NEW YORK CITY — Construction on The Absolute, a 35-unit boutique condominium in the Clinton Hill neighborhood in Brooklyn, New York City, is underway. Located at 111 Steuben St., the facility will feature 684-square-foot one-bedrooms and 1,877-square-foot three-bedroom units. The residences start at $410,000. The building is scheduled for completion spring 2008.
NEW YORK CITY — A $157 million loan has been secured for Two Northside Piers, a residential development in Brooklyn, New York City. The 30-story facility will feature 270 studios, one-, two- and three-bedroom units. The facility is being developed by Toll Brothers City Living, RD Management and L&M Development Partners. The loan was funded by Citibank.
BELLEVUE, WASH. — San Francisco-based CP II Somerset LLC (Carmel Partners Inc.) has purchased Somerset Green Townhomes, a 101-unit apartment complex located 4200-4261 129th Pl. E in Bellevue. Seattle-based Somerset Green Townhouses Associates LLC sold the property for $24 million or $237,624 per unit.
WILLOUGHBY HILLS, OHIO — KeyBank Real Estate Capital has secured $12.5 million in permanent mortgage financing for The Village at Pine Ridge, a recently completed, 162-unit townhome community located in the Cleveland suburb of Willoughby Hills. The borrower in the transaction was Pine Ridge Valley Apartments East LLC; the lender was Freddie Mac. The terms of the loan were not disclosed.
NEW YORK CITY — Red Stone Partners has closed a $74 million tax-exempt financing and a $35 million direct equity placement for the preservation and rehabilitation of Linden Plaza, a low-income multifamily facility in Brooklyn, New York City. The facility contains five high-rise buildings with 1,527 rental units. The borrower, The DeMatteis Organization, plans to utilize approximately $52 million to renovate the property. Funding was provided by Wachovia Multifamily Capital and Freddie Mac. Red Stone provided first loss mezzanine credit enhancement and arranged for the direct placement of $35 million in tax credit equity with a single investor. The NYC Housing Development Corporation issued tax-exempt multifamily housing bonds for the facility.
NEW YORK CITY — Sam Schneider and Daniel Glaser of Eastern Consolidated have completed the $7 million sale of a four-story townhome in Manhattan’s Greenwich Village in New York City. Located at 129 Charles St., the property also includes 9,000 square feet of air rights. The new owner plans to restore the property for use as a residential facility. Schneider and Glaser represented the seller, Ed Friedman, and procured the undisclosed buyer in the sale.
NEW YORK CITY — Marcus & Millichap has brokered the $1.2 million sale of an 8-unit multifamily property in Brooklyn, New York City. Located at 217 St. John’s Place, the property was part of a larger portfolio of properties located throughout Park Slope and Brooklyn Heights. Matthew Fotis, Daniel O’Brien, Matthew Rosenzweig, Michael Frost and David Shorenstein of Marcus & Millichap represented the undisclosed seller, and Fotis also secured the undisclosed buyer in the transaction.
MIDLAND, TEXAS — Dallas-based BMC Capital has originated a $9 million loan for an apartment complex located in Midland. The 30-year, fixed-rate loan was for the refinancing of the 296-unit property. Keith Van Arsdale of BMC Capital’s Houston office announced the transaction.
FULLERTON, CALIF. — Jon Mitchell and Tyler Leeson of Marcus & Millichap have brokered the sale of The Logan Apartments, which is located at 3902 W. Valentia Dr. in Fullerton. Built in 1990, the property consists of 11 two-bedroom/two-bath units. The complex sold for $2.15 million or $195,454 per unit. The buyer and seller were not disclosed.
GLADEWATER, TEXAS — Boston Capital Finance (BCF) has closed an approximately $1.4 million, permanent-only loan for the Gardens of Gladewater, a senior living complex in Gladewater. The 36-unit property, which is situated on 5.86 acres at 108 W. Sheppard Dr., comprises 15 duplex buildings. The senior living facility includes a small outpatient facility among its amenities.
