EAST RUTHERFORD, N.J. — Meridian Capital Group has arranged a $9 million mortgage loan for Station Square Apartments, an 84-unit apartment complex on Van Winkle Street in East Rutherford. Steven Tessler of Meridian arranged the five-year loan at an interest rate of 3.5 percent.
NEW YORK CITY — Ariel Property Advisors has arranged the $2.9 million sale of an apartment building at 505 W. 161st St. in Washington Heights. The 21,732-square-foot property features 30 units. Michael Tortorici, Victor Sozio, Jesse Deutch and Daniel Tropp of Ariel Property Advisors represented the the seller, an institutional investor, in the transaction. They also represented the buyer, a private investment group.
HOUSTON — Berkeley Point Capital has provided a $40 million acquisition loan for the 380-unit AMLI Towne Square Apartments, located in Houston. The property will be renamed Standard on West Dallas. Ed Belz of Berkeley Point's Boston office arranged the seven-year loan through the Fannie Mae DUS lender program on behalf of the borrower, Baron Properties. The borrower plans to spend $4.4 million on capital improvements on the property.
SAN ANTONIO — NorthMarq Capital has secured $13.7 million in acquisition financing for the 384-unit Enclave Apartments, located at 2555 NE Loop 410 in San Antonio. Luke Donahue of NorthMarq's Phoenix office arranged the 10-year loan amortized over 30 years through Freddie Mac on behalf of the borrower, Enclave Communities.
COLORADO SPRINGS, COLO. – The 156-unit Bonterra Lakesideapartments in Colorado Springs has sold to Griffis/Blessing for $16.5 million. The community was built in 1973 and renovated in 2007. It was 94 percent occupied at the time of closing. The seller, Hamilton Zanze and Company, was represented by ARA’s Kevin McKenna, Ken Greene, Doug Andrews and Jeff Hawks.
ARVADA, COLO. — NorthMarq Capital has provided $13.6 million to Aukum Management LLC for the purchase of Ridge at Mountain View Apartments in Arvada. The 168-unit community is located at 7865 Allison Way. Financing was arranged by John M. Stewart and Ilan Reissner of the firm’s Denver office.
LOS ANGELES — A nine-unit apartment building located at 11907 Texas Ave. in Los Angeles has sold to a private investor for $2.3 million. The community was built in 1975. The buyer was represented by Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, also a private investor, was represented by Tony Azzi from the same office.
MIAMI — Miami’s Hampton Village Apartments, a distressed apartment building built in the 1950s, will undergo a $20 million redevelopment into a new four-story affordable housing complex. Landmark Cos., Carrfour Supportive Housing and Special Asset Support Services Inc. are leading the redevelopment at 4301 N.W. 29th Ave. in Miami. It will create 100 newly redeveloped affordable housing units, providing permanent homes for residents at or below 60 percent of the area’s median income. Completion of the project is scheduled for late 2013.
ARLINGTON HEIGHTS, ILL. — Essex Realty Group has arranged the sale of a two apartment properties in Arlington Heights, approximately 25 miles southwest of Chicago's central business district. The portfolio includes a total of 26 units, which are located at 908-10 W. Euclid. Doug Imber and Matt Welke of Essex represented the seller in the transaction. Jim Darrow and Jordan Gottlieb, also of Essex, represented the buyers.
NEW YORK CITY — Beech Street Capital has arranged an$8.2 million Fannie Mae loan for the refinancing of a 74-unit apartment building on Fort Washington Avenue in Manhattan. Carol Selby of Meridian Capital Group originated the seven-year, fixed-rate loan. The borrowers have owned the property since 1999, which is located in Hudson Heights.
