CLARKSTON, GA. — Boston Capital has acquired Tuscany Village Apartments in Clarkston, outside Atlanta. Boston Capital has partnered with The NuRock Companies, which plan an extensive renovation. Once completed the complex will include a community center and seven residential buildings featuring 72 one-bedroom and 72 two-bedroom units.
NEW YORK CITY — New York City-based Anbau Enterprises has completed construction of Harsen House, a 16-story luxury condominium building located at 120 W. 72nd St. on the Upper West Side of Manhattan, New York City. The project includes 17 residences, consisting of 1,500-square-foot, two-bedroom homes; 3,300-square-foot, full-floor, four-bedroom apartments; and a 4,700-square-foot, seven-bedroom duplex. Harsen House is also the first residential building to register for LEED certification on the Upper West Side. Additionally, Sleepy’s The Mattress Professionals has signed a 4,000-square-foot lease for the building’s ground-floor retail space.
NEW YORK CITY — Red Apple Real Estate has broken ground for the first phase of its Myrtle Avenue residential development located in the Fort Greene neighborhood of Brooklyn, New York City. The first phase of the project will include approximately 85,000 square feet of residential apartments and approximately 22,000 square feet of retail space. Potential retail tenants include a pharmacy and a neighborhood grocery store. The project will ultimately contain three low-rise residential buildings bounded by Ashland Avenue and Prince Street, and one high-rise building between Prince Street and Flatbush Avenue.
GREECE AND WEBSTER, N.Y. — The Upstate New York office of NorthMarq Capital has arranged an $18 million loan for the refinancing of two New York apartment communities. The first is Holyoke Park, a 720-unit property located in Greece, and the second is Country Manor, a 328-unit property located in Webster. Terms of the loan include a 30-year amortization schedule and 5-year fixed interest rates averaging 4.83 percent. The borrower is The Farash Corporation and the lender is Freddie Mac.
COLLEGE STATION, TEXAS — Marcus & Millichap has brokered the sale of Renaissance Park, a 144-unit apartment community located at 603 Southwest Pkwy. in College Station. The property, which is located just off-campus from Texas A&M University, features two-bedroom units totaling 900 square feet, and was 95 percent occupied at the time of closing. Nick Fluellen of Marcus & Millichap’s Dallas office represented the seller, a Texas-based limited liability corporation; George Miller of the firm’s Seattle office represented the buyer, a Washington-based private investor. College Station-based The Galindo Group has been retained by the buyer to manage the property.
HOUSTON — Hendricks & Partners (H&P) has completed the sale of Northline, a 34-unit multifamily property located at 7406 and 7410 Fulton in Houston. Jeff Eisenhardt and Kevin McCarthy of H&P’s Houston office represented the seller, Houston-based Copia. The buyer, Chicago-based Bob-Dan of Texas, plans to demolish the property to make way for the construction of a new PLS Check Cashiers.
NEW YORK CITY — Construction is underway for a nine-unit condominium building located at 180 E. 93rd St. in the Carnegie Hill neighborhood of Manhattan, New York City. Individual units will contain three or four bedrooms, and will feature an open-air terrace or balcony, a library or study, bay windows, a stone-surround fireplace, slate kitchen countertops, marble master bathrooms, and an integrated interface that controls the climate, entertainment, security and lighting of the entire condo. The property will also include sustainable features such as geothermal heating and cooling, rainwater irrigation for the property’s private garden, sustainable and recycled construction materials and efficient fixtures. Building amenities include a doorman service, a children’s playroom, temperature-controlled wine storage, outdoor space and a fitness facility. The property is being developed by Greystone Property Development, with Barry Rice Architects providing design services. First occupancies are scheduled for spring 2009.
HOUSTON — Houston-based The Hanover Company has partnered with MetLife for the purchase of a 1.45-acre parcel within BLVD Place, Wulfe & Co.’s mixed-use development located in downtown Houston. Hanover plans to develop a 37-story multifamily tower on the site, which is situated at the project’s South Post Oak Road entrance at San Felipe Boulevard. The tower will contain 236 apartment units averaging 1,650 square feet. Amenities include valet, concierge and bellman services; a private resident lounge with a catering kitchen; a screening room and library; a fitness club; and a 19,000-square-foot rooftop terrace with a pool. Chicago-based Solomon Cordwell Buenz is designing the tower. Groundbreaking is scheduled for fall, with completion scheduled for 2011.
HOUSTON — Capmark Finance has originated $32.1 million in floating-rate, interim financing for the acquisition of a five-property, 1,265-unit multifamily portfolio located in Houston. The loan carries a 2-year term with two 1-year extension options and a 75 percent loan-to-value ratio. The terms of the loan also provide for partial collateral releases in case the borrower decides to sell properties from the portfolio. Brant Smith and Andy Hill of Capmark’s Houston office originated the transaction. The undisclosed borrower plans to use the loan proceeds to upgrade and renovate the properties.
NASHVILLE, TENN., AND RALEIGH, N.C. — Charlotte, N.C.-based Grandbridge Real Estate Capital has funded a $96.8 million multifamily portfolio, inclusive of one property in Nashville and three properties in Raleigh, on behalf of New Dawn Companies, through its relationship with Freddie Mac. In Nashville, Lexington Apartments, a 598-unit, Class A complex, was funded at $45 million for a 7-year term. In Raleigh, Bridgeport Apartments, a 276-unit, 17-acre garden-style complex, was funded at $18.7 million for a 5-year term; Sailboat Apartments, a 192-unit, 17-acre property, was funded at $9.8 million for a 7-year term; and Duraleigh Woods Apartments, a 362-unit complex, was funded at $23 million for a 5-year term.