Multifamily

NEW YORK CITY — Construction is advancing for The Viridian, six-story apartment building located at 110 Green St. in the Greenpoint neighborhood of Brooklyn, New York City. The project will feature 130 units, ranging in size from 650-square-foot, one-bedroom residences to 1,877-square-foot, three-bedroom residences. Units will feature up to 9-foot ceilings, with 16-foot ceilings for penthouse units, as well as hardwood floors, floor-to-ceiling windows, wireless Internet access, security systems and rooftop cabanas at an additional cost. Building amenities include a sauna, a billiards room, a screening room, an indoor children’s play room, an indoor swimming pool and a gym. Residents will also have access to a reading room, a rooftop putting green and a garden. The Viridian was designed by Meltzer/Mandi Architects, with Hadas Design providing interior design services. The Developers Group is serving as marketing and leasing agent for the property. First occupancies are scheduled for the beginning of 2009.

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BRIDGEPORT, CONN. — Orange, Conn.-based Fischer Real Estate has negotiated the sale of two apartment buildings located in Bridgeport for a total of $2.4 million. The first building contains 24 one-bedroom units, and is located at 299 Berkshire Ave. It was sold by New York-based Berkshire Barnum Management Realty. The second building contains 22 one-bedroom apartments and two commercial units, and is located at 798-810 Howard Ave. It was sold by Bridgeport Holdings. Both properties were acquired by Tara Holdings. Cynthia Tsolkalas of Fischer Real Estate represented all parties in the transaction.

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NORWALK, CALIF., AND RENO, NEV. — Highland Realty Capital Inc. (HRC) has arranged $32.65 million in bridge financing for Los Angeles-based Chesapeake Real Estate Value Investors for the acquisition of two properties in Norwalk and Reno. HRC secured a $14.6 million bridge loan for the acquisition of Pacific Pointe, a 120-unit apartment community in Norwalk. A life company provided the 70 percent loan-to-value financing, which features a floating rate. The senior loan included $2.15 million in holdbacks for interior and exterior renovations. Additionally, HRC arranged $18.05 million in floating-rate bridge financing for Chesapeake’s acquisition of the leasehold interest in the Brookside Industrial Portfolio. The collateral consists of three newly built, multi-tenant, flex-industrial buildings that were a combined 43 percent occupied at closing. Chesapeake Real Estate Value Investors, a fund managed by Legg Mason, invests in value-add real estate transactions.

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ALEXANDRIA, VA. — KeyBank Real Estate Capital has arranged a $43.5 million Freddie Mac loan for 3001 Park Center Apartments in the Washington, D.C., suburb of Alexandria. The 16-story high-rise community, which was 90 percent occupied at the time of funding, houses 326 units on 5 acres. Financing was provided by Park Center Associates for a 15-year term with a 30-year amortization. Prior to Freddie Mac funding, KeyBank had provided a $7 million bridge loan to fund the property’s rehabilitation.

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MAPLEWOOD, MO. — On behalf of BYZAS, Marcus & Millichap Real Estate Investment Services has arranged the sale of 2701 Limit Avenue Apartments in Maplewood. The 20-unit multifamily facility was acquired by Limited Avenue Apartments LLC for $940,000, which represents $47,000 per unit. The seller, BYZAS, was represented by Matt Fairbairn of Marcus & Millichap’s St. Louis office; Limited Avenue Apartments LLC was represented by David Voges of Prudential Advantage.

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CLAYTON, MO. — Steve Pearl of Hendricks & Partners’ St. Louis office has brokered the $1.7 million sale of Byron Place apartments on behalf of the seller, Byron Investments LLC of Chesterfield, Mo. The 19-unit apartment community is located at 7546-7550 Byron Place in Clayton. Byron Apartments LLC of St. Louis has acquired the site, and is planning various capital improvements to the units and common area.

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HOBOKEN, N.J. — Construction is advancing for Vesta Hoboken, a six-story condominium project located at 609 Observer Highway in Hoboken. The building will contain 16 residences; two-bedroom units will range in size from 1,142 to 1,492 square feet, and three- and four-bedroom penthouse units will range in size from 2,213 to 2,351 square feet. Prices will range from $690,000 to $1.47 million. Building amenities will include on-site parking, a private gym, a lounge, a Video Doorman system and individual storage units. Two-bedroom units will feature floor-to-ceiling windows, wide-planked oak flooring, terraces in select units, a video intercom system and high-end finishes. Penthouse units also include large terraces and fireplaces. Dean Marchetto Architects is designing the building, and The Marketing Directors is serving as the project’s sales and marketing agent.

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NEW YORK CITY — North Manhattan Construction is repositioning the 18-unit North building of its two-building The Bridges NYC residential condominium development as a luxury rental property. The Bridges North contains two- and three-bedroom units ranging in size from 1,200 to 1,700 square feet. The building, which has been completed, features Virtual Doorman service and a resident’s terrace. Individual units feature high ceilings, luxury finishes and master bathrooms with LCD televisions. Penthouse residences also feature up to 1,500 square feet of outdoor terrace/roof deck space. Rents start at $4,000.

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MIDDLETOWN, DEL. — Green Park Financial has provided a $12.5 million loan for the refinancing of Middletown Apartments, a 156-unit multifamily property located in Middletown. The property comprises 12 buildings, and was 90 percent leased at the time of closing. The loan carries a 10-year term and a 30-year amortization schedule. Kevin Collins of Carey, Kramer, Pettit & Panichelli originated the loan on behalf of the undisclosed borrower. Jay Thomas led the team that represented Green Park Financial.

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NEW YORK CITY — Construction is underway for 350 West Broadway, a 10-story residential building located in the SoHo neighborhood of Manhattan, New York City. The building will feature 10 full-floor residences, with prices starting at $9.57 million. The two- and three-bedroom residences will range in size from 2,875 to 3,539 square feet, and will feature foyer entrances, a separate service entrance, a private storage room, a full-size laundry room and luxury finishes throughout. Most residences will have private outdoor spaces, including a 2,700-square-foot setback terrace on the third floor and a 1,388-square-foot rooftop terrace on the penthouse unit. Building amenities will include a full-time doorman, a fitness center and a virtual concierge service. 350 West Broadway was designed by Moed de Armas & Shannon, with William T. Georgis providing interior design services. Stribling Marketing Associates is serving as marketing agent for the property. First occupancies are expected in September 2009.

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