NEW YORK CITY — Massey Knakal Realty Services has completed the sale of an assisted living facility in Manhattan's Greenwich Village neighborhood for $33.25 million. The seven-story property is located at 607-09 Hudson St. and was converted from a hotel into a nursing home in 1958. the seller was VillageCare, which relocated to a new building at 510 W. Houston St. The buyer, FLAnk, plans to redevelop the building into for-sale condominiums. Massey Knakal's James Nelson and Paul Massey arranged the deal on behalf of the seller.
KNOXVILLE, TENN. — New Jersey-based C.J. Lombardo Company has purchased Washington Ridge in Knoxville. The owners plan to renamed the 19-acre, 248-unit property Spring Meadow. Steve Goldman and John Dempster of NAI Knoxville represented the buyer. The seller was not disclosed.
HOUSTON — Brandon Brown of LMI Capital has arranged $8 million in debt for the refinancing of Palms at Kirkwood, a 256-unit multifamily community located at 11710 Briar Forest Dr. in Houston. On behalf of the borrower, Brown secured a 7-year, non-recourse loan through one of LMI Capital's Fannie Mae lending sources. Additionally, Brown arranged $2.85 million in debt for the acquisition of Fairfield Cove, a 135-unit multifamily community located at 15615 Blue Ash Dr. in Houston. Brown secured a 3-year, bridge loan with a 1-year option for the borrower. The floating rate loan features a 12-month, interest-only period and a floor rate of 4 percent.
FT. LAUDERDALE, FLA. — Grandbridge Real Estate Capital has closed on a $34.56 million loan, which is secured by The Falls at Marina Bay in Ft. Lauderdale. David Gahagan of Grandbridge originated the loan, which was a refinance of an existing HUD-insured loan under Section 221(d)(4) pursuant to Section 223(a)(7). The 376-unit multifamily features a clubhouse with a gymnasium, racquetball courts, a movie theatre, coffee/tea service, billiards, a sauna and a spa, a resort-style pool, a fitness trail, tennis courts, a waterfront restaurant and marina/waterfront views.
UNION CITY, N.J. — The Kislak Company has brokered the sale of Palisades Gardens, a five-story, 44-unit apartment building located in Union City. Almost all of the residences contain two bedrooms, and occupancy was 99 percent at the time of closing. Kislak's Robert Squires represented both parties in the transaction. Both were undisclosed private investors.
MIDDLETOWN, N.Y. — Value Cos. is nearing completion for the newest residential building at The Point at Sutton Hill in Middletown. The building will contain 12 units and is expected to be complete this spring. It will join five already-completed buildings containing 52 apartments. Value Cos. plans to proceed with development of the remaining 48 units in the project in the near future. The Point at Sutton Hill consists of luxury one- through three-bedroom apartments. Unit sizes range from 773 to 1,234 square feet and monthly rents range from $1,200 to $1,795. Value Cos. also owns the adjacent 276-unit Sutton Hill community, which it recently repositioned.
DALLAS AND FORT WORTH — BMC Capital has originated two loans totaling $3.9 million for the refinancing of New World Apartments, a 150-unit multifamily property at 11434 Woodmeadow Pkwy. in Dallas, and Wedgewood Apartments, a 118-unit multifamily property at 2819 Walton Ave. in Fort Worth. Both loans feature 5-year, fixed rates at approximately 5.6 percent on a 30-year amortization schedule. The two properties are owned by the same entity, which was unlisted. BMC Capital is a lender of small-balance multifamily loans in Texas and the U.S.
TUCSON, ARIZ. — University Communities LLC has purchased a 76-unit apartment property, located at 1050 E. 8th Street in Tucson, for nearly $8.29 million. PICOR Commercial Real Estate Services’ Bob Kaplan represented the seller, 8th Street Apartments LP, in the transaction. Built in 1968, the multifamily community is master-leased to the University of Arizona.
HOUSTON — Holliday Fenoglio Fowler (HFF) has closed the sale of Coral Gables Apartments, a 318-unit multifamily community located at 10522 Beechnut St. in southwest Houston. Houston-based CG Properties purchased the apartments for an undisclosed amount and was represented by David Fantin and Heidi Castiglione of LS Realty Advisors. HFF marketed the foreclosed property on behalf of the seller.
POMONA, CALIF. — Marcus & Millichap has presided over the $5.5 million REO sale of the 95-unit Kingsley Apartments, located at 1302 East Kingsley Ave. in Pomona. Consisting of seven two-story buildings, the Kingsley Apartments offers an estimated 76,084 rentable square feet and includes 95 garage spaces. Marcus & Millichap’s Kevin Struve represented the financial-institution seller in the transaction, and the brokerage firm’s Bill Melton represented the private-investor buyer.