ANN ARBOR, MICH. — Locally based mortgage banking and loan advisory firm Commercial Mortgage Capital (CMC) has arranged $2.88 million in non-recourse financing for a 44-unit apartment community in Ann Arbor. The 10-year, 6.32 percent loan was funded through one of CMC’s correspondent lenders.
NEW YORK CITY — New York-based Newmark Knight Frank Construction Services has completed One Brooklyn Bridge Park, a $175 million residential redevelopment project in Brooklyn, New York City. Construction consisted of the conversion of a 1.1 million-square-foot distribution center located at 360 Furman St. into luxury condominiums. The building was first constructed in 1929 and was formerly owned by Jehovah’s Witnesses before being acquired by RAL Companies & Affiliates, the developer of the project, in 2004 for $205 million. Two additional floors were built on top of the previously 12-story building, and the interior was reconfigured to include 438 residences. The units range in size from 588 to approximately 10,000 square feet and include loft apartments, townhomes and penthouses. Many units feature terraces cabanas and fireplaces. Building amenities include a residents-only recreation facility, 7,000 square feet of landscaped gardens, an indoor virtual golf driving range, and on-site valet and concierge services. The project also includes 70,000 square feet of retail space and a 500-space parking garage. The project architect was Creative Design Associates. One Brooklyn Bridge Park is situated within an 85-acre waterfront park that is currently under construction in the borough’s Brooklyn Heights neighborhood. Once complete later this year, …
MATAWAN, N.J. — Iselin, N.J.-based American Properties Realty is advancing construction for The Preserve at Matawan a 157-unit residential condominium project located in Matawan. The project comprises seven three-story buildings and one two-story building that all contain two-bedroom units. There are three models, ranging from 1,446 to 1,635 square feet, and prices start at approximately $269,000. The Preserve at Matawan also abuts a 10-acre nature preserve. The project’s interior designer is Atlanta-based Design Environments Inc. Model residences have recently opened for prospective buyers and Phase I of the project is already 40 percent sold. The construction timetable was not released.
SANTA ANA, CALIF. — A private investor has acquired Evergreen Apartments, a 38-unit apartment property located in Santa Ana. The asset sold for $4.2 million. John Nguyen and David Beauchamp of Marcus & Millichap’s Newport Beach, Calif., office represented the undisclosed seller in the transaction. The property is located at 1601-1605 Evergreen.
TUCSON, ARIZ. — Alliant Capital LLC has arranged a $7.92 million loan for the refinance of La Jolla de Tucson, an affordable apartment community located in Tucson. The 223-unit La Jolla de Tucson was the final property to close as part of a three-property Tucson purchase transaction. This portion of the transaction closed on February 27, 2009, using an extended rate lock of 229 days. The loan has a 9-year term and a 30-year amortization. The borrower is Holualoa Arizona Inc., an international real estate investment firm.
FORT WORTH, TEXAS — Senior Quality Lifestyles Corp., a Dallas-based owner of non-profit retirement communities in Texas, has selected the project team for The Stayton at Museum Way, the company’s new senior housing project located in the Cultural District of Fort Worth. The project will be developed by Greystone Communities and built by Andres Construction. The project architect is CSD Architects, the landscape architect is Talley Associates and the interior designer is Studio Six 5. The Stayton at Museum Way will comprise 188 independent living units in a mix of one-, two- and three-bedroom residences. They will be located within three interconnected, 11-story towers. Amenities include fine and casual dining with view of downtown Fort Worth, outdoor terraces and dining spaces, local artwork within the buildings, a dog park and other resort-style amenities. The project will incorporate sustainable elements including native and drought-resistant landscaping, wood flooring made from rapidly renewable sources, and low-emitting carpets and paints. The construction timetable was not released.
OCALA, FLA. — Edwards Construction Services of Ocala has started three projects in The Villages of Lake Sumter, an Ocala retirement community. The company is demolishing and undertaking interior reconstruction of the 52,500-square-foot La Reina building. Edwards is also constructing the 9,129-square-foot Creek Side Mill building and the 8,791-square-foot Morgan Stanley Shell building.
SAN SABA, TEXAS — An East Texas entrepreneur has purchased an 80-bed nursing home in San Saba for an undisclosed price. The acquisition also includes a historic home located adjacent to the nursing home facility. Robyn Jackson of Sperry Van Ness’ Fort Worth, Texas, office represented both undisclosed parties in the transaction.
AUSTIN, TEXAS — Santa Rosa, Calif.-based Summer Grove Properties LLC has acquired Summer Grove in Austin. Located at 7905 San Felipe Blvd., the property features 124 apartment units. The seller was Greenwood Village, Colo.-based Baron Properties LLC. Seattle-based Alliant Capital LLC facilitated the financing for the transaction. Ellen Muskin and George Deuillet III of Hendricks & Partners’ Austin office represented both parties in the sale.
GLENDALE, CALIF. — Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura Inc. has brokered the sale of a 19-unit multifamily property in Glendale. Located at 1035 Melrose Ave., the property, which was built in 1961, sold for $3.2 million, a 4.66 percent cap rate. The seller and buyer were private investors.