EVERETT, WASH. — Doug Smith of Colliers International represented John and Linda Drake in the acquisition of a 23,210-square-foot multifamily property, which is located at 1007 75th SE St. in Everett. PSCC sold the property for $1.85 million. Phillip Assouad and Giovanni Napoli of GVA Kidder Mathews represented the seller in the transaction.
Multifamily
ARLINGTON HEIGHTS, ILL. — Inland Real Estate Brokerage has completed the sale of two multifamily buildings located at 115 E. Thomas St. and 1440 North Arlington Heights Rd. in Arlington Heights. The freestanding, brick buildings each contain four two-bedroom units averaging 950 square feet. The properties traded for $813,000. Inland’s Richard Kehoe and John Hanson represented the seller. Both parties were undisclosed.
JERSEY CITY, N.J. — The first move-ins are occurring at 77 Hudson, a luxury residential condominium tower located on the Gold Coast in Jersey City. The 48-story tower contains 420 units in a mix of studio, one- two- and three-bedroom units. Sizes range from 525-square-foot studios to more than 2,000-square-foot penthouses. Approximately 75 percent of the residences feature Manhattan views. Amenities include a 14,200-square-foot spa and fitness center, a 30,000-square-foot outdoor plaza deck with a swimming pool and a hot tub, a rooftop park, and a lounge with a private dining room and a catering kitchen. Prices range from the $300,000s to more than $1 million. The project was developed by K. Hovnanian Homes and designed by CetraRuddy.
SANTA CLARITA, CALIF. — NorthMarq Capital has arranged an $18.3 million first mortgage for Canyon Crest Apartments, a 158-unit multifamily complex located in Santa Clarita. Ory Schwartz secured the financing, which was provided by AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Terms of the 10-year loan include 2 years with interest-only payments followed by a 30-year amortization schedule. The borrower was an Orange County, Calif.-based private real estate investor.
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.
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.