PERU, ILL. — Cambridge Realty Capital Cos. has provided $19.8 million in first-mortgage financing for Manor Court of Peru, a 171-bed skilled nursing facility located in Peru. The FHA-insured loan carries a 35-year term and was arranged utilizing the HUD Section 232 pursuant to Section 223(f) program. It was underwritten by Cambridge Realty Capital Ltd. of Illinois, one of the company’s subsidiaries. The borrower was not disclosed.
CARROLLTON, TEXAS — Marcus & Millichap has brokered the sale of Corinthians Assisted Living & Memory care, a 56-unit senior housing property located in Carrollton, for $3.25 million. The property is situated at 1029 W. Seminole Trail, approximately 2 blocks from its sister property, Corinthians Retirement Community. The property is sold on behalf of Sunwest Management by the Securities and Exchange Commission, which placed the company under receivership while it investigates fraud allegations. Benjamin Firestone and Jacob Gehl of Marcus & Millichap’s Chicago Downtown office represented the seller as well as the buyer, Oklahoma City-based Esperanza City Living. The SEC receiver retained Marcus & Millichap to sell a number of additional Sunwest assets.
NEW YORK CITY — The New York City office of CB Richard Ellis (CBRE) Capital Markets has arranged a $2 million first mortgage for the refinancing of two residential buildings located on Manhattan’s Upper East Side. The first property is 1275 Third Avenue, a five-story building containing 9 apartments and a ground-floor retail space occupied by Scoop, which just signed a lease renewal. The second property is 314 E. 70th St., a five-story building containing 15 apartments and a ground-floor retail space occupied by restaurant Shabu-Shabu. The non-recourse loan carries a 5-year term with a 30-year amortization schedule and a 6.12 percent interest rate. It was arranged by CBRE’s Keith Kurland. The borrower and lender were not disclosed.
SAN ANTONIO — The San Antonio office of The NRP Group has received approval from the Texas Department of Housing & Community Affairs for nine new affordable housing projects totaling 786 units. The projects include: Montabella Pointe, a 144-unit single-family project located in San Antonio; Golden Bamboo II, a 116-unit multifamily project located in Houston; Costa Emeralda, a 112-unit multifamily project located in Waco; Four Seasons at Clear Creek, a 96-unit multifamily projects located in Fort Worth; Ventana Pointe, a 96-unit senior housing project located in Houston; Tierra Pointe, an 80-unit multifamily project located in Karnes County; Crestshire Village, a 74-unit multifamily project located in Dallas; Casa Brazoria, a 36-unit single-family project located in Clute; and San Juan Square III, a 32-unit multifamily project located in San Antonio. Construction will begin in 2010. NRP partners for the projects include Merced Housing Texas, NRC, VN Teamwork, San Antonio Housing Authority, The Thomas RPDC Company, Housing & Community Services Inc. and the Texas Housing Foundation.
EVERETT, WASH. — Doug Smith of Colliers International represented John and Linda Drake in the acquisition of a 23,210-square-foot multifamily property, which is located at 1007 75th SE St. in Everett. PSCC sold the property for $1.85 million. Phillip Assouad and Giovanni Napoli of GVA Kidder Mathews represented the seller in the transaction.
ARLINGTON HEIGHTS, ILL. — Inland Real Estate Brokerage has completed the sale of two multifamily buildings located at 115 E. Thomas St. and 1440 North Arlington Heights Rd. in Arlington Heights. The freestanding, brick buildings each contain four two-bedroom units averaging 950 square feet. The properties traded for $813,000. Inland’s Richard Kehoe and John Hanson represented the seller. Both parties were undisclosed.
JERSEY CITY, N.J. — The first move-ins are occurring at 77 Hudson, a luxury residential condominium tower located on the Gold Coast in Jersey City. The 48-story tower contains 420 units in a mix of studio, one- two- and three-bedroom units. Sizes range from 525-square-foot studios to more than 2,000-square-foot penthouses. Approximately 75 percent of the residences feature Manhattan views. Amenities include a 14,200-square-foot spa and fitness center, a 30,000-square-foot outdoor plaza deck with a swimming pool and a hot tub, a rooftop park, and a lounge with a private dining room and a catering kitchen. Prices range from the $300,000s to more than $1 million. The project was developed by K. Hovnanian Homes and designed by CetraRuddy.
SANTA CLARITA, CALIF. — NorthMarq Capital has arranged an $18.3 million first mortgage for Canyon Crest Apartments, a 158-unit multifamily complex located in Santa Clarita. Ory Schwartz secured the financing, which was provided by AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Terms of the 10-year loan include 2 years with interest-only payments followed by a 30-year amortization schedule. The borrower was an Orange County, Calif.-based private real estate investor.
NEW YORK CITY — The Community Preservation Corporation (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided a $7.6 million construction loan for the moderate renovation of two five- and six-story rental buildings in the Washington Heights section of Manhattan, New York City. The buildings, located at 75-89 Wadsworth Terrace between Fairview Avenue and 190th Street, contain 83 rental units comprising nine studios, 50 one-bedroom units, 13 two-bedroom units, nine three-bedroom units and two four-bedrooms units. CPC will provide approximately $3.4 million and HPD will provide $4.2 million for a renovation that will include upgrades to the plumbing system, electrical repairs, installation of a new roof, parapet wall repair, kitchen and bathroom replacement, new flooring, new windows and new boilers. The developer is 75-89 Associates, LLC, which is partially owned by Frank Anelante and Joseph Zitolo of Lemle and Wolff.
NEW ROCHELLE, N.Y. — Jerry Houlihan and John Manouselis of Houlihan-Parnes Realtors have completed the sale of 73 and 75 Centre Avenue, a five-story brick apartment building and an adjacent lot used for parking located in downtown New Rochelle. 75 Centre Avenue contains 18 apartments, 3 stores and laundry facilities, and 73 Centre Avenue contains 22 parking spaces with development rights. The sales price, as well as the buyer and seller were undisclosed.
