NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered the sale of a the former PS 59 at 535 Leonard St. in Brooklyn for $2.3 million. The buyer, MDIM LLC, plans to redevelop the two-story, 13,500-square-foot building into an 18-unit condominium project. KDA’s Joseph Nicholas represented the MDIM as well as the seller, Polish Legion of American Veterans – George Washington Post #3.
DALLAS — Alpha-Barnes Real Estate Services and the Jim Lake Cos. have borrowed a $10.55 million loan for Trinity Lofts. The 93-unit apartment property is located at 1403 Slocum St. in Dallas' design district. The space, which is 92 percent leased, also has 28,000 square feet of retail. Freddie Mac financed the 7-year, fixed-rate loan. John Brownlee and Mike Ostella of Holliday Fenoglio Fowler arranged the deal.
DULUTH, GA. — Brookfield Asset Management and Landmark Residential have purchased Gwinnett Crossing, a Class B apartment complex, from an undisclosed party for $16.7 million. The 564-unit property is located at 4015 Satellite Boulevard in Duluth. The buyer will undertake $8 million in renovations on the property.
DES PLAINES, ILL. — Inland Real Estate Brokerage has brokered the sale of two apartment buildings in Des Plaines. Located in the Hamilton Court apartment complex, the properties offer a total of 10 two-bedroom and two one-bedroom apartment units. The fully occupied properties sold for $625,000 each for a total of $1.25 million. Bob Edmiston of Inland represented both undisclosed parties in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two Brooklyn multifamily properties in two separate deals. In the first transaction, Marcus & Millichap’s Matthre Fotis and Peter Von Der Ahe represented both undisclosed parties in the sale of a 29-unit apartment building located at 690 Rogers Ave. The building traded for $2.55 million. In the second transaction, John Horowitz of Marcus & Millichap represented both undisclosed parties in the sale of an eight-unit apartment building located at 23 Pierrepont St. The property traded for $1.65 million.
OKLAHOMA CITY — Dennis Sidbury of NorthMarq Capital's San Francisco office has secured a $24 million loan for the 398-unit Sycamore Farm Apartments. The property is located at 14900 N. Pennsylvania Ave. in Oklahoma City. AmeriSphere Multifamily Finance provided funding for the 10-year loan, which carries a 30-year amortization schedule.
ODESSA, TEXAS — Stephen York of Arbor Commercial Funding has arranged a $2.4 million loan for Briarwood Village Apartments in Odessa. Located at 3904 Englewood Circle, the property spans 74 units. The Fannie Mae loan carries a 10-year term and a 30-year amortization schedule.
LAWRENCE, KAN. — NorthMarq Capital’s Kansas City Regional office has arranged $19.8 million in first mortgage financing for Hutton Farms, multifamily property in Lawrence. Located at 3401 Hutton Dr., the property offers 212 apartment units. The 7-year loan has a 30-year amortization schedule. Brent Blake of NorthMarq arranged the financing for Hutton Farms LC through NorthMarq’s seller-servicer relationship with Freddie Mac.
LAWRENCE, MASS. — Construction has commenced for the conversion of the former Southwick Mill in Lawrence into an affordable housing community. The five-story building, which is located at 50 Island St. along the banks of the Merrimack River, will be renovated to include 60 one-, two- and three-bedroom units. The building will also include a day care, community spaces and commercial space. The renovation is the first phase of the Union Crossing mixed-use project, which is being developed by Lawrence Community Works. For the Southwick Mill project, Bedford, N.H.-based Eckman Construction is serving as general contractor, and Amherst, Mass.-based Coldham & Hartman Architects is the project architect.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the U.S. Department of Housing and Urban Development (HUD) have provided a combined $9.8 million for two affordable housing renovation projects in Brooklyn. The first project consists of the renovation of four three-story buildings containing 26 units that are located in Bedford-Stuyvesant. CPC provided $1.4 million in permanent financing, and HUD provided $3.6 million in subordinate 203K funds. The second project consists of four three-story buildings containing 26 units that are located in Flatbush. CPC provided $637,000 in permanent financing, and HUD provided $4.2 million in subordinate 203K funds.