NEW YORK CITY — Meridian Capital Group has arranged a $24 million senior underlying mortgage and a $1 million unsecured line of credit for The Royal York, a condominium co-op located in Manhattan's Upper East Side. The 12-story building contains 494 units. The loan carries a 7-year term, a 3.96 percent fixed rate and interest-only payments for the full term of the loan. Allan Lieberman of Meridian's New York City office arranged the financing on behalf of the co-op through a local savings bank.
LOS ANGELES — Grubb & Ellis has arranged the $1.4 million purchase of a 17-unit multifamily property, located at 1851 Winona Blvd. Represented by the brokerage firm’s Dana Brody, Danny Monempour purchased the property from The Nancy Woskow Trust and 1851 Winona LLC. Michael Shepherd of Pritchett-Rapf Realtors represented the sellers in the transaction.
MIAMI LAKES, FLA. — Aztec Group has closed on a $20.7 million permanent loan for Courtyards at Miami Lakes Apartments in Miami Lakes. Located along Cow Pen Road, the 448-unit property was 95 percent occupied at the time of closing. The 10-year loan was funded by Fannie Mae.
SYRACUSE, N.Y. — Education Realty Trust (NYSE: EDR) has been tapped by Syracuse University to develop a 312-bed community on its campus. Known as Campus West Apartments, the project will be developed near the university's College of Law and the new College of Law building; it will cater to law students, other graduate students and upperclassmen. Amenities will include a clubhouse area with a fitness center, a business center and a computer lab. In addition to student residences, the project will contain 5,000 square feet of ground-floor retail space expected to include a combination coffee shop and convenience store. The university's Department of Public Safety will also maintain an office in the complex. The project will seek LEED-Silver certification. EDR will develop, own and manage the community under a ground lease with the university. Construction will begin this summer with completion slated for summer 2012.
NEW JERSEY — Holliday Fenoglio Fowler (HFF) has secured a $39.3 million loan for the refinancing of a four-property multifamily portfolio in New Jersey. The properties include Summit Manor and Oak Terrace in Hackensack, Pompton Hills in Pompton Lakes, and Radnor Manor Apartments in Fair Lawn. The loan, which was provided by Freddie Mac, carries a 10-year term and a fixed interest rate. The HFF team of Thomas Didio and Samuel Seiden arranged the loan on behalf of Hekemian & Company.
STAMFORD, CONN. — Berkadia Commercial Mortgage has arranged a $34.4 million loan for the refinancing of The Lofts at Yale & Towne in Stamford. The property, which is located at 200 Henry St., is a six-story, 225-unit apartment building. It was recently redeveloped and was 97 percent occupied at the time of closing. The loan carries a fixed interest rate, a 7-year term and a 30-year amortization schedule. Berkadia's Stewart Campbell and Thomas Toland originated the loan through Freddie Mac on behalf of the borrower, HS Lofts I-V LLC.
AUSTIN — George Deuillet III of Hendricks & Partners' Austin office has represented the seller, So Xhosa Holding Corp., in the REO sale of Walnut Grove, a multifamily community located at 7211 Northeast Dr. in Austin. Praxis Capital purchased the property, which features 39 one-bedroom and 15 two-bedroom units, and plans a significant rehabilitation.
PASADENA, CALIF. — Marcus & Millichap has presided over the $4.2 million sale of a 34-unit apartment property, located at 1455 North Los Robles in Pasadena. Marcus & Millichap’s John Susank represented the seller, a partnership, in the transaction, and the brokerage firm’s Danny Bahng represented the buyer, William J. Galloway Family Trust.
CAHOKIA, ILL. — Cambridge has provided a $3.9 million HUD first mortgage loan for the refinancing of Cahokia Nursing and Rehabilitation Center in Cahokia. The skilled-care nursing facility offers 150 beds. The fully amortized, 35-year term loan was arranged for the undisclosed property owners using HUD's Section 232 pursuant to Section 223(a)(7) funding program. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois.
RIVERDALE, ILL. — Turnstone Development Corp. has completed reconstruction and renovation of Riverdale Senior Apartments, which is located at 335 West 138th Street in Riversdale. The five-story, 52-unit building offers 43 one-bedroom apartments and nine two-bedroom units, in a combination of public and affordable housing. Additionally, the building features three ADA accessible units and eight ADA adaptable units. Reconstruction of the 45-year-old building included the addition of a community room, an on-site laundry facility, two new elevators and a general social services offices. McShane Construction, which served as general contractor for the project, completed tuckpointing, balcony refurbishing, replacement of all windows and roofing materials and provided new entryway canopies. McShane also installed a new fire sprinkler system, electrical and plumping updates and a modernized HVAC system. The project received funding from the American Reinvestment and Recovery Act through the U.S. Department of Housing and Urban Development, the Housing Authority of the County of Cook, Ill., and the County of Cook's Department of Planning and Development. Piekarz Associates PC provided architectural services for the project.
