Multifamily

NEW YORK CITY — Construction has commenced for the rehabilitation of four affordable housing properties located in the Hunts Point neighborhood of the South Bronx, New York City. Phoenix Estates, formerly known as Hunt’s Point I, comprises 717-719, 739 and 741 Coster St.; and 671 Manida St. The properties total 125 units, split between 19-one bedroom units, 64 two-bedrooms, 32 three-bedrooms and 10 four-bedrooms. Rents range from $725 to $1,330. Renovations, which will be completed without displacing residents, will include new kitchens, new apartment entries and interior doors, new paint, floor repairs, new plumbing fixtures, new window sills and electrical systems upgrades. Improvements to the building will include a cleaning of the exterior brick masonry walls, the repair and finishing of the courtyard rear and side yard wall, the replacement of the building entrance systems, the installation of exterior lighting and a security system, and the replacement of building roofs. The buildings were acquired out of foreclosure by Phoenix Estates LLC, a joint venture between New York ACORN Housing Co. and We Stay/Nos Quedamos, Inc. The Community Preservation Corp., in partnership with the New York City Department of Housing Preservation and Development, is providing a $13.3 million construction loan for …

READING, MASS. — Henderson Global Investors has acquired Reading Commons, a 204-unit luxury multifamily community located in the Boston suburb of Reading, for $48.5 million. The property was originally developed by Archstone Properties in 2006; occupancy was 97 percent at the time of closing. Henderson has selected Boston-based Corcoran Management Co. to manage day-to-day operations of the property. Henderson acquired Reading Commons on behalf of CASA Partners IV, the company’s value-add fund. The acquisition marks the funds first purchase in the Northeast and its third property acquired in 2008.

NEW YORK CITY — LCOR has secured $33 million in construction financing for a 142-unit residential rental property located at 34 Berry St. in the Williamsburg neighborhood of Brooklyn. Amenities for the $69 million project, which is scheduled for a spring 2010 completion, will include a landscaped outdoor garden, a rooftop terrace and lounge, a fitness center, a business meeting room and on-site parking for 71 cars. The loan was originated by Richard Bassuk of Singer & Bassuk; the lender was bank of America. Terms of the financing were not disclosed. The project was designed by Perkins Eastman; the general contractor is Ryder Construction. Leasing is being handled by Rose Associates.