WEEHAWKEN, N.J. — John Greenberg and Don Baxter of The Kislak Company have brokered the $1.53 million sale of a 21-unit apartment facility in Weehawken. Located at 24 50th St., the facility contains one- and two-bedroom apartments and was fully occupied at the time of the sale. Greenberg and Baxter represented the undisclosed buyer and seller in the disposition.
NEW MILFORD, CONN. — Arbor Commercial Funding has closed a $2 million loan to refinance Sherwood Commons, a 36-unit apartment facility in New Milford. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.76 percent. John Edwards of Arbor originated the Fannie Mae loan for the undisclosed borrower.
DALLAS Forest City Residential Group Inc. has topped out the 15-story Element apartment building located at the intersection of Main and Ervay streets in downtown Dallas. The 156-unit apartment building is situated within Mercantile Place on Main, a luxury mixed-use rental community that also includes the 213-unit The Merc apartment property. The Element is being designed by Boston-based Dimella Shaffer Architects, while Hensel Phelps Construction is providing construction services for the property.
HOUSTON — A joint venture between Habitat for Humanity Northwest Harris County and Israeli development company Azorim has begun a deconstruction project located at San Felipe and Woodway drives in Houston. The partnership will deconstruct the office building and low-rise commercial structures currently located on the site in preparation for a newly planned, LEED-certified condominium project. The luxury residential development, slated to break ground this July, will consist of two, 28-story residential towers and feature 223 units. Ziegler Cooper Architects will provide architectural services for the property and Boymelgreen Developers will manage the project.
HOUSTON — BMC Capital has originated a $1.2 million loan for the acquisition of a multifamily complex located at 905 Oak St. in Houston. A private investor purchased Tiffany Oaks Apartments from the undisclosed seller with the 5-year, fixed-rate loan. The company loaned the funds to the borrower through its BMC Direct program.
BRANDON AND RIVERVIEW, FLA. — Phillips Development & Realty is building two Class A multifamily complexes in Brandon and Riverview, totaling $61 million. In Brandon, Phillips Delaney Creek, a $30 million, 290-unit property, will be situated on 49 acres in the southwest quadrant of the intersection of Progress Boulevard and Falkenburg Road. The community will feature three- and four-story garden-style buildings with elevator service and scenic wetland conservation areas. Phillips Magnolia Park, a $31 million, 300-unit property in Riverview, will be situated on 19 acres within Magnolia Park, a master-planned development located in the southeast quadrant of the intersection of Progress Boulevard and Falkenburg Road. The garden-style community will feature three- and four-story buildings. Both projects will break ground this year.
ATLANTA — Atlanta-based Pollack Partners is developing a $35 million, 15-acre multifamily community in Atlanta, located along Peachwood Circle near the Clairmont interchange at Interstate 85. The development will include 269 one- and two-bedroom apartments in three- and four-story buildings. Amenities will include a swimming pool, clubhouse, fitness center, business center, media room and walking and jogging trails. Pollack acquired the land parcel from Atlanta-based VS Apartments and Stonewood Partners, for $7.7 million. Bob Nagle and Mike Cooper of Nagle & Cooper were the sole brokers and exclusively represented the buyer. Construction is slated to begin in June, with initial occupancy scheduled for next spring.
FORT LAUDERDALE, FLA. — Geruy, Inc. has purchased The Courtyard Apartments, a 16-unit apartment building in Fort Lauderdale, from South Florida-based Golden Properties, for $1.3 million. The property is located at 408 N.E. 7th Ave. and features eight studios, four one-bedroom and four two-bedroom apartments. Felipe Echarte and Joseph Thomas of Marcus & Millichap’s Fort Lauderdale office represented both the seller and buyer in the transaction.
NEW YORK CITY — BFC Partners is constructing Toren, a 240-unit condominium tower located at 150 Myrtle Ave. in the Fort Greene neighborhood of Brooklyn, New York City. The 38-story building will feature, studios, one-, two- and three-bedroom apartments ranging in size from 442 square feet to 1,967 square feet. In addition, the top eight floors will include eight one-bedroom penthouse units and 24 two- and three-bedroom penthouse units. The building is also going for a silver LEED certification status and will feature several green amenities such as its own cogeneration plant. Designed by Skidmore, Owings & Merrill, the facility will feature amenities such as a multi-level roof garden, a fitness center and an outdoor screening room. Prices for the units range from the mid-$300s to the $1.7 million.
SALEM, MASS. — Gina Barroso of NAI Hunneman has completed the $1 million sale of a 13-unit apartment facility located at 313 Essex St. in Salem. The three-story property contains seven studios, six one-bedroom units and totals 8,216 square feet. Barroso represented the seller, Heller Trust, and George Fallon Tache Real Estate represented the buyer, Anthony and Colleen Rosati.