NEW YORK CITY — Salmon & Marshall has brokered the sale of an apartment building located in the West Village of Manhattan, New York City, for $5.3 million. The building is situated at 120 MacDougal St.; it contains 26 residential units and two commercial units. Kevin Salmon and Matthew Marshall of Salmon & Marshall represented the undisclosed seller and procured the buyers, Jordan Vogel and Aaron Feldman of Manhattan-based Benchmark Real Estate Group.
WICHITA, KAN. — Robert Ranieri and David Farrell of NorthMarq Capital have arranged a total of $35.11 million in first mortgage financings for a multifamily portfolio in Wichita. The six-property portfolio features a total of 1,277 units. The 10-year term loans range from $4.1 to $9.1 million and carry 30-year amortization schedules. The borrowers are Dermot Wichita East LLC and Dermot Wichita West LLC. Freddie Mac provided the loans.
NEW YORK CITY — New York City (NYC) Development Corp. has completed the $20.1 million renovation of Rose Hill Apartments, an affordable senior apartment community located at 2855 Southern Blvd. in the Fordham Bedford Park section of the Bronx, New York City. The nine-story building contains 119 studio and one-bedroom units, a meeting room and 22 outdoor parking spaces. Construction included the replacement of the heating plant and roof, façade and window repairs, and upgrades to units, common areas and the lobby. The project was designed by Daughtry Carstarphen Edelman Sultan Knox & Wood Architects. The general contractor was Notias Construction. Funding was provided by the NYC Development Corp. through its Low-Income Affordable Marketplace Program and the Section 202 Preservation program.
PLANO, TEXAS — NorthMarq Capital has arranged $27.6 million in first-mortgage financing for Legends at Ridgeview Ranch, a 480-unit multifamily community located in Plano. The loan includes a 7-year term and a 30-year amortization schedule. Jeff Frankel of NorthMarq's Chicago office secured the funds on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
SAN DIMAS, CALIF. — Raintree Partners has acquired the 168-unit Mountain View Apartments, located at 650 E. Bonita Ave. in San Dimas, for $21 million. Mountain View consists of two- and three-bedroom residences and includes amenities such as a fitness center, a swimming pool with a spa, a renovated clubhouse and covered parking. CB Richard Ellis’ Sean Deasy represented the seller, an affiliate of Apartment Investment & Management Company, in the transaction.
CHICAGO — Glenn Housman of CB Richard Ellis’ Orlando office arranged a $35.5 million loan for the refinancing of The Buckingham, a 129-unit, 456-bed student-housing property located in the South Loop University District of downtown Chicago. The loan was arranged through Freddie Mac on behalf of The Buckingham LLC. Terms of the 7-year loan include a loan-to-value of 70 percent and a DSC of more than 1.50x.
RICHMOND, VA. — Principal Financial Group has sold two Richmond apartment complexes — the 228-unit Culpeper Farms and the 220-unit Oaks at Gayton — to Colonial Court Apartments for $33.35 million. Culpeper, which was built in 1989, is located at 3450 Spendthrift Road; built in 1987, the Oaks is located at 12520 Gayton Road. Bill Roohan, Andy Boyer, Mike Muldowney, John Sheridan, Jonathan Greenberg, Michael Rudolph and Ben Margerum of CB Richard Ellis' Washington, D.C., office brokered the sale. The CB Richard Ellis team also brokered Principal's $19.25 million sale of Sundance Station to Harbor Group International of Norfolk, Va. The 300-unit apartment property is located at 3500 Sundance Way in Richmond.
CHARLOTTE, N.C. — Philadelphia-based Switzenbaum & Associates has purchased the 404-unit Tyvola Centre Apartments from a fund managed by DRA Advisors for $35 million. The property, which is 95 percent occupied, is located at 625 Cameron Walk Court in Charlotte. Amenities include a resort-style pool, a fitness center and a lighted tennis court. The buyer plans to upgrade Tyvola Centre, which was constructed in 2000. Blake Okland, Dean Smith, Sean Wood and John Heimburger of Apartment Realty Advisors' Charlotte office represented the seller in the transaction.
NEW YORK CITY — Construction is complete for the $39 million renovation of Riverdale Osborne Towers, a four-building, 523-unit affordable housing community located at 440 Watkins St. in the Brownsville neighborhood of Brooklyn, New York City. The project included the installation of new windows in all apartments, the replacement of two roofs, three new boilers, the replacement of all eight elevators, two new gas-fired furnaces, façade repairs, new gates and apartment entry doors, and a new lobby entrance and management office. The project was completed by a partnership that included CPC Resources, Catholic Charities Progress of Peoples Development Corp. and East Brooklyn Congregations.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of two multifamily buildings in Manhattan, New York City. In the first transaction, Massey Knakal's Thomas Gammino arranged the sale of a five-story walk-up building located at 504 E. 84th St. on the Upper East Side. The building, which traded for $2.67 million, features eight residential units, including a 2,900-square-foot owner duplex with a garden. Five of the units are free market and three are rent stabilized. The building also includes a rooftop antenna currently rented to Sprint and 2,100 square feet of air rights. In the second transaction, Massey Knakal's Michael DeCheser arranged the $2.4 million sale of a commercial loft building located at 112 Stanton St. on the Lower East Side. The six-story building contains a ground-floor retail space with basement space as well as six residential units above. Three units are currently occupied by interim multiple dwelling tenants and the other three are vacant. The buyers and sellers in both transactions were not disclosed.