NEW YORK CITY — Meridian Capital Group has arranged a $151 million loan for The Ritz Plaza, a 43-story residential apartment building located in New York City’s Times Square. The building comprises 479 luxury units, as well as 30,000 square feet of retail and office space. Resident amenities include a fitness center, an indoor pool and a newly remodeled social center. The loan carries a 10-year term with a 5.34 percent fixed interest rate and 2 years of interest-only payments. Ralph Herzka and Abe Hirsch of Meridian secured the financing on behalf of the borrower, Stonehenge Management. The lender was Freddie Mac via the New York office of Walker & Dunlop.
HYATTSVILLE, MD. — Washington, D.C.-based Urban Investment Partners and its Netherlands-based partner Stonebridge Investments have purchased the 94-unit Courtyard Park Apartments from CYP for $4.1 million. The sellers made the purchase on behalf of Washington Residential Fund III. The property, located at 4201-4213 Oglethorpe St. in Hyattsville, is 97 percent occupied. Bethesda, Md.-based BMC Property Group brokered the transaction.
CHICAGO — Meridian Capital Group has secured approximately $14 million for three multifamily loan transactions throughout Chicago. The first deal includes four buildings, located at 1530, 2319 & 2516 N. Kedzie Ave. and 2330 N. Spaulding Ave. The four buildings are part of a five-building, 283-unit portfolio. Gershon Friedman of Meridian negotiated on behalf of the borrower to secure a rate of 5.88 percent, non-recourse, for a 10-year term. The second deal is for a building, located at 6600 N. Glenwood Ave. that contains 18 residential units. Friedman also negotiated on behalf of the borrower to secure a rate of 5.57 percent for a 5-year term. The final deal is for two properties, located at 7800 Kedvale Ave. and 8026 Knox Ave. that total 18 residential units. Friedman secured a rate of 5.6 percent for a 10-year term.
PARMA HEIGHTS, OHIO, AND ANGOLA, IND. — KeyBank Real Estate Capital has secured a total of $8.85 million for the refinancing of two Midwest apartment communities. In Parma Heights, KeyBank arranged $5 million in Freddie Mac funds for Phase III of Big Creek Apartments. The phase comprises 10 two- and three-story buildings with a total of 112 units. The borrower is Big Creek Apartments I LLC. Big Creek Apartments was constructed in multiple phases and contains a total of 516 units. In Angola, Key arranged $3.85 million in Fannie Mae funds for Village Green Apartments. Constructed in 1986, Village Green comprises 13 buildings with 200 units. The borrower was undisclosed.
WESTWOOD, N.J. — The Kislak Company has completed the sale of three apartment buildings comprising 42 residential units and one commercial space in Westwood. The sale included Hampton West Apartments, an 18-unit property with a medical office located 153 – 161 Third Ave.; Sutton Place Apartments, a 17-unit property located at 57 Crest St.; and Hampton East Apartments, a 7-unit property located at 19 Crest St. Hampton West Apartments sold for $2.85 million and Sutton Place Apartments and Hampton East Apartments sold together for $3.12 million. Each property consists of a three-story brick building with pitched mansard roofs, spacious one-bedroom apartments, on-site parking and laundry facilities. Matt Weilheimer of Kislak represented the seller in each transaction and also represented the purchaser, a private investor, of Hampton West Apartments. Joseph Keenan, also of Kislak, represented the purchaser, also a private investor, of Sutton Place Apartments and Hampton East Apartments.
BOSTON — Skanska USA Building has completed a $74 million rehabilitation project at Harbor Towers, a 40-story luxury condominium complex comprising two towers located on Boston’s waterfront. Skanska served as program manager and oversaw the repair and replacement work for the rehabilitation. The project involved replacing more than 19,000 linear feet of corroded HVAC riser pipe and 1,872 fan coil units throughout the two buildings. The firm used 4D modeling to ensure accuracy and efficiency for each phase of the project. The two towers that make up Harbor Towers were designed by architect I.M. Pei and completed in 1971.
LOS ANGELES — Marcus & Millichap has brokered two apartment community transactions in Los Angeles. Tony Azzi of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of 903 North Hudson Avenue, a 16-unit apartment property located in Los Angeles. Built in 1964, the 12,468-square-foot property sold for $1.62 million. Additionally, Steve Bogoyevac of Marcus & Millichap represented both undisclosed parties in the disposition of a 20-unit apartment building, which is located at 401 Witmer St. in Los Angeles. The property, which was built in 1924, sold for $1.1 million or $125 per square foot.
RICHMOND, VA. — Richmond-based MGT Construction has completed two multifamily projects in Richmond. MGT built the 79-unit Paper Company Apartments, located at 203 Hull St. The property also includes 12,000 square feet of office space. The firm also worked on the 28-unit Shockoe Lofts, located at 2010 E. Main St. Shockoe includes 4,000 square feet of retail space.
NEW YORK CITY — A 25-unit, single-room occupancy property has been traded for $850,000. The five-story building, which is located at 566 W. 182nd St., was vacant at the time of the trade. The new owner will continue to operate the building as a residential property. Neil Gronowetter of Eastern Consolidated represented the seller, West 182nd Realty, and procured the buyer, GSC Washington Heights LLC, in the transaction.
NEW YORK CITY — Boston Capital has invested in Harriet Tubman House Apartments, an affordable housing project under development in Harlem, Hew York City. The project, which is being developed by locally based West Harlem Group Assistance, will consist of the rehabilitation of a former homeless shelter. Two buildings will be renovated and a third building will be constructed. The new community will contain 53 units in a mix of two studios, 13 one-bedrooms, 26 two-bedrooms and 12 three-bedrooms. Sixteen of the units will be set aside for formerly homeless residents. Amenities will include 1,500 square feet of community space with a community room and laundry facilities; a sixth floor common roof deck; and a meeting space with a kitchen, a pantry and a resident recreation area. The construction timetable was not released.