WASHINGTON, D.C. — Ari Firoozabadi of Marcus & Millichap has brokered the sale of a 37-unit apartment complex between two private parties for $3.3 million. The property is located at 2517 Mozart Place in Washington. JP Morgan Chase provided a 15-year loan for the purchase at 65 percent loan-to-value and a 6.2 percent interest rate.
CHICAGO — Located at 222 W. Erie St. in Chicago's River North District, the 26-story Flair Tower recently celebrated its grand opening. Developed by a joint venture between McCaffery Interests, RREEF and The Taxman Corporation, the high-rise building features 198 luxury apartments and 9,500 square feet of retail space. The property offers a landscaped pool deck with an outdoor fireplace, a dog run, a Jacuzzi, a Club Room, a Billiards Room, a lobby with a fireplace and a 24-hour concierge service. The residential portion features a range of floorplans, including convertibles and three-bedroom penthouses. Apartment units feature granite kitchens, stainless steel appliances, private balconies, floor-to-ceiling windows and customizable accent wall colors. Designed by Antunovich Associates and constructed by W.E. O'Neil Construction Co., the tower is poised to be the first LEED-certified building the River North submarket. Green elements include locally produced and recycled building materials, water-efficient plumbing fixtures, low VOC-emitting paints and sealants, and landscaped roof terraces. McCaffery will serve as a third-party management company for the property.
NEW YORK CITY — Landmark Realty Capital has arranged a $6 million first mortgage to finance the completion of a Brooklyn multifamily building. The project, located at 104-110 Broadway in the borough's Williamsburg neighborhood, consists of a seven-story building with 40 residences and two commercial units. The borrower, IB Broadway LLC, was represented by Landmark's John Chiappetta.
LUBBOCK, TEXAS — Marcus & Millichap has brokered the sale of the 124-unit Lubbock Square apartment complex in Lubbock between a court-appointed receiver and an undisclosed buyer. The property, which was built in the mid-'70s, is composed of 15 buildings spread across 5.44 acres of land. The firm's Tommy Lovell arranged the transaction.
MIAMI — Carlisle Development Group has broken ground on the 90-unit Beacon Apartments in Miami's Overtown neighborhood. The $25 million, 13-story project is geared toward low-income residents. Completion is expected in 18 months.
NORTH CHARLESTON, S.C. — McShane Construction Co. will soon start work on the 60-unit West Yard Lofts affordable housing project for The Landmark Group in North Charleston. The 75,982-square-foot property is located at 2375 Noisette Blvd. on the former Charleston Navy Yard, which closed in 1995. Designed by Martin Riley Associates Architects, the property will be part of The Navy Yard at Noisette mixed-use project. Delivery is slated for December.
BOSTON — NAI Hunneman has brokered the sale of a 21-unit apartment building in Boston's Fenway neighborhood for $5.22 million. The price per unit of approximately $248,571 represents a new high for a multifamily property in the Fenway area. Robert Tito, Dan McGee and Gina Barroso, all of NAI Hunneman, represented the seller, 227 Park Drive LLC, and procured the undisclosed buyer. Located at 227 Park Drive, the brick building was constructed in 1920 and renovated in 2005.
LAS VEGAS — George Gekakis Inc. (GGI) and its non-profit sponsor Silver State Housing have opened McKnight Senior Village II, a 77-unit affordable, senior-housing apartment community near downtown Las Vegas. The new 4-story building with 7,742-square-foot clubhouse is open to seniors 55 and older with incomes at 30 to 50 percent of the area median. GGI’s senior-housing project was financed with nearly $14.4 million in tax credits awarded by the Nevada Housing Division, as well as HOME Funds from the City of Las Vegas and Clark County, Nev.
CHICAGO — An undisclosed buyer has acquired an apartment building in Chicago’s Rogers Park neighborhood for $1.57 million. Located at 7514-22 N. Hoyne, the 43-unit property features three studio units, 34 one-bedroom units and six two-bedroom units. Doug Imber and Matt Welke of Essex Realty Group represented the undisclosed seller; Doug Fisher, also of Essex, represented the buyer in the transaction.
NEW YORK CITY — Berkadia Commercial Mortgage has originated $88.45 million in Freddie Mac funds for the refinancing and recapitalization of Parkhill in the New York City borough of Staten Island. Parkhill Apartments is a Section 8 community located at 140-280 Parkhill Ave. It consists of eight six-story buildings on 21 acres. There are 1,121 units in the community, with rents that average $1,200 per month. The loan carries a 10-year term and a 30-year amortization schedule. It also includes earn-out provisions and a subordinate HUD second mortgage. John DiCrocco of Berkadia's New York City office originated the loan on behalf of affiliates of Delshah Capital.