NEW YORK CITY — GFI Realty Services has completed the $25.5 million sale of 201 Linden Blvd. and 221 Linden Blvd. in Brooklyn, New York City. The two six-story buildings contain a total of 352,540 square feet and approximately 300 units. The units range from two-, three- and four-bedrooms. Erik Yankelovich of GFI represented the buyer, an undisclosed New York-based investor. The seller was undisclosed.
Multifamily
PORTLAND, MAINE — John Edwards of Arbor Commercial Funding’s Boston office has arranged $1.18 million in financing for a 25-unit complex at 485 Cumberland Ave. in Portland. The 10-year loan was funded by Fannie Mae’s 3MaxExpress program. The borrower was undisclosed.
LONGWOOD, FLA. — Mr. and Mrs. Bagsiyao of Kissimmee, Fla., have purchased Bethesda at Longwood Assisted Living Care Center, a 90-bed facility in Longwood, from Mr. Neil Buck, for $5 million. The property is located at 480 East Church St. Ken Carriero and Damien Carriero of Marcus & Millichap’s Tampa, Fla., office represented the seller.
FORESTVILLE, MD. — A subsidiary of FCP Fund I, has purchased Park Berkshire Apartments, a 598-unit garden-style apartment community in Forestville, for an undisclosed amount. The property consists of 22 three-story buildings situated on 21 acres. The complex is in close proximity to Washington Capitol Beltway and the Suitland Metro Station. Plans for a $14 million renovation are underway.
ALTAMONTE SPRINGS, FLA. — Camden Renaissance, a 578-unit, 23-building multifamily complex in Alamonte Springs, is undergoing a $7.6 million renovation. Construction began in February and is projected for completion summer 2009. Orlando-based Leffler & Heaney is the general contractor.
MOUNT PLEASANT, MICH. — Potomac Realty Capital has secured a $9.4 million bridge loan for the acquisition of a student housing community located in Mount Pleasant. The property is located near the campus of Central Michigan University. The undisclosed borrower plans to implement a $2.5 million capital improvements program for the community. The terms of the loan were undisclosed.
MOUNT PLEASANT, MICH. — Potomac Realty Capital has secured a $9.4 million bridge loan for the acquisition of a student housing community located in Mount Pleasant. The property is located near the campus of Central Michigan University. The undisclosed borrower plans to implement a $2.5 million capital improvements program for the community. The terms of the loan were undisclosed.
NEW YORK CITY — HJ Development is currently converting 211 E. 51st St. into condominium units. The former apartment facility is located between Third and Second Avenues in Midtown Manhattan, New York City. Upon completion, the converted building will feature 73 residences. One-bedroom units will range in size from 505 square feet to 868 square feet, and two-bedroom units will average 1,200 square feet. The building will also include two penthouse residences. Prices for the units range from $605,000 to $4.5 million. Completion is slated for July 2008.
NEW YORK CITY — HJ Development is currently converting 211 E. 51st St. into condominium units. The former apartment facility is located between Third and Second Avenues in Midtown Manhattan, New York City. Upon completion, the converted building will feature 73 residences. One-bedroom units will range in size from 505 square feet to 868 square feet, and two-bedroom units will average 1,200 square feet. The building will also include two penthouse residences. Prices for the units range from $605,000 to $4.5 million. Completion is slated for July 2008.
NEW YORK CITY — MJH Birchwood has begun renovations of 117 units in the 244-unit The Residences at Jackson Heights in Queens, New York City. The Residences at Jackson Heights are made up of two cooperatives, Birchwood House and Sheila Terrace. The units are being redesigned by Lawrence M. Shapiro and Freyer Collaborative Architects. Studios, one- and two-bedroom units will range in size from 540 square feet to more than 1,100 square feet. Prices range from $170,000 to more than $350,000.