NEW YORK CITY — Certes Partners, along with Metropolitan Acquisitions and United Management, have secured $71.5 million in financing from Goldman Sachs for the construction of 212 W. 95th St., a 19-story luxury condo development two blocks away from Central Park. The project will consist of 38 units as well as parking, retail and amenities. New York-based architecture firm CetraRuddy designed the project in collaboration with RKTB Architects. The development team consists of United Management’s Arthur Wiener, Meir Bouskila of Metropolitan Acquisitions and Elan Hakimian, Eitan Bouskila and Sunder Jambunathan of Certes Partners. Construction is scheduled to begin this month with project completion slated for early 2020.
NEW YORK CITY — Equicap has arranged a $14.6 million construction loan on behalf of New York-based privately held development firm Winchester Equities. The financing will be used to build 2222 Ocean, a 49-unit luxury multifamily building in Sheepshead Bay, Brooklyn. Equicap obtained a 70 percent loan-to-cost construction loan from a major bank. The building is slated for completion by fall 2019.
PHILADELPHIA — On behalf of a family office investor, JOSS Realty Partners has purchased a mixed-use building in the Fishtown neighborhood of Philadelphia for $6.3 million. Rittenhouse Realty Advisors brokered the sale and Leopard Point LLC was the seller. The 14,500-square-foot property, located on 18-20 W. Girard Ave., includes 15 new apartment units above a street-level commercial space occupied by Sherwin Williams. The fully leased building offers one- and two- bedroom apartments as well as a rooftop deck. In recent years, Fishtown has seen an influx of upscale art, entertainment and dining establishments, as well as a rise in housing prices.
BOSTON — Nauset Construction has started construction on a mixed-use project at Ten Essex St. in Cambridge, Mass., that will transform a surface parking lot into a transit-oriented five-story development with 46 apartments and 3,000 square feet of retail space. The project is being built by Nauset for owner 3MJ Realty. Designed by Golden Architects of Quincy, Perkins Eastman and Mark Boyes-Watson Architects, the project is located directly on the Central Square Red Line. Amenities will include a rooftop patio and second-floor deck, bike storage, a green roof terrace and balconies in several of the units. Café Nero and H Mart, an Asian-inspired supermarket, will anchor the ground floor. Nauset previously converted the Holmes building in Central Square from offices to apartments in 2013. The project is slated for completion in January 2019.
NEW YORK CITY — New York-based Hunt Mortgage Group has provided $187 million in refinancing for a portfolio of affordable and student housing properties located throughout Texas, Florida and South Carolina. The portfolio includes more than 3,500 units and 16 properties. The specific names and locations were not disclosed. The financing included $102 million in floating-rate debt through Freddie Mac and $83 million in fixed-rate financing through Fannie Mae. Hunt also provided a $2 million loan, as well as additional financing through its proprietary lending group. Hunt Mortgage originated the financing package on behalf of the borrower, Atlantic Housing Foundation, a community housing development organization in the affordable housing sector. The company plans to invest $14 million in the portfolio to make green improvements and other renovations.
DULUTH, GA. — Passco Cos. has acquired Merritt at Sugarloaf, a 424-unit apartment community in Duluth, for $68.9 million. The property is located at 2951 Satellite Blvd. N.W., roughly 30 miles north of Atlanta. Paul Berry and Shea Campbell of CBRE arranged the transaction on behalf of the seller, an affiliate of Boston-based Roseview Group. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the asset on behalf of Passco. Constructed in 1999, Merritt at Sugarloaf includes a mix of one-, two- and three-bedroom floor plans. Community amenities include a cyber café, recently expanded fitness center and yoga room, two swimming pools, tennis courts, a playground, outdoor grills, picnic areas, fire pit and a lake. In addition, the property is located roughly four miles from Infinite Energy Center and one mile from Gwinnett Place Mall. The community was 95 percent occupied at the time of sale.
ALPHARETTA, GA. — Atlanta Property Group (APG) has acquired One Point Royal, a 150,000-square-foot office building located at 4400 N. Point Parkway in Alpharetta, roughly 27 miles north of downtown Atlanta. The Atlanta Business Chronicle reports Tfo Reva Oa Opr LLC sold the building for $18.5 million. Samir Idris of Cushman & Wakefield arranged the transaction on behalf of the seller. The two-story building was constructed in 1996 and was 92 percent leased at the time of sale to 12 tenants. One Point Royal features nine-foot ceilings, full height windows and a 4.5 per 1,000 square foot parking ratio. APG plans to invest more than $300,000 in common area renovations and $600,000 on systems upgrades.
CHARLESTON, S.C. — Madison Capital Group and Chaucer Creek Capital, along with their capital advisor Patterson Real Estate Advisory Group, have broken ground on Sweetgrass at Bees Ferry, a 192-unit apartment community in Charleston’s West Ashley submarket. Patterson arranged a construction loan through Dallas-based Bank of Texas on behalf of the developers. The property is located within a master-planned, mixed-use development and is across from a proposed Harris Teeter grocery store. The initial units are expected to deliver in summer 2019.
SANDY SPRINGS, GA. — Transwestern has secured a 60,402-square-foot lease for Newell Brands Inc. at Morgan Falls Office Park, a five-building office complex located at 7840 Roswell Road in Sandy Springs, roughly 15 miles north of downtown Atlanta. Newell Brands, a Hoboken, N.J.-based marketer of consumer and commercial brands including Yankee Candle, Rubbermaid and Sharpie, will occupy almost all of Building 100. The lease brings the recently renovated building to full occupancy. Jeff Taylor of Transwestern and Garrett Backman of REO Fund 2 LLC, the building owner, arranged the lease on behalf of the ownership. CBRE represented Newell Brands.
AUSTIN, TEXAS — Ridge, the industrial development arm of Transwestern Development Co., has completed construction of a 351,171-square-foot industrial building within Southpark Commerce Center in southeast Austin. The property, located just off Interstate 35 within 10 miles of downtown Austin and Austin International Airport, was developed on a speculative basis. Southpark Commerce Center will span more than 2.3 million square feet at full build-out.