RIVERDALE, ILL. — Turnstone Development Corp. has completed reconstruction and renovation of Riverdale Senior Apartments, which is located at 335 West 138th Street in Riversdale. The five-story, 52-unit building offers 43 one-bedroom apartments and nine two-bedroom units, in a combination of public and affordable housing. Additionally, the building features three ADA accessible units and eight ADA adaptable units. Reconstruction of the 45-year-old building included the addition of a community room, an on-site laundry facility, two new elevators and a general social services offices. McShane Construction, which served as general contractor for the project, completed tuckpointing, balcony refurbishing, replacement of all windows and roofing materials and provided new entryway canopies. McShane also installed a new fire sprinkler system, electrical and plumping updates and a modernized HVAC system. The project received funding from the American Reinvestment and Recovery Act through the U.S. Department of Housing and Urban Development, the Housing Authority of the County of Cook, Ill., and the County of Cook's Department of Planning and Development. Piekarz Associates PC provided architectural services for the project.
Multifamily
ASHBURN, VA. — Walker & Dunlop has provided a $70.2 million loan, which is insured under the U.S. Department of Housing and Urban Development's Section 220 program. The loan is for the Residences at Loudoun Station, a residential and commercial property located at the proposed Loudoun Station in Ashburn. The project will include 357 residential units and 61,575 square feet of commercial space in three buildings. Construction is under way and completion is scheduled for July 2012. The loan was structured with a 90 percent loan-to-cost and will convert into a 40-year fully amortizing mortgage after construction is complete. The borrower is Comstock Partners LLC. The loan was sourced by Cushman & Wakefield Sonnenblick Goldman.
BOSTON — Capital Access has arranged the sale of a high-rise multifamily property at 75 Saint Alphonsus St. in Boston for $92 million. The 20-story building contains 296 units, a gym, a swimming pool, and surface and garage parking. The undisclosed buyer has renamed the property The City View at Longwood. Jeffrey Rome of Capital Access represented the undisclosed seller.
WHITE PLAINS, N.Y. — Charlotte, N.C.-based Grandbridge Real Estate Capital has closed on a $75.82 million loan for a White Plains multifamily community. Bank Street Commons consists of two 21- and 22-story towers containing 502 Class A units. The towers are joined by a common area occupied by two retail units. The loan, which was originated by Grandbridge's Mike Ortlip and funded by Fannie Mae, carries a 7-year term, a fixed interest rate and interest only payments. The property was recently purchased by a pension fund advisor.
PASADENA — Dallas-based CONTI Organization has purchased a 308-unit distressed multifamily property in Pasadena, located outside of Houston. The property, built in 1969 and located at 3500 Red Bluff Rd., features pitched roofs, individual HVAC units, laundry rooms, two swimming pools and a playground. Occupancy was 68 percent at takeover and CONTI plans its standard rehabilitation of the property with new roofs, landscaping, parking lot improvements, a fully remodeled leasing office and interior unit upgrades. CONTI specializes in rehabilitating distressed multifamily properties in Texas markets.
LA HABRA, CALIF. — Marcus & Millichap has presided over the $3.19 million sale of the 24-unit Valencia Park Apartments, located at 161-230 South Valencia Street in La Habra. Marcus & Millichap’s Jim Kordell represented the private-investor buyer in the transaction, and the brokerage firm’s Greg Bassirpou represented the seller, a limited-liability company.
BELLE ISLE, FLA. — Conway IG LLC has purchased Conway Crest Condominium Community and Belle Isle Mobile Home Park in Belle Isle. The 29-unit condo community and the 2.6-acre mobile home park sold for $5.17 million. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield represented the seller, Redus Florida Condos, in the REO transaction.
MANCHESTER, N.H. — The Federated Companies has broken ground for Legacy Park Manchester. The project will be constructed on 12.6 acres at the corner of Bradley and Gold streets in Manchester. It will include six three-story apartment buildings and 11 single-family homes. The apartments will contain one or two bedrooms and range from 617 to 861 square feet. The homes will have a five-bedroom, three-bathroom layout. Completion is expected in December.
QUINCY, MASS. — Cornerstone Real Estate Advisers has purchased The Reserve at Marina Bay, a six-story, 141-unit apartment community located in Quincy. Constructed in 2001 and expanded in 2006, The Reserve at Marina Bay is situated along the Quincy waterfront as a part of the 400-acre Marina Bay master-planned community. It contains studio through two-bedroom units with an average unit size of 919 square feet. Amenities include a fitness center, a business center, a community room, 72 garage parking spaces and 156 surface parking spaces. The Cushman & Wakefield team of Simon Butler, Biria St. John and Michael Byrne represented the seller, 7 Seaport LLC, and procured Cornerstone.
JOHNSTOWN, N.Y. — Boston-based Gross & Cohen (G&C) has disposed of Campus View Apartments, a 144-bed student housing community located near Fulton-Montgomery Community College in Johnstown. G&C purchased the distressed community in 2007 and has spent the time since then rehabbing the community and bringing it to full occupancy. As a result of the improvements, G&C sold the community to Fulton-Montgomery's nonprofit foundation. The sale price was not released.