WASHINGTON, D.C. — Marcus & Millichap has brokered the $11.75 million sale of the 90-unit New Amsterdam apartment complex between two undisclosed parties. Located at 2701 14th St. in Washington, the 75,375-square-foot property is 99 percent occupied. Retail space is featured on the ground level. Stacey Milam of Marcus & Millichap's Washington office represented the seller. The firm's Tracy Edwards, who also works in the Washington office, represented the buyer.
NEW YORK CITY — NorthMarq Capital has arranged $18 million in Freddie Mac financing for 2161-2169 Broadway, a 76-unit apartment property located in Manhattan, New York City. The loan carries a 10-year term and a 30-year amortization schedule. Craig Bjornsund of NorthMarq's New York Metro regional office secured the loan on behalf of the borrower, Colorado Associates.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation and Development (HPD) have provided a total of $5.17 million in financing for the renovation of four affordable housing properties located in the Park Slope, Cobble Hill and Sunset Park neighborhoods of Brooklyn, New York City. The buildings contain a total of 25 residential units and five commercial spaces. Returning tenants will occupy 13 of the units. The HPD contributed $3.87 million toward the financing package, and the CPC contributed $1.3 million. The borrow was a non-profit developer. Construction financing for the renovations was also provided by the HPD and Washington Mutual.
EDINA, MINN. — NorthMarq Capital has arranged $13.74 million in first mortgage financing for Cornelia Place, a 100-unit multifamily property in Edina. Michael Padilla and Daniel Trebil of NorthMarq’s Minneapolis office secured the financing, which was provided by Freddie Mac. The borrower was not disclosed.
PLAINSBORO, N.J. — Gebroe-Hammer Associates has brokered the sale of Deer Creek Apartments in Plainsboro for $26.4 million. The 288-unit community is located at 305 Deer Creek Drive. It consists of 24 buildings with a mix of one- and two-bedroom units with rents ranging from $900 to $1,400. Community amenities include an outdoor pool, sports courts and walking paths. Joseph Brecher of Gebroe-Hammer procured the buyer, The Orbach Group, and negotiated the off-market deal with the seller, AIMCO.
NEW YORK AND BREWERTON, N.Y. — Arbor Commercial Funding has arranged a total of $25.69 million in Fannie Mae DUS financing for two New York multifamily deals. In the first transaction, Edward Petti originated $21.81 million for the Hilltop Portfolio, an eight-building, 317-unit multifamily complex located in New York City. The loan carries a 6.5-year term, a 30-year amortization schedule and a 5.41 percent interest rate. In addition, Arbor's Ronen Abergel originated $3.88 million for Lakepointe Apartments, a 72-unit community located in Brewerton. The loan carries a 10-year term, a 30-year amortization schedule and a 5.75 percent interest rate. The borrowers in both transactions were not disclosed.
ST. LOUIS — Circusdome LLC has purchased Brighton, a multifamily property in St. Louis, for an undisclosed price. The property, which is located at 2730 Glyndebourne Drive, offers 201 apartment units. The seller was Blue Valley Apartments Inc. Ken Aston, Paul Cunningham and Andrea Kendrick of Hendricks & Partners’ St. Louis office represented both parties in the transaction.
MAINESBURG, PA. — Education Realty Trust (ERT) has been selected to develop a multi-phase student housing project on the campus of Mansfield University of Pennsylvania in Mainesburg. Allen & O'Hara Development Co., a wholly owned subsidiary of ERT, will develop a multi-phase student housing community containing approximately 640 beds. The first phase of the project will consist of two four-story buildings that will also feature 20,000 square feet of common space in the form of multi-purpose rooms, classrooms and other facilities. The project is also seeking LEED certification. WTW Architects will design the project and Massaro Corp. will serve as general contractor. Groundbreaking will occur upon the execution of final definitive agreements and the ability to secure financing for the project.
SAN DIEGO — Marcus & Millichap has brokered the $3.3 million sale of The Old City Hall Building, a 12-unit multifamily property located at 433 G Street in the Gaslamp Quarter in downtown San Diego. Consisting of 12 lofts ranging in size from 868 to 1,818 square feet, The Old City Hall Building is the oldest remaining structure in the historic district. Marcus & Millichap’s Chris Zorbas represented the seller in the transaction.
NEW YORK CITY — TF Cornerstone has opened 505W37, an 835-unit rental apartment community located in Manhattan, New York City. The community is located at the intersection of 10th Avenue and 37th Street in the borough's Hudson Yards neighborhood. It consists of two glass towers containing studio through two-bedroom units. Amenities include rooftop decks on each building, two landscaped courtyards, a second floor terrace, a fitness center, a catering kitchen and a clubroom. Rents start at $1,821 for a studio apartment, $2,533 for a one-bedroom apartment and $3,706 for a two-bedroom apartment. The project architect was Handel Architects. 505W37 is TF Cornerstone's second residential community in Hudson Yards; the first is 455W37, which is fully occupied.
