ST. LOUIS — Love Funding has arranged an $8.64 million loan for the rehabilitation and expansion of Gotham and Delmar Apartments, a historic St. Louis complex. The renovation of the Gotham building will reduce its unit count to 54 apartments from 66, while the new Delmar building will consist of 18 apartments and first-floor commercial suites for office or retail use. The buildings will also include Energy Star appliances, new light fixtures and new heat reflective roof shingles. Robyn Cunningham and Adrian Hartman of Love Funding secured the loan through the U.S. Department of Housing and Urban Development's Section 220 loan insurance program. The transaction enables the property developer, Delmar Properties Management and Construction, to obtain a non-recourse loan for the period of construction and for a 40-year term once the buildings are completed.
NEW YORK CITY — F&G Realty Group has paid $5 million for 660 East 242nd St., an apartment building in the Wakefield section of the Bronx. The 55,000-square-foot building includes 61 units and is located near the Bronx River Expressway. Josh Orlander of GFI Realty services represented the seller in the transaction, Gun Hill Management. He also represented the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 597 Park Place, an eight-unit apartment building in Brooklyn, for $990,000. Shaun Riney and Matthew Fotis of Marcus & Millichap represented the seller, a private investor. They also secured the buyer, a fund manager.
HOUSTON — Coldwell Banker Commercial United, Realtors has arranged the sale of 10-unit Magnolia at Fleur Gardens, a garden-style condominium property located at 6353 Richmond Ave. in Houston. Mark McGinley of Coldwell Banker represented the institutional sellers in the transaction. Quinn Luong of Texas Midland Realty represented the international buyer. The property was developed in 2006.
JACKSONVILLE, FLA. — The Morgan Group has started construction on the 240-unit Terrace at Town Center, a garden-style apartment community located in Jacksonville's Southside/JTB corridor. Amenities will include a resort-style swimming pool with grilling stations, a dog park, state-of-the-art fitness center, Internet lounge, demo kitchen and resident room. The first units are slated for completion in December. The Morgan Group will serve as the management company upon completion.
CHICAGO — M&R Development has started construction on two apartment developments in Chicago: Summit on Lake at 73 E. Lake St. in Chicago and Central Station at 1700-1722 Central St. in Evanston. Both projects will be managed by RMK Management Group. This week, crews broke ground on the 42-story Summit on Lake, which will include 322 units and 178 parking spaces. Occupancy is slated for April 2014. Amenities will include an indoor pool, spa with waterfall, a two-story cyber cafe and a business center. McHugh Construction is serving as general contractor. Construction is also under way on Central Station, a four-story apartment development along the Central Street corridor. It will include 80 apartments and 10,665 square feet of street-level retail. The first occupancies are expected next July. McShane Construction is serving as general contractor.
NEW YORK CITY — Ariel Property Advisors has arranged the $13 million sale of 62-64 East 34th St., a mixed-use property between Madison and Park avenues. The 18,680-square-foot building includes three leased retail spaces — two on the ground floor and a third on the second floor — and 13 apartments. The property is located near the Empire State Building and Madison Square Garden. Shimon Shkury, Victor Sozio and Michael Tortorici of Ariel Property Advisors represented the seller, a private investment partnership. They also represented the buyer, a private investor.
NEW YORK CITY — Highcap Group has arranged the $1.15 million sale of 3057 Bailey Ave., a five-story apartment building in the North Bronx. Several apartments in the 11-unit building were recently renovated. Josh Goldflam of Highcap Group represented the seller in the transaction. Ahmadu Ahmed, also of Highcap, represented the buyer.
BEDFORD — Marcus & Millichap has brokered the sale of the 152-unit Surrey Oaks, a multifamily property located at 3001 Crystal Spring St. in Bedford. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a private investor, and procured the buyer, Dallas-based Provident Realty Advisors, in the transaction. The buyer secured Fannie Mae financing for the acquisition. The property is currently 94 percent occupied.
FORT WORTH — Hillwood Properties has sold 18.5 acres of land to SWBC Real Estate within AllianceTexas, Hillwood's 17,000-acre master-planned community located in Fort Worth. SWBC has plans to develop Overlook Ranch, a 318-unit, Class A apartment community at the site, located within the community's Alliance Town Center development on the northeast corner of Old Denton Road and the Texas Highway 170. The apartment community will feature a movie theater with surround sound, car wash/detail center, club house, resort-style swimming pool and spa and a fitness center. Hillwood currently has 550 multifamily units at Alliance Town Center under construction or completed, plus an additional 306 units planned to break ground in the second half of 2012. Blake Barnard of J.B. Barnard & Co. coordinated the transaction. Overlook Ranch is slated for a late 2012 groundbreaking, with pre-leasing available in early 2013.