NEW YORK CITY — The Community Preservation Corporation (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided a $7.6 million construction loan for the moderate renovation of two five- and six-story rental buildings in the Washington Heights section of Manhattan, New York City. The buildings, located at 75-89 Wadsworth Terrace between Fairview Avenue and 190th Street, contain 83 rental units comprising nine studios, 50 one-bedroom units, 13 two-bedroom units, nine three-bedroom units and two four-bedrooms units. CPC will provide approximately $3.4 million and HPD will provide $4.2 million for a renovation that will include upgrades to the plumbing system, electrical repairs, installation of a new roof, parapet wall repair, kitchen and bathroom replacement, new flooring, new windows and new boilers. The developer is 75-89 Associates, LLC, which is partially owned by Frank Anelante and Joseph Zitolo of Lemle and Wolff.
Multifamily
NEW ROCHELLE, N.Y. — Jerry Houlihan and John Manouselis of Houlihan-Parnes Realtors have completed the sale of 73 and 75 Centre Avenue, a five-story brick apartment building and an adjacent lot used for parking located in downtown New Rochelle. 75 Centre Avenue contains 18 apartments, 3 stores and laundry facilities, and 73 Centre Avenue contains 22 parking spaces with development rights. The sales price, as well as the buyer and seller were undisclosed.
LITTLETON, COLO. — The Dallas office of Holliday Fenoglio Fowler (HFF) has placed a $38.4 million loan with Freddie Mac for AMLI at Park Meadows in Littleton. Located at 10200 Park Meadows Dr., the 518-unit property features a pool plaza with an outdoor spa, a fitness center with a climbing wall, tennis, volleyball and basketball courts, a putting green and a private movie theatre. Mona Carlton of HFF secured the financing on behalf of the borrower, AMLI Residential Properties.
SEMINOLE, FLA. — Costa del Sol Apartments, a 144-unit, Class B garden apartment community in Seminole, was sold by private local investor Merecorp Inc. for $9.55 million or $66,319 per unit. The seller, represented by John Burpee of NAI Tampa Bay, will be looking to identify a 1031 exchange property during the next 45 days.
PATERSON, N.J. — The Private Client Group of CB Richard Ellis (CBRE) has brokered the sale of a 20,000-square-foot residential building, located at 19-21 Park Ave. in Paterson. The property comprises 24 two-bedroom apartments and four retail spaces. CBRE’s Charles Berger and Dean Marchi represented the seller and procured the buyer. Both parties were undisclosed.
HAMPTON, N.J. — Meridian Capital Group has arranged a $1.9 million loan for the refinancing of The Hampton Manor Apartments, an age-restricted, affordable apartment property located at 154-160 Route 31 North in Hampton. The community comprises four garden-style buildings, each of which contains 12 units. The community also contains a 1,600-square-foot community building. Josh Gorsky of Meridian’s New Jersey office arranged the non-recourse financing, which includes a 10-year term, a 30-year amortization schedule and a 6.12 percent fixed interest rate. The borrower and lender were not disclosed.
KLAMATH FALLS, ORE. — Shangri La Apartments of Klamath LLC has purchased Shangri La, a 36-unit multifamily property located at 1331 Avalon St. in Klamath Falls, for $1.08 million. Built in 1972, the property was developed as a HUD Project-Based Section 8 housing for low-income families. Robert DiPietrae of Hendricks & Partners’ Seattle office brokered the deal on behalf of the seller, Vancouver, Wash.-based Shangri La Apartments Joint Venture.
CHICAGO — Chicago-based Hansen Realty has completed the purchase of a six-unit residential condominium building, located at 3320-22 W. Eastwood Ave. in Chicago’s Albany Park neighborhood. The property is newly constructed but had been foreclosed on prior to its completion. Hansen Realty represented the buyer, a Northside developer, which purchased the building for $750,000.
PLYMOUTH, MINN. — Minneapolis-based Timberland Partners has acquired Parkers Lake, a 248-unit multifamily community located in Plymouth. The garden-style, Class B property was built in 1988 and is situated within a larger master-planned community. Parkers Lake comprises a mix of one-, two- and three-bedroom units averaging 1,067 square feet each. Community amenities include a fitness center, two outdoor swimming pools, a resort-style bar/grill area, a business center, a playground, and a pond with walking trails and fountains. Timberland purchased the property from Principal Life Insurance Co. for an undisclosed amount. It plans to complete several capital improvements projects in the near-term.
PLAINSBORO, N.J. — Vantage Mid-Atlantic, a division of New York-based Vantage Properties has acquired Fox Run Apartments, a 776-unit, garden-style apartment community located in Plainsboro. Amenities at the property include a fitness center, an outdoor swimming pool and tennis courts. This is the first acquisition made by Vantage Mid-Atlantic since it launched in the spring. In addition, the Fox Run Apartments, Vantage Properties currently owns and operates approximately 10,000 apartment units in approximately 150 buildings in New York City.