NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a nine-building affordable housing portfolio located in East Harlem, New York City, for $26.9 million. The properties are known as Met Paca I and Met Paca II. They contain a total of 229 units of Section 8 housing as well as ground-level retail space. Shimon Shkury represented the seller, affiliates of Seattle-based Security Properties. The buyer was an affiliate of Pacific Housing Advisors.
Multifamily
BOSTON — The Community Builders and Charlesview Inc. have received approval from the Boston Zoning Commission to relocate the Charlesview Residences mixed-income housing community in Boston. The project would include the relocation of the current Charlesview Residences, a 213-unit community located at the intersection of North Harvard Street and Western Avenue in the city's Allston neighborhood, to an existing parking lot further down Western Avenue. A larger structure will be built containing 240 units of moderate and workforce rental housing units and 100 ownership units. The old building will be demolished and utilized by Harvard University, which completed a land swap with the joint venture, for future expansion. CBT is the project architect for the new Charlesview Residences. Groundbreaking is scheduled for spring.
BATON ROUGE, LA. — Arbor Commercial Funding has secured a $21.82 million loan for the 264-unit Mansions in the Park Apartments in Baton Rouge. The 10-year Fannie Mae DUS loan comes with a 30-year amortization schedule. The loan carries a 5.63 percent interest rate.
TUCKERTON, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sale of Harbor View Plaza Apartments, a 72-unit multifamily community located at 334 E. Main St. in Tuckerton. The property contains a recently completed 21-unit expansion that is in the beginning stages of leasing. The original 51-unit section is fully occupied. GHA's Steven Follman represented the buyer, Harbor View Plaza Associates. Follman and Joseph Brecher, also of GHA, represented the seller, Milestone Properties.
CHICAGO — Tryko Partners and ManagCare have partnered to purchase Lake Shore Healthcare & Rehabilitation Centre in Chicago. Located at 7200 N. Sheridan Road, the 313-bed, skilled-nursing facility sold for $22.25 million. The sellers were Chicago-based Lancaster Health Group. Ryan Saul and Michael Brundage of Glen Ellyn, Ill.-based Senior Living Investment Brokerage negotiated the transaction.
ORLANDO, FLA. — Winter Park, Fla.-based Lexington Development Partners has tapped Orlando-based Cuhaci & Peterson Architects to design Windsor Grand, a senior living facility in Orlando. The 110,000-square-foot facility will be located on Lake Underhill Road. When complete, the property will house 120 units, a dining facility and social areas. The development schedule has been announced.
TAMPA, FLA. — Marcus & Millichap has brokered the sale of the 30-unit Oakmont Apartments between two private parties for $1.8 million. Located at 3215 W. Swann Ave., the property is 50 percent occupied. Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa office represented both parties in the transaction.
KALAMAZOO, MICH. — Zeus Associates has purchased The Arboretum, a 660-bed student-housing community in Kalamazoo. The property was sold through a receivership sale with American Campus Communities for $13 million. Kevin Larimer of Hendricks & Partners negotiated the transaction.
WASHINGTON, D.C. — Bethesda, Md.-based The Goldstar Group has purchased the mortgage for The Floridian, a 118-unit apartment complex, from Bank of America and Sovereign Bank. Goldstar purchased the property in an all-cash transaction for an undisclosed price. Only 32 units in the property had been sold, and the buyer has foreclosed on the rest. The eight-story condominium property is located at 919 and 929 Florida Ave. NW in Washington. UrbanLand Co. will start marketing the property once Goldstar upgrades the units.
GAINESVILLE, FLA. — CB Richard Ellis Capital Markets Group has arranged $27.5 million in permanent financing on behalf of Glenmont Arlington Biltmore LLC for the take-out of the existing construction loan for Canopy Apartments. The complex is a newly constructed 240-unit luxury student housing community near the University of Florida campus in Gainesville. Canopy is currently 97 percent leased. The loan, arranged by CBRE's Glenn Housman, carries a 10-year term.