DENVER — Pinnacle Real Estate Advisors has handled a nearly $1.5 million sales transaction involving a 12-unit apartment building, located at 701 28th Street in Denver. Built in 1960, converted from apartments to condominiums in 2007 and renovated again in 2010, the Mulberry Flats property is situated near downtown just blocks from Five Points Plaza in the Curtis Park neighborhood. Pinnacle’s Joe Hornstein represented the seller in the transaction, and the brokerage firm’s Kevin Calame and Matt Lewallen represented the buyer.
CORAL GABLES, FLA. — Florida East Coast Realty (FECR) has developed Villa Majorca, a luxury multifamily community in Coral Gables. The property offers 36 residences in a mix of two-bedroom or three-bedroom-plus-den apartment and townhome floorplans. The community offers a clubroom, a rooftop garden with a Jacuzzi spa, a sun deck with outdoor grills and a fitness center. Residences feature Whirlpool appliances, porcelain flooring, European-style cabinetry, granite countertops and marble vanity counters with double sinks in the master bathrooms.
WASHINGTON, D.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed on a $2.92 million loan for Delshah Valery Place in Washington, D.C. The 10-year loan, which carries a 30-year amortization schedule, was funded under the Fannie Mae DUS Small Loan product line. The loan was originated by Alexander Kaushansky of Arbor's New York office. The borrower was not disclosed.
BLOOMINGTON, MINN. — United Properties and StuartCo have received final development plan approval for a multi-phase retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington. The first phase of Penn & American includes a four-story building with 14,000 square feet of retail space and 60 apartments; an eight-story, 152-unit apartment building; and a four-story, 22-unit townhome building. Construction is scheduled to begin in May 2011 and will include 234 Genesee apartments and townhomes, built by StuartCo, and two retail buildings, built by United Properties.
HEMPSTEAD, N.Y. — Conifer Realty has acquired a former Hofstra University student housing community from the school. Twin Oaks Apartments was vacant at the time of the sale, as it was replaced by new on-campus housing by the school. Conifer plans to redevelop the 94-unit property into affordable housing. David Leviton of Cushman & Wakefield's Melville, N.Y., office partnered with David Berhaut, Gary Gabriel and Jared Zimmel of the firm's East Rutherford, N.J., office to arrange the sale.
OCEANSIDE, CALIF. — NorthMarq Capital has arranged $20.25 million in first-mortgage financing for the 252-unit River Oaks Apartments, located at 3891 San Ramon Drive in Oceanside. The multifamily financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq’s Michael Elmore through its seller-servicer relationship with Freddie Mac. This was the first broken condo loan by Freddie Mac in their CME loan format, according to Elmore.
CLIFTON, N.J. — A joint venture between Hudson Realty Capital and Parkwood Development has acquired the $33 million note secured by 109 partially completed senior housing units in Clifton. The units are part of the third phase of the 270-unit Winthrop Court senior housing community, which is located within the Cambridge Crossings master-planned community. The partnership immediately foreclosed on the note and plans to complete and sell the remaining condos.
HAZEL PARK, MICH. — Love Funding has closed a $11.5 million rehabilitation loan for the refinance and rehabilitation of American House – Hazel Park Senior Living apartments. Located in Hazel Park, the property offers 125 one- and two-bedroom apartments and two-bedroom/two-bath freestanding duplex cottages. Community amenities include a community room/dining room, a theater, game and craft rooms and a library. Mickey Rist and Bruce Gerhart of Love Funding's Cleveland office originated the transaction.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of three Manhattan apartment buildings for $11.5 million. The buildings contain a total of 69 apartments and are located at 118 and 120-122 E. 4th St. in the East Village. The units comprise a mix of studios and one-bedrooms; 40 of the units are rent stabilized and the other 29 are free market. Massey Knakal's John Ciraulo, Joe Sitt and Craig Waggner arranged the deal between the undisclosed buyer and the seller, Bruce Mittenberg of Bread & Butter Realty LLC. The property traded at a 5.78 percent cap rate.
HOUSTON — The University of Houston and Hardin Construction Co. have completed a new $42 million freshman housing facility called Cougar Village that will serve as a model for future expansion. The seven-story, 291,000-square-foot building houses 1,132 students, who are grouped into themed communities based on their academic disciplines. Cougar Village features suites and single units and provides amenities such as a central lounge, study and lecture areas, a fitness center, kitchens, a convenience store, a computer room and student services offices. The new freshman housing facility is part of the University's long-term plan to transform from a traditionally commuter campus. HADP Architecture served as project architect.