YONKERS, N.Y. — Construction has commenced for two new multifamily communities in Yonkers. Grant Park at Croton Heights is a $45.5 million project that will provide 100 affordable apartment units. Park Terrace at Croton Heights is a $19.1 million project that will provide 49 rental units of senior housing. Both projects are being constructed on the former site of the Mulford Gardens Public Housing Complex and are part of Phase II of the Croton Heights project. Completion for both is scheduled for spring 2011. The developers are The Yonkers Municipal Housing Authority, The Richman Group and Landex Development. Rental housing Management Partnership will manage both projects upon completion.
ROCKLIN, CALIF. — Alliance Residential Co. has acquired the 171-unit Montessa at Whitney Ranch, a multifamily community located at 1150 Whitney Ranch Pkwy. in Rocklin. Originally developed as a condominium property but converted to a rental community in 2008, Montessa at Whitney Ranch offers one-, two- and three-bedroom units. To be re-branded under the Broadstone community name, Alliance’s fourth acquisition in California during the past 9 months came about through a short-sale transaction. Alliance will implement a capital-improvement plan at Montessa at Whitney Ranch and will also manage the property.
BRADENTON, FLA. — TGM Associates has purchased the 392-unit Yacht Club at Heritage Harbor from Bainbridge Communities and their institutional partner for $43.5 million. The Yacht Club, which was completed in 2007, is spread across 20, three-story buildings. The Bradenton multifamily property features a clubhouse, a pool, a fitness salon, two lakes and athletic courts. Jamie May and Matt Mitchell of Marcus & Millichap represented the seller.
LEAGUE CITY, TEXAS — Sunstone Realty Advisors has purchased the 352-unit Broadstone Walker Commons apartment complex from a bank participation led by agent bank Bank of America for an undisclosed amount. The property is located at 1751 W. Walker St. in League City on 20 acres of land and is 91 percent leased. The purchase was financed by a Freddie Mac loan, which was secured by John Brownlee and Matt Kafka of Holliday Fenoglio Fowler. HFF's Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry brokered the sale.
SKOKIE, ILL. — Cambridge Realty Capital Cos. has arranged a 12-month construction and 40-year FHA-insured permanent mortgage loan for a skilled nursing home facility in Skokie. The $8.46 million loan will finance extensive rehabilitation efforts at the 56-bed Alden Estates of Skokie. The fully amortized loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. Terms of the loan were not disclosed.
DELAND, FLA. — A limited liability company based in Florida has sold the 56-unit Laurel Oaks apartment complex to a private investor for $1.65 million. The property is located on 5.58 acres at 650 North Boundary Road in DeLand. Michael Donaldson of Marcus & Millichap represented the seller.
CHICAGO — Cambridge Realty Capital Cos. has arranged $1.39 million FHA-insured first mortgage loan for an undisclosed Illinois-based borrower. The loan will be used to refinance McGill Terrace Apartments, a 48-unit multifamily property located at 821-829 49th St. in Chicago. Cambridge Realty Capital Ltd. of Illinois underwrote the fully amortized, 38-year term loan. Additional terms of the loan were not released.
CHICAGO — Aries Capital has secured $1 million in financing for an apartment complex on the North Side of Chicago. Built in 1929, the walk-up complex features 19 one-bedroom units. Eric Jones of Aries’ Phoenix office arranged the 10-year loan, which carries at 30-year amortization schedule. The loan was financed by a Fannie Mae DUS lender.
NEW YORK CITY — A five-story apartment building located in Manhattan's Greenwich Village has sold in an all-cash transaction for $6.8 million. The building is located at 19 Greenwich Ave. It contains 12 apartments, nine of which are free-market and three of which are rent-stabilized. The building contains the restaurant SweetiePie on the ground level. James Nelson of Massey Knakal Realty Services represented the undisclosed seller. Rosa Murphy of Halstead Property represented the buyer, a private investor from Korea. The property traded at a 6.6 percent cap rate.
SAN DIEGO — Cassidy Turley BRE Commercial has negotiated the $3.8 million sale of an oceanfront multifamily development located at 1984-92 Abbott Street and 5113-19 Saratoga Ave. in the Ocean Beach area of San Diego. The property currently has 16 rental units, and 12 new townhomes are planned. Cassidy Turley’s Tim Winslow, Ray Adams, Jason Kimmel and Kelly Strickland represented both the buyer and the seller — 1984 Abbott LLC and Abbott and Saratoga LLC, respectively — in the all-cash transaction.