NEW YORK CITY — Eastern Consolidated has completed the $14.65 million sale of a 45-unit apartment facility located at 111-115 E. 7th St. in the East Village neighborhood of Manhattan, New York City. The seven-story, elevator building features two- and three-bedroom units. Brian Ezratty represented the seller, Jonis Realty, and procured the buyer.
HILTON AND PENFIELD, N.Y. — NorthMarq Capital has arranged $14.9 million in financing for two multifamily properties in Hilton and Penfield. Hilton Village Apartments in Hilton contains 234 units, and White Oaks Apartments in Penfield features 72 units. Sam Bearns of NorthMarq Capital arranged the financing for the undisclosed borrower. The loan was based on a 10-year term with 1 year interest only through a 30-year amortization schedule.
HILTON AND PENFIELD, N.Y. — NorthMarq Capital has arranged $14.9 million in financing for two multifamily properties in Hilton and Penfield. Hilton Village Apartments in Hilton contains 234 units, and White Oaks Apartments in Penfield features 72 units. Sam Bearns of NorthMarq Capital arranged the financing for the undisclosed borrower. The loan was based on a 10-year term with 1 year interest only through a 30-year amortization schedule.
CORVALLIS, ORE. — Los Angeles-based RPM Investments Inc. has acquired North Pointe Apartments, a 160-unit multifamily community located at 2675 Lancaster St. in Corvallis. Seattle, Wash.-based North Pointe Apartments NW LLC sold the property for $12.37 million. Built in 1996, the property consists of two-bedroom/one-bath units measuring 846 square feet. The community features a pool and spa, a children’s playground, a sport court, laundry facilities, garages and a business center. Phil Oester of Hendricks & Partners’ Phoenix office represented the seller in the transaction.
SAN DIEGO — The Amerland Group, a San Diego-based affordable housing company, has acquired Bay Vista Methodist Heights Apartments in San Diego. The buyer plans to invest more than $8 million to improve and renovate the property. Renovation plans include new appliances, cabinets, countertops, sinks, faucets and windows. Additionally, the company will be implementing an extensive range of social services, such as youth mentoring and tutoring, gang prevention and intervention, food distribution and infant daycare. Built in 1969 by Rev. Grandison Phelps of the St. Paul Methodist Church, the property is the longest-standing public housing apartment building in San Diego and was financed by the U.S. Department of Housing and Urban Development. The seller and acquisition price were not disclosed.
MIAMI — Leveiv Boymelgreen Marquis Development has topped off Marquis, a 67-story, 675,908-square-foot tower in Miami’s Park West district, located at 1100 Biscayne Blvd. The project is composed of 306 luxury residences and Qulture Hotel & Spa operated by RockResorts. The building began construction in December 2005 and is expected to deliver in spring 2009.
MIAMI — Leveiv Boymelgreen Marquis Development has topped off Marquis, a 67-story, 675,908-square-foot tower in Miami’s Park West district, located at 1100 Biscayne Blvd. The project is composed of 306 luxury residences and Qulture Hotel & Spa operated by RockResorts. The building began construction in December 2005 and is expected to deliver in spring 2009.
EVANSTON, ILL. — Rosemont, Ill.-based McShane Construction Corp. has completed the design/build construction of 900 Chicago Avenue Condominiums, a seven-story, 77-unit condominium development at the corner of Chicago Avenue and Main Street in downtown Evanston. The development comprises one-, two- and three-bedroom units on floors three through seven. The residences range in size from 788 to 2,487 square feet and feature balconies, terraces and private storage areas. The lower level, first and second floors feature integrated parking, and the street level features 7,500 square feet of retail space. Additionally, the American Toby Jug Museum is located on the lower level, and British Collectibles occupies space on the first floor. The property, which is a development of Chicago-based Matthews Development Corp., is located within walking distance of Lake Michigan and downtown Evanston.
NEW YORK CITY — The Dermot Company and CASA Partners IV, LP, have acquired three apartment buildings on the Upper West Side in Manhattan, New York City. The adjacent buildings, which are located at 210, 220 and 230 W. 107th St. between Amsterdam Avenue and Broadway, contain a total of 180 units. Cushman & Wakefield Sonnenblick Goldman arranged the equity financing. CASA Partners IV is a fund sponsored by Henderson Global Investors, which formed the joint venture through its Manager of Partners program.
PORTLAND, ORE. — Redwood City, Calif.-based JB Matteson Inc. has acquired Harrison Tower Apartments, a 24-story, 185-unit property in downtown Portland, for $45 million. Portland Center Investors sold the recently converted 149,470-square-foot complex to the buyer fully renovated, vacant and with no condo sales contracts pending. The buyer will complete the final renovations, which include a leasing center, administrative offices, a cyber café, a fitness center and a swimming pool/spa area. PCCP provided acquisition financing.