NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a four-story, eight-unit apartment building located at 397 1st St. in Brooklyn's Park Slope neighborhood for $2.58 million. Ken Freeman and Megan Flanagan of the brokerage firm represented the two undisclosed parties in the deal.
Multifamily
NEW YORK CITY AND MONTCLAIR, N.J. — Arbor Commercial Funding has secured a total of $12.6 million in Fannie Mae DUS financing for two Tri-State multifamily communities. An $8.85 million loan was provided for Reve Apartments, a 34-unit community located in Brooklyn. A $3.75 million loan was provided for Gordonhurst Apartments, a 65-unit community located in Montclair. Both loans carry 10-year terms and 30-year amortization schedules. Stephen York of Arbor's New York City office arranged the loans.
PLAINFIELD, N.J. — Cronheim Mortgage has arranged a $6.7 million permanent loan for a multifamily portfolio located in Plainfield. The portfolio includes a 62-unit community located at 735 Park Ave., a 52-unit community located at 606 Crescent Ave. and a 27-unit community located at 315 W. 8th Street. The loan carries a 4.35 percent interest rate, 7-year term and a 30-year amortization schedule.
JACKSONVILLE, FLA. — Edgewood Capital has funded a $3.85 million bridge loan for the acquisition of the 186-unit Eagles Pointe in Jacksonville. The 2-year loan provides 70 percent of the total capitalization including property acquisition, capital improvements, operating reserve and transaction costs. This is the fifth residential complex acquired by the borrower in the past 16 months, three of which were funded by Edgewood Capital.
QUINCY, MASS. — John. M. Corcoran & Co. has announced plans to develop a $44.6 million apartment project at the SouthField master-planned community in Quincy. SouthField Highlands will contain 226 apartments in a mix of one- through three-bedroom units. Community amenities will include a swimming pool, a fitness center, a community room and easy access to the South Weymouth commuter rail station. The project also will contain 8,700 square feet of ground-floor retail space. Construction will begin this month and first move-ins are expected to occur in spring 2012. The project will be seeking LEED certification. UBS is providing construction and permanent financing for the project. LNR Property Corp. is the master-developer for SouthField, the redevelopment of the former SouthField Naval Air Station.
MIDDLETOWN, N.Y. — Sterling Properties has opened Sterling Parc, a new 192-unit luxury apartment community located in Middletown. The project contains a mix of one- and two-bedroom residences. Community amenities include a clubhouse containing a fitness center, a billiards rooms, a business center and an outdoor swimming pool. Sterling Parc also contains ground-floor retail space.
PLANO — CB Richard Ellis Investors has acquired The Domaine, a 270-unit luxury apartment complex in Plano, for $33.25 million. The Connor Group, an Ohio-based real estate investment firm, sold the property in the third largest sale in its 20-year history. Located at 6400 Windcrest Dr., the seller purchased the community in 2006 for $26.5 million.
LAKEWOOD, WASH. — Marcus & Millichap has presided over the more than $2.22 million trade of the 54-unit Eagles' Lair Apartments, located at 12710 56th Ave. Court SW in Lakewood. The 39,046-square-foot multifamily property consists of 35 one-bedroom/one-bathroom and 19 two-bedroom/one-bathroom units. Marcus & Millichap’s Scott Morasch represented both the REIT buyer and the government-agency seller in the transaction.
BALTIMORE — The 120-unit Harvey Johnson Towers, a Section 8 mutlifamily property located at 1510 West Mosher St. in Baltimore, has sold for $5.4 million. The buyer, New York City-based HJT, was represented by The Firoozabadi Group of Marcus & Millichap.
FORT LAUDERDALE, FLA. — The 16-unit Caravelle North Apartments in Fort Lauderdale has sold for $1.2 million. The seller, a private investor from Palm Beach Shores, Fla., and the buyer, a private investor from Hollywood, Fla., were represented by Joseph Thomas of Marcus & Millichap's Fort Lauderdale office.