NEW YORK CITY — Beech Street Capital has arranged $20.9 million in Fannie Mae DUS funds for the refinancing of a multifamily community located in Queens, New York City. Crescent Apartments comprises eight four-story buildings located at 2114-2170 Crescent St. in the borough's Astoria neighborhood. It contains a total of 256 units. The loan carries a fixed interest rate, a 10-year term, 9.5 years of yield maintenance and a 30-year amortization schedule on an actual/360 basis. Meridian Capital Group originated the loan.
OAK RIDGE, TENN. — Vikas LLC has purchased McKenzie Acres Apartments, a 100-unit multifamily property located in Oak Ridge. Built in 1969, the fully-occupied property sold for $2.9 million. The property is under a HUD Housing Assistance Payments Section 8 contract, which provides rent and utility subsides for the income-qualified tenants. Steve Goldman and John Dempster of NAI Knoxville represented the Knoxville, Tenn.-based seller in the transaction. Financing for the acquisition was provided by Lebanon, Tenn.-based First Freedom Bank.
NEW YORK CITY — Eastern Consolidated has brokered the $3.1 million sale of an apartment building located in Manhattan's Murray Hill neighborhood. The four-story building is located at 230 E. 32nd St. It contains 16 units, seven of which are rent stabilized. Aliza Avital and Alan Miller of Eastern Consolidated represented the seller, Harry Field Realty, and procured the buyer, Croman Real Estate.
LAS VEGAS — The Siegel Group has purchased the 232-unit Charlestonwood Apartments, located at 2900 E. Charleston Blvd. in Las Vegas, for $3.6 million in an all-cash transaction. Built in the 1980s and foreclosed upon more than 15 months ago, the multifamily complex will be renamed Las Residencias as part of The Siegel Group’s substantial repositioning effort. The 65 percent-occupied property marks the commercial real estate company’s 18th apartment complex purchase in Las Vegas.
TALLAHASSEE, FLA. — Stragetic Capital Partners, through its Stragetic Capital Partners Real Estate Opportunity Fund I, has acquired University Courtyard in Tallahassee. The 96-unit, 384-bed student-housing complex was acquired through a partnership sponsored by Atlanta-based Global Asset Alternatives. The partnership invested approximately $2.1 million of equity and received 10-year Freddie Mac financing originated by Walker & Dunlop. The property was 100 percent occupied at the time of acquisition. Terms of the transaction were not released.
TULSA, OKLA. — The LaSalle Group of Dallas will break ground this week on its first specialized Alzheimer's and Memory Care Assisted Living Community in Oklahoma, Autumn Leaves of Tulsa. Located at 7807 S. Mingo in Tulsa, the project marks the 16th venture of its kind for The LaSalle Group in the past 10 years. Nine Autumn Leaves communities are operating in the Dallas-Fort Worth market, three in the greater Chicago area and one in Houston. Autumn Leaves of Tulsa is scheduled to be completed by fall 2011. The property will feature 38 units and accommodate approximately 46 residents.
CHICAGO — Brinshore Development, Michaels Development Co. and Sinai Community Institute development alliance has selected McShane Construction Co. to construct Park Douglas, a 19-building multifamily property located on Chicago's West Side. The project will offer 137 units throughout 18 three-story buildings located on scattered sites. The market-rate, affordable and subsidized units will be available in one-, two-, three- and four-bedroom floorplans. All completed buildings will be Energy Star certified, including an on-site, single-story management office. Koo and Associates LTD and Pappageorge Haymes Partners are providing architectural services for the project, which is scheduled for completion in December 2011.
NEW YORK CITY — Cignature Realty Associates has completed the sale of a multifamily building located in Manhattan's SoHo neighborhood for $6.05 million. The six-story building contains 30 apartments and three ground-level retail spaces. It is located at 156-158 Sullivan St. Average monthly rent is $1,206. Cignature represented the buyer, Benchmark Real Estate Group, as well as the undisclosed seller.
ARLINGTON, VA.; AND MIAMI — Grandbridge Real Estate Capital has closed on two loans totaling $64.68 millon for two multifamily properties in Virginia and Miami. The company arranged a $61.18 million first mortgage loan, which is secured by Park at Arlington Ridge I. Located in Arlington, the multifamily property offers 435 garden-style units. Paul Aanonsen and Jack Bauer of Grandbridge's Washington, D.C., office originated loan the loan, which was provided by Freddie Mac under its Capital Markets Execution product. Additionally, Grandbridge closed a $3.5 million first mortgage loan, which was secured by Dadeland Vista Apartments in Miami. The multifamily property offers 48 units. Lance Lehman of Grandbridge's Fort Lauderdale, Fla., office originated the 10-year loan, which was provided by Fannie Mae under its DUS loan program with an interest rate in the mid-4 percent range and a 30-yeat amortization schedule.
KETTERING, OHIO — Orchard Lake, Mich.-based Princeton Enterprises has acquired The Chimney's of Oak Creek Apartments in Kettering for $9.7 million. Situated on 27 acres, the 338-unit property features one-, two- and three-bedroom floor plans, two wildlife ponds, a nature trail/bike path, two swimming pools, a tennis court, a volleyball court, a 24-hour fitness center and a pet play pen. The property was acquired from Wells Fargo Bank as trustee for the note holders who took control of the asset through the foreclosure process and the court-appointed receiver, Finsilver Friedman Management Corp. The special servicer, Torchlight Investors (formerly ING Clarion Capital), negotiated the sale on behalf of the seller.