NEW YORK CITY — Stellar Management has acquired Tivoli Towers, a 33-story, 320-unit affordable housing property located in the Crown Heights neighborhood of Brooklyn. The buyer plans to maintain the building's status as affordable housing under the Michell-Lama housing program for a minimum of 30 additional years. Stellar also plans to complete an approximately $15 million renovation to the property — its first since the 1970s. Upgrades will include new elevators, kitchen and bathroom upgrades, improvements to common areas, and repairs to the roof, façade and parking garages. The New York City Housing Development Corp. is providing acquisition and construction financing.
COATESVILLE, PA. — Marcus & Millichap's Philadelphia office has completed the sale of Millview Apartments, a 350-unit multifamily community located in Coatesville, for $34.5 million. Developed in 2005, the community is situated on 33.5 acres at 100 Cobblestone Drive. Its unit mix includes 250 two-bedroom units and 100 one-bedroom units. The Marcus & Millichap team of Ridge MacLaren, Mark Thomson, Clarke Talone and Andrew Townsend represented the seller, a local developer, and the buyer, a newly formed partnership.
NEW YORK CITY — The groundbreaking has occurred for the new Lower Eastside Girls Club Center for Community. The project is located at the intersection of Avenue D and East 7th Street on the Lower Eastside of Manhattan. The 12-story project includes the 30,000-square-foot Girls Club Center on the bottom three floors and 78 mixed-income apartment units on the upper nine floors. The Girls Club will include classrooms, a planetarium, a library, art and dance studios, a broadcasting station, a fitness center, a photography and digital media center, environmental learning labs and technology workshops. The third-floor terrace will feature a green roof, and the bottom floor will feature a gift shop and café on the bottom floor as well as the Sweet Things Bakery. The project is seeking LEED-Gold certification. Completion is expected in mid-2012. The developer is The Dermot Company, and the project architect is Cutsogeorge Tooman & Allen Architects.
SEATTLE — Marcus & Millichap has negotiated the nearly $2.23 million sale of the 43-unit Fairway Lanai, an apartment property located at 1807 South 118th Street in Seattle. Built in 1968, Fairway Lanai consists of 34 one-bedroom/one-bathroom units, eight two-bedroom/two-bathroom units and one large three-bedroom/three-bathroom unit. Marcus & Millichap’s Dan Swanson and Matthew Bohner represented the private-investor seller, and Swanson and the brokerage firm’s George Miller represented the buyer, also a private investor.
TAMPA, FLA. — Love Funding has secured a $3.6 million loan for the refinancing of Central Tampa Assisted Living Facility in Tampa. The 96-bed and 50-unit facility specializes in the care of seniors with Alzheimer's and related memory disorders. Robyn Cunningham of Love's St. Louis office originated the loan by utilizing the FHA 232/223(f) LEAN program, which locked in a 4.5 percent interest rate with a 26-year amortization schedule for the borrower.
NEW JERSEY — KeyBank Real Estate Capital has secured a total of $106.7 million in Freddie Mac funds for seven senior housing properties in New Jersey. In the first deal, KeyBank originated a $100 million loan for a portfolio of six properties on behalf of a joint venture between an affiliate of The Carlyle Group and Fanwood, N.J.-based Chelsea Senior Living. The properties are located in East Brunswick, Fanwood, Manalapan, Montville, Tinton Falls and Warren. In addition, KeyBank provided a $6.75 million loan for Metuchen Senior Apartments in Metuchen. The borrower was Gary Kline. Terms of the loans were not disclosed.
GREENBELT, MD. — Wrightwood Capital High Yield Partners II has closed a $23 million preferred equity investment for the recapitalization and renovation of Empirian Village Apartment complex with Fieldstone Properties. Completed in 1973, the 2,877-unit garden-style apartment complex is located on 155 acres in Greenbelt. Concurrent with Wrightwood's equity investment, Freddie Mac provided a 7-year, $241.5 million first mortgage.
WOODRIDGE, ILL. — NorthMarq Capital has arranged $44 million in first mortgage financing for AMLI Seven Bridges, a 520-unit multifamily complex located at 6566 Double Eagle Dr. in Woodridge. Financing was based on a 10-year term with a 30-year amortization schedule. The loan was arranged for the borrowers, AMLI and NREA, by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Frank Relihan, Kenneth Gentzel and Gary McGlynn of NorthMarq Capital represented the borrowers in the transaction.
PLAINFIELD, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sales of two distressed multifamily portfolios for a total of $22.1 million. The first deal involved the approximately $16.1 million sale of a 268-unit portfolio. The properties are all located in Plainfield and include 108 units at Netherwood Village, 102 units at Watchung Gardens and 58 units at Greenbrook Village. Steven Tenenbaum of GHA arranged the deal as Bankruptcy Court-approved broker. The buyer was a private investor. The second deal involved the approximately $6 million sale of a 141-unit portfolio, also located in Plainfield. The properties include Cornell Apartments, Pingry Arms and Executive Arms. GHA's Joel Schwartz arranged the sale on behalf of the seller, which is in Chapter 11 bankruptcy. The buyer is Plainfield Park LLC, which had owned the portfolio several years prior.
MANCHESTER AND DEWITT, N.Y. — Arbor Commercial Funding has arranged a total of $10.12 million in Fannie Mae DUS funding for two New York multifamily communities. A $5.48 million loan was secured for Clover Crossings Apartments, a 72-unit community located in Manchester. A $4.64 million loan was secured for Maplewood Apartments in DeWitt. Both loans carry 10-year terms and 30-year amortization schedules. Ronen Abergel of Arbor's New York City office originated the loans.