NEW YORK CITY — Beech Street Capital has secured a total of $46.3 million in Fannie Mae financing for a New York City multifamily portfolio. The portfolio consists of 386 units located in six buildings in Brooklyn and the Bronx. The loan carries a 7-year term, a fixed interest rate, 7 years of interest-only payments and a 30-year amortization schedule. Meridian Capital Group originated the loan. The borrower was not disclosed.
Multifamily
IRVING — The Connor Group, a Centerville, Ohio-based real estate investment firm, has acquired Knightsbridge Apartments, a 308-unit multifamily community, for $27.5 million in the Las Colinas and Irving area close to the Dallas-Fort Worth Airport and the Four Seasons Hotel and Resort. Knightsbridge Apartments is located at 5342 Bond St. in Irving.
ATLANTA — 660 Apartments, a 301-unit, Class AA multi-housing community in Atlanta's Old Fourth Ward, was purchased in an all-cash transaction for $42.75 million or $142,000 per unit. The Holliday Fenoglio Fowler Atlanta office represented the sellers, Southeast Capital Partners and The Integral Group. The buyer, AMLI Residential Properties Trust, did not use a broker.
WAPPINGERS FALLS, N.Y. — Prudential Serls Prime Properties Commercial Group has brokered the sale of Dutchess Falls Apartments, a 47-unit community located in Wappingers Falls. The buyer, a Westchester-based family business, was able to obtain an extension on the property's first mortgage. The buyer also has the ability to re-sell individual units as condos. The Prudential team of Steven Salomone and Tom LaPerch brokered the deal.
PARSIPPANY, N.J. — Commercial Mortgage Capital has arranged a $5 million loan for a 400-unit apartment community located in Parsippany. The loan carries a 10-year term and a fixed interest rate. The lender was Aegon USA, and the borrower was undisclosed. CMC's Mark Scott arranged the financing.
GARFIELD, N.J. — CB Richard Ellis (CBRE) has completed the sale of a nine-unit, garden-style multifamily community located at 40 Beech St. in Garfield. The buyer and seller both used the property to completed 1031 exchanges. The building traded for $954,000. CBRE's Charles Berger represented the seller and procured the buyer. Both parties were undisclosed.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $1.1 million loan for the refinancing of a five-story, 13-unit residential building located at 840 Bronx Park South in New York City. The non-recourse financing carries a 5-year term with a 5-year option, a 4.75 percent fixed rate and a 30-year amortization schedule. Ed Graf of Houlihan-Parnes secured the loan. Both parties were undisclosed.
KILLEEN — Atlanta-based ARA, a full-service investment advisory brokerage firm, has arranged the sale of the Arbors of Killeen Apartments in Killeen. Kelly Witherspoon and Jeff Patterson of ARA's secondary markets team in Austin represented the seller, an Arlington-based private investor. Place Properties, an Atlanta-based national investment group, purchased the multifamily property for an undisclosed price. Arbors of Killeen is located at 2801 O.W. Curry Dr. in Killeen. Built in 1996, the 160-unit property offers one-, two- and three-bedroom floor plans averaging 768 square feet.
MANDEVILLE, LA. — Wynwood of Mandeville, an 84-unit assisted living facility on 6.32 acres of land located at 1414 North Causeway Blvd. in Mandeville, has sold for $10.4 million. The facility offers both assisted-living and memory-care services and is approximately 93 percent occupied. Ben Firestone and Jacob Gehl of Marcus & Millichap's Chicago office brokered the deal on behalf of the seller, Brookdale Senior Living, and the buyer, Emeritus Corp.
NASHVILLE, TENN. – PCCP provided a nearly $22 million loan to Atlanta-based multifamily developer and operator Pollack Partners to finance the acquisition of Velocity in the Gulch, a 220-unit Class A luxury rental community that is part of a 263-unit fractured condo project. Pollack Partners purchased the bank-owned property for $25.3 million, plus reserves and closing costs. The 43 sold residential units were not included in the acquisition, nor was the 20,900 square feet of retail space, which is owned by Nashville, Tenn.-based retail group MarketStreet. Amenities include outdoor lounge with cabanas, fitness center and controlled access parking garage. Holliday Fenoglio Fowler, L.P. Atlanta office handled the asset sale and brokered the financing.