NEW BRUNSWICK, N.J. — Marcus & Millichap has completed the sale of a 42-unit apartment property located in New Brunswick for $4.68 million. Constructed in 1999, the community contains 27 studios, 11 one-bedroom units and four commercial units. It is situated just outside the campus of Rutgers University. Maz Radwan of Marcus & Millichap's New Jersey office represented the seller, a New Jersey-based developer, and secured the buyer, a New York-based private investor completing a 1031 exchange. The acquisition price was not disclosed.
Multifamily
WEBSTER, N.Y. — NorthMarq Capital has arranged $20.82 million in first-mortgage financing for Webster Green, a 192-unit multifamily community located in Webster. The loan, which was provided by Amerisphere Multifamily Finance through the Fannie Mae DUS program, carries a 10-year term and a 30-year amortization schedule. Sam Berns of NorthMarq's Upstate New York office secured the funds on behalf of the undisclosed borrower.
RALEIGH, N.C. — Alexander Kaushansky of Arbor Commercial Funding's New York City office has originated an $11.2 million loan for Blackwolf Run apartments. The 168-unit complex is located in Raleigh. Fannie Mae financed the 10-year loan, which carries a 5.75 percent interest rate and a 30-year amortization schedule.
CARBONDALE, ILL. — NorthMarq Capital has arranged $22 million in first mortgage financing for Aspen Court, a student-housing complex located in Carbondale. The newly constructed property provides 307 units for the students of the University of Southern Illinois. John Bendon and Jason Kinnison of NorthMarq’s Omaha, Neb., office secured the financing through the company’s seller-servicer relationship with Freddie Mac. The 10-year loan has a 30-year amortization rate. The borrower was not disclosed.
OMAHA, NEB. — John Bendon and Jason Kinnison of NorthMarq Capital’s Omaha office has arranged a $3.22 million loan for Crown Park in Omaha. The multifamily property offers 56 apartment units. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac for the undisclosed borrower.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a nine-building affordable housing portfolio located in East Harlem, New York City, for $26.9 million. The properties are known as Met Paca I and Met Paca II. They contain a total of 229 units of Section 8 housing as well as ground-level retail space. Shimon Shkury represented the seller, affiliates of Seattle-based Security Properties. The buyer was an affiliate of Pacific Housing Advisors.
BOSTON — The Community Builders and Charlesview Inc. have received approval from the Boston Zoning Commission to relocate the Charlesview Residences mixed-income housing community in Boston. The project would include the relocation of the current Charlesview Residences, a 213-unit community located at the intersection of North Harvard Street and Western Avenue in the city's Allston neighborhood, to an existing parking lot further down Western Avenue. A larger structure will be built containing 240 units of moderate and workforce rental housing units and 100 ownership units. The old building will be demolished and utilized by Harvard University, which completed a land swap with the joint venture, for future expansion. CBT is the project architect for the new Charlesview Residences. Groundbreaking is scheduled for spring.
BATON ROUGE, LA. — Arbor Commercial Funding has secured a $21.82 million loan for the 264-unit Mansions in the Park Apartments in Baton Rouge. The 10-year Fannie Mae DUS loan comes with a 30-year amortization schedule. The loan carries a 5.63 percent interest rate.
TUCKERTON, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sale of Harbor View Plaza Apartments, a 72-unit multifamily community located at 334 E. Main St. in Tuckerton. The property contains a recently completed 21-unit expansion that is in the beginning stages of leasing. The original 51-unit section is fully occupied. GHA's Steven Follman represented the buyer, Harbor View Plaza Associates. Follman and Joseph Brecher, also of GHA, represented the seller, Milestone Properties.
CHICAGO — Tryko Partners and ManagCare have partnered to purchase Lake Shore Healthcare & Rehabilitation Centre in Chicago. Located at 7200 N. Sheridan Road, the 313-bed, skilled-nursing facility sold for $22.25 million. The sellers were Chicago-based Lancaster Health Group. Ryan Saul and Michael Brundage of Glen Ellyn, Ill.-based Senior Living Investment Brokerage negotiated the transaction.