NEW YORK CITY —Long Island, New York City-based The Arker Companies has finalized the financing package for Hewitt House Apartments, an 83-unit affordable housing project located at 886 Westchester Ave. in the Longwood neighborhood of the Bronx, New York City. In addition to the residential units, the 75,300-square-foot development will contain approximately 11,500 square feet of ground-floor retail space. The residential units will be reserved for households earning up to 60 percent of the city’s annual median income, with 17 units set aside for formerly homeless families and individuals. Construction will begin this month, with completion scheduled for fall 2010. The financing package comprises $11 million in tax-exempt bonds and $4.56 million in subordinate financing provided by the New York City Housing Development Corp. Wachovia Securities is providing $7.4 million in tax credit equity, and Bank of America is providing a construction letter of credit totaling $11.1 million, as well as a $2.16 million loan to finance the retail portion of the project. Lastly, Freddie Mac, through MMA Financial, is providing credit enhancement for a $4.1 million permanent mortgage. The project is expected to cost $24.4 million.
PLAINFIELD, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of a 33-unit multifamily community, located at 715-725 Arlington Ave., for $2.4 million. The property comprises two four-story brick buildings; residences consist of a mix of one-, two- and three-bedroom units. The community was fully occupied at the time of closing. Alan Lieberman and Steven Tenenbaum of GHA procured the buyer, a New Jersey-based investment group, and represented the undisclosed seller.
BOSTON — The Federal Home Loan Bank of Boston has awarded approximately $22.1 million in grants, loans and rate subsidies for 21 affordable housing initiatives in New England. The funds were awarded as part of the bank’s Affordable Housing Program, which seeks to create or preserve rental and for-sale housing for low-income individuals and families. The bank commits 10 percent of its net profits each year to the program, which provides funds to help pay for construction, acquisition or rehabilitation costs. In Massachusetts, $10.2 million was awarded for nine projects totaling 390 units. In Vermont, $5 million was awarded for four projects totaling 158 units. In Maine, $2 million was awarded for two projects totaling 67 units. In Connecticut, $1.8 million was awarded for three projects totaling 33 units. In Rhode Island, $1.6 million was awarded for a 10-unit project. Finally, in New Hampshire, $1.5 million was awarded for two project totaling 63 units.
HOUSTON — Marcus & Millichap has completed the sale of Portofino Apartments, a 60-unit multifamily property located at 140 Surf Ct. in Houston. The vacant property totals 44,840 square feet and was constructed in 1963. Robert Su of Marcus & Millichap’s Houston office represented the seller, a financial institution. Su also represented the buyer, a private investor. The acquisition price was not disclosed.
HOUSTON — Dallas-based BMC Capital has secured a $2.91 million loan for the refinancing of a Houston multifamily community. The property, Spring Village Apartments, totals 132 units and is located at 11810 Chimney Rock Rd. The lender and the borrower were undisclosed.
MONROVIA, CALIF. —Urban Housing Group has started construction of The Courtyards at Old Town, a commercial/residential community in Monrovia’s Old Town district. The company is transforming a 3-acre former office/industrial property in to 163 luxury condominiums and 6,000 square feet of commercial office and retail space. Designed by KTGY Group Inc., the project will feature four stories of residential space built over 2,000 square feet of retail space and 4,000 square feet of commercial/flex space along the 700 block of Myrtle Avenue. Additionally, the project will offer a four-story parking garage. The one- and two-bedroom units range in size from 746 to 1,249 square feet. Completion is slated for mid-2010.
SAN DIEGO — Affirmed Housing Group is developing Studio 15, a 275-unit affordable residential project located at 1475 Imperial Ave. in San Diego. Available to individuals making 40 to 60 percent of the average median income, the development will feature studio apartments with efficiency kitchens, twin beds, dressers, desks and 26-inch plasma televisions. Additionally, the common areas include a WiFi-equipped café, a lounge and commercial kitchen and a television/theater room with a 52-inch plasma television and theater system, as well as a laundry room equipped with a state-of-the-art laundry alert system. Completion is scheduled for March 2009. Carrier Johnson Architects provided architectural services, while Allgire General Contractors served as general contractor. Financing was provided by Citibank, Boston Capital and City of San Diego Redevelopment Agency.
SEATTLE — Daniel Swanson, Nori Hawkins and Blake Rodgers of Marcus & Millichap’s Seattle office represented the undisclosed seller in the disposition of Capitol Ridge Apartments in Seattle. The 10-unit multifamily property sold to an undisclosed seller for $1.47 million. The property is located at 1810 Boylston Ave.
BROWN DEER, WIS. — Cohen Financial has arranged $15.3 million in refinancing for Deer Run Apartments, a 232-unit community located in Brown Deer. Amenities at the 261,000-square-foot property include a pool and a clubhouse. Steve Roth and Steve Kundert in the Skokie, Ill., office of Cohen Financial arranged the loan on behalf of the borrower, a Midwest-based commercial real estate investor. Green Park Financial was the lender. Additional terms of the loan were not disclosed.
KATY, TEXAS — Houston-based Allied Realty Services, Ltd. has held the grand opening for The Retreat at Cinco Ranch, a 268-unit apartment community located within the Cinco Ranch master-planned community in Katy. The project broke ground in June 2007, and was developed by Allied in partnership with General Electric. Monthly rents at the community average $1,064, and individual units average 942 square feet. Occupancy is currently at 35 percent, and the community is leasing without concessions. The Retreat at Cinco Ranch is being managed by Orion Real Estate Services, a subsidiary of Allied. The project marks the developer’s 27th luxury apartment community.