NEW ROCHELLE, N.Y. — JLL has brokered the $22.7 million sale of The Printhouse, a 71-unit multifamily property located north of New York City in New Rochelle. Built in 2019, the property houses studio, one- and two-bedroom apartments as well as 2,700 square feet of commercial space. Amenities include a fitness center, business center, dog park and a rooftop terrace with a bar. New Jersey-based investment firm Invel Capital acquired the asset from an undisclosed seller. Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Marion Jones of JLL brokered the deal.
NEW YORK CITY —BEB Lending, the finance platform of BEB Capital, has provided a $9 million acquisition loan for a seven-unit apartment building located at 53-55 Stone St. in Manhattan’s Financial District. The five-story building was originally constructed in 1900 and houses two restaurant spaces. Sean Silverbrook led the transaction for BEB Lending. The borrower was not disclosed.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $2.9 million sale of a six-unit apartment building located at 65 Woodhull St. in Brooklyn. The building includes two retail units. Sean Kelly, Nicole Daniggelis and Stephen Vorvolakos of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
FULLERTON, CALIF. — Capital One has provided $43 million in Fannie Mae loans for the refinancing of two multifamily communities owned by SC Development. The portfolio includes the 271-unit The Streams and the 222-unit La Villita-La Costa properties in Fullerton. Greg Reed, Kristen Croxton and Tina Quirin of Capital One originated the transactions, which closed in June. The separate 10-year, fixed-rate loans feature interest-only payments for the entire term. The Streams features one- and two-bedroom apartments with all-electric kitchens, modern appliances, fireplaces and additional storage. La Villita-La Costa offers one- and two-bedroom units with large closets, patiso or balconies and washer/dryer hookups. Both communities feature a swimming pool, spa and fitness center. SC Development has maintained both properties since they were constructed in the mid-1970s.
COSTA MESA, CALIF. — CBRE has brokered the sale of a mixed-use property located at 2027-29 Harbor Blvd. in Costa Mesa. A private investor acquired the asset from a privately held partnership for $3.2 million, or $425 per square foot. Both parties are based in Orange County. The mixed-use property features 12 residential apartments and street-front retail space spread across four buildings, totaling 7,530 square feet. The three multifamily buildings offer eight studio units, two one-bedroom units and two two-bedroom units. The property also features surface parking, a community laundry room and storage lockers. Additionally, there is a 1,942-square-foot street-front commercial building, occupied by an auto trim business. Dan Blackwell and Mike O’Neill of CBRE represented the seller and buyer in the transaction.
NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing to fund the development of five affordable housing projects in the New York City metro area. The San Francisco-based bank provided the financing through its Community Lending and Investment (CLI) group, and all five loans closed in the month of June. The developments, which total more than 1,100 apartments, are underway and include: Peninsula Phase II, Wakefield Yards and Blondell Commons in The Bronx; Edgemere Commons Building B1 in Queens; and St. Clair in Yonkers, about 20 miles north of New York City. The Peninsula community is the second phase of the redevelopment of the former Spofford Juvenile Detention Facility located in the Hunts Point neighborhood of The Bronx. Wells Fargo CLI provided a total of $250.6 million in debt and equity financing to the borrowers: Gilbane Development Co., The Hudson Cos. and MHANY Management. The project will total 359 affordable units, all reserved for tenants earning 70 percent or less of the area median income (AMI), and 54 of the apartments will be set aside for formerly homeless tenants. The project will include a Head Start daycare facility, as well as community …
GREENSBORO, N.C. — Life Care Services (LCS) has completed the first phase of a $75 million expansion project at WhiteStone, a continuing care retirement community (CCRC) in Greensboro. LCS manages the Masonic and Eastern Star community. This phase of the expansion added 67 one- and two-bedroom independent living units to the property. In addition, the Care and Wellness Center renovations include a rehabilitation gym, courtyard and gardens, and enhanced salon and spa. WhiteStone partnered with SFCS Architects and Blum Construction to execute the project. The community expects to add more than 45 new employees in Greensboro due to the expansion. The final phase of the expansion project is scheduled for completion in the fall and will include 24 assisted living residences and 12 memory care suites.
COLLEGE STATION, TEXAS — Arizona-based lender Arriba Capital has provided a $28.5 million construction loan for a new student housing project that will serve students at Texas A&M University in College Station. The complex will feature 339 beds across 199 units, each of which will have a full kitchen, study desks and washer and dryer. Communal amenities will include a pool, fitness center, study lounges and a game room. BKV Group is the project architect, and McGough is the general contractor. The borrower was not disclosed.
CENTERVILLE, GA. — Forman Capital has provided a $22.5 million loan for the lot acquisition and construction of a build-to-rent (BTR) residential community located at 3930 US Highway 41 in Centerville, about 21 miles south of Macon, Ga. Upon completion, the first phase of the development will comprise 109 single-family rental homes in two-, three- and four-bedroom layouts, with monthly rents expected to range from $1,900 to $2,400. Parkland Homebuilders, an affiliate of Alpharetta, Ga.-based Parkland Communities, is the borrower and developer. Plans for the community include four phases and a total of 317 homes.
NEW YORK CITY — Greystone has provided an $18.3 million Fannie Mae loan for the refinancing of a 154-unit multifamily property located at 400 Herkimer St. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property was built on 18 acres in 1965 and offers studio, one-, two- and three-bedroom units. Anthony Cristi of Greystone originated the 10-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.