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.
SPARTANBURG, S.C. — Revitalization Associates, a subsidiary of Johnson Development Associates, has opened Library Commons, a $7 million, 83,600-square-foot luxury condominium building in downtown Spartanburg, located at 155 East Broad St. The building features 48 one- and two-bedroom residences, ranging from 742 to 1,278 square feet, as well as street-level retail and office space. The project architect was Greenville, S.C.-based Allora. Construction began last April and completed this month.
WILLOW GROVE, PA. — Diamond-Elite Realtors, a Coldwell Banker Commercial affiliate based in Bethlehem, Pa., have completed the $5.5 million sale of a 20-unit multifamily complex in Willow Grove. The garden style development is located at 409 Easton Rd. and contains approximately 93,000 square feet. Henry Jacquelin of Diamond-Elite represented the seller 409 Easton Road Associates, and Rick Cassel and Lou Petro of Diamond-Elite represented the buyer, Steve Izzi, in the transaction.
DES MOINES, WASH. — FSC Saddlebrook Associates LLC has acquired Saddlebrook Apartments, a 223-unit apartment community located at 2100 S. 260th St. in Des Moines. Denver-based Simpson Housing LLLP sold the property for $28.3 million. The community consists of 22 three-story buildings offering studio, one-, two- and three-bedroom units averaging 850 square feet. Kenny Dudunakis of Hendricks & Partners Seattle office represented both parties in the transaction.
MIAMI BEACH, FLA. — A private Italian investor has acquired a 19-unit apartment building in Miami Beach, from Robert Cristoph, for $3.2 million. The property is located at 1450 Meridian Ave. and features 14 one-bedroom units, three two-bedroom units and two studios. Arthur Porosoff and Gregory Celentano of Marcus & Millichap’s Miami office represented both the buyer and the seller.
VILLA PARK, ILL. — The Chicago office of Holliday Fenoglio Fowler (HFF) has secured a $31 million loan for the refinancing of Lincoln at Ovaltine Court, a 344-unit multifamily property located at One Ovaltine Court in Villa Park. Part of the property consists of a redevelopment of the former Ovaltine headquarters; the four-story factory building was converted into 121 loft-style homes. The remaining space at the 14-acre site contains 223 residences and six commercial units. Individual units range from 673 to 1,318 square feet and feature 9- to 16-foot ceilings, balconies and patios, fireplaces, and direct-access garages. Community amenities include a fitness center, a business center, a resident clubroom, an outdoor swimming pool and a sundeck. Matthew Schoenfeldt and Mike Kavanau of HFF represented the borrower, a partnership between Lincoln Property Co. and the AFL-CIO Building Investment Trust. The loan is for a 5-year term with a 5.35 percent fixed interest rate, and was provided by Freddie Mac.
TEANECK, N.J. — Greg Pine of Gebroe-Hammer Associates has completed the $3.15 million sale of a garden apartment complex in Teaneck. The 24-unit facility is comprised of four two-story buildings with eight one-bedroom and 16 two-bedroom apartments. Located at 171-183 Ft. Lee Rd. between Beech and Woodbine streets, the facility was 99 percent occupied at the time of the sale. Pine represented the seller, Beech Lee Associates, and procured the buyer in the transaction.