ARIZONA — Capital Funding Group (CFG) has provided $10.3 million in financing for a 112-bed skilled nursing facility in Arizona. The transaction replaces an existing bridge loan, which CFG also provided, into HUD financing. The name of the borrower and more specific details on the property were not disclosed. Tommy Dillon originated the transaction for the CFG.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $150 million sale of the Sea Park Affordable Housing Portfolio, a collection of three mixed-income residential properties totaling 818 units on Brooklyn’s Coney Island. Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell of Ariel Property Advisors represented the seller, Arker Cos., in the transaction. The buyer was a partnership between Tredway, Gilbane Development Co. and ELH Management. The sale included a 89,357-square-foot parcel that can support 153 units of new development.
MINNEAPOLIS — Ryan Cos. US Inc. has topped out construction of Fourth & Park, a 25-story apartment building located one block west of U.S. Bank Stadium in downtown Minneapolis. Ryan is developing Fourth & Park in partnership with Weidner Apartment Homes. The project will include 350 apartment units, 100 parking stalls, a sixth-floor green roof and a rooftop pool deck. The project is now less than a year away from being move-in ready. Fourth & Park is part of Downtown East, a five-block redevelopment project that started in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $708 million project includes 1.2 million square feet of office space across two 17-story towers for Wells Fargo, a 200-unit mid-rise apartment complex, multi-tenant office building, 4.2-acre public green space, hotel, parking ramp and skyways.
NEW YORK CITY — Locally based investment firm Rockledge CRE has purchased two apartment buildings in Harlem totaling 66 units for $11.3 million. The five-story buildings were both constructed in 1920 and are situated on contiguous tracts at 401-405 Edgecombe Ave. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Rockledge CRE, which plans to renovate the units, in the transaction. Brian Ezratty of Newmark represented the seller. The deal traded at a cap rate of 5.9 percent.
NEW YORK CITY — Douglaston Development has started construction of a $320 million multifamily project in the New York City borough of Brooklyn. The 474,000-square-foot development is located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood. Upon completion, the community will rise 17 stories and offer 456 units of mixed-income housing. The units, 137 of which will be affordable housing, will be offered in one-, two- and three-bedroom configurations. A partnership between BEB Capital and Totem began assembling the site in 2019. Douglaston recently acquired the site for $66 million from the partnership, retaining both parties as co-developers for the project. TerraCRG brokered the transaction. Shared amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck with views of Brooklyn and the Manhattan skyline. In addition to the residential portion of the community, the development will also feature 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged funding for the project, which includes $185 million in construction financing placed through Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate have also acquired preferred interest in the development, which is slated for completion in late 2025. New …
NEW YORK CITY — A partnership between locally based investment firm Slate Property Group, KABR Group and Avenue Realty Capital has acquired 600 Columbus, a 166-unit apartment building on Manhattan’s Upper West Side. The sales price was $120 million. The 14-story building, which occupies an entire city block between 89th and 90th streets, houses 27,500 square feet of retail space that is leased to ACE Hardware, Atmosphere Kitchen & Bath, Round Star Soccer and Columbus Pre-School. Apollo Global Management provided a $68 million acquisition loan for the deal. The name of the seller and original developer of the property was not disclosed. Bob Knakal of JLL brokered the deal. The new ownership plans to implement a capital improvement program.
EVERETT, WASH. — MG Properties has purchased Artesia, a 192-unit apartment property in the Seattle suburb of Everett. RISE Properties sold the asset for $61.6 million. Built in 1990 and updated between 2018 and 2022, Artesia’s units feature quartz countertops, stainless steel appliances, tile fireplace surrounds and reclaimed wood mantles. Giovanni Napoli Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA) represented the seller and procured the buyer. IPA Capital Markets team members Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing.
TIGARD, ORE. — Ryan Companies US Inc., Cogir Senior Living and Harrison Street have formed a joint venture to build Cogir of Tigard, a 107-unit seniors housing community in Tigard, approximately 10 miles southwest of Portland. The joint venture has already closed on financing and started construction of the high-end community. The Tigard market area’s senior population is expected to grow by nearly 28 percent over the next five years, according to ESRI. Cogir of Tigard is Ryan’s first senior living project in Oregon. The community will total 119,506 square feet in a three-story building offering assisted living and memory care services. Ryan is the builder and developer of the project. Upon project completion, Cogir will lead day-to-day operations. Harrison Street is the capital partner of the project. CBTWO Architects is the architect of record. This is the first Cogir location in Oregon and 35th in the western United States, with eight additional communities in development.
ORANGE, CALIF. — Sunrise Senior Living has opened Sunrise of Orange in Orange, approximately 30 miles southeast of downtown Los Angeles. Although the number of units was not disclosed, Sunrise says the property can serve more than 100 residents and offers assisted living and memory care accommodations. The 75,000-square-foot, three-story property sits on a 1.5-acre site adjacent to Eisenhower Park. HPI Architecture designed the community, which general contractor W.E. O’Neil Construction built.
CHICAGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.6 million loan for the acquisition of six multifamily properties totaling 118 units in Chicago. The portfolio includes buildings in the Beverly and Ashburn neighborhoods. Dean Giannakopoulos of MMCC arranged the 24-month loan, which features a fixed interest rate and a loan-to-cost ratio of 75 percent. The lender was not provided.