfinkel of NorthMarq's St. Louis office arranged the 7-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance.
NEW YORK CITY — The 17-unit 939 Sterling Place, an apartment building located in New York City's Brooklyn neighborhood, has been sold for $1.83 million. Derek Bestreich and Shaun Riney of Marcus & Millichap's Brooklyn office represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction.