Multifamily

PHILADELPHIA — Marcus & Millichap has completed the sale of two multifamily buildings, located at 912 and 1118 Pine St. in Philadelphia, for $1.49 million. The Class C properties comprise a 10-unit building and a five-unit building with ground-floor retail space. The storefront is the only vacancy between the two buildings. Andrew Janick of Marcus & Millichap’s Philadelphia office represented the seller, a private investor, and the buyer, a limited liability company. The property traded at a 4.5 percent capitalization rate. The buyer’s long-term plans for the properties include capital improvements, which will be made in an effort to increase rents.

NEW YORK CITY — The Brooklyn, New York City, office of Community Preservation Corp. (CPC) has provided a $1.09 million construction loan for the rehabilitation of a Brooklyn affordable housing property. The loan was financed under CPC’s Small Building loan program. The funds will provide for the gut rehabilitation of two three-story rental apartment buildings located at 1384 and 1386 Flatbush Ave. in the borough’s Flatbush neighborhood. Both buildings contain ground-floor commercial space. They were acquired out of foreclosure in 2007 by the borrower, NIOKA Estates. Terms of the financing were not disclosed.

MIDDLETOWN AND HAMDEN, CONN. — NorthMarq Capital has arranged a total of $26 million in first-mortgage loans for the refinancing of three Connecticut multifamily properties. In Middletown, $13.75 million was secured for the 262-unit Ridgefield Apartments. In Hamden, $9.73 million was secured for the 135-unit Hamden Ridge Apartments, and $2.51 million was secured for the 47-unit Jefferson Arms Apartments. Robert Ranieri originated the loans for the borrower, Midcon Partners, through Freddie Mac. Terms of the loans include a 10-year term plus 1 year fixed to float with 5 years interest-only payments, followed by a 30-year amortization schedule.