HOLBROOK, N.Y. — Capital One has provided a $61 million fixed-rate loan to refinance Fairfield Broadway Knolls at Holbrook, an apartment complex located in the Eastern Long Island town of Holbrook. Fairfield Properties used the proceeds of the loan to retire a bridge loan that was used to purchase the property. The 10-year loan has 23 months of interest-only payments followed by amortization on a 30-year schedule. Built in 2006, the 284-unit property features a clubhouse with resident lounge, cyber café with business center, swimming pool, tennis and basketball courts and a fitness center. Robert Akalski of Capital One originated the loan for the borrower.
NEW YORK CITY — Meridian Capital Group has arranged $19 million in construction take-out financing for the refinance of a mixed-use property located at 1122 Chestnut Ave. in the Midwood neighborhood of Brooklyn. The seven-year loan, provided by a local balance sheet lender, features a fixed rate of 4.00 percent. Blake Orman of Meridian negotiated the financing for the undisclosed borrower. The seven-story building features 57 residential rental units and 12,600 square feet of ground-floor retail space. Building amenities include high-speed elevators, parking with optional valet service, a laundry facility and a bicycle storage room.
NASHUA, N.H. — Fantini & Gorga has arranged $14.2 million in permanent financing for Clocktower Place II, a multifamily property located in downtown Nashua. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the loan, which was placed through a national Fannie Mae lender, for an undisclosed borrower. Clocktower Place II is a five-story rehabilitated mill building that is contiguous with Clocktower Place I. The two phases function as a single rental property comprising one long continuous structure that was built and expanded throughout the 19th century. The property was converted to its current use in the late 1980s. Clocktower Place II features 128 market-rate and 55 affordable one-, two- and three-bedroom apartments. Additionally, the property features a fitness center, indoor pool, common room and surface and underground parking.
CHICAGO — Interra Realty has brokered the sale of a 101-unit condominium property in Chicago for $16.2 million. The sale of the property is a deconversion to rental units. The building, which consists of 63 one-bedroom units and 38 studio units, is located at 732 W. Bittersweet Place in the Buena Park neighborhood. The purchase price amounts to $160,742 per unit. Patrick Kennelly, Joe Smazal and Paul Waterloo of Interra represented the buyer, Skiritai Bittersweet LLC. Kennelly and Waterloo, along with Interra’s Jon Morgan and David Goss, represented the condominium association. The deconversion occurred because of the high percentage of rentals in the building and the rising rental rates in Chicago, according to Interra. Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement. Owners then have the option to either move out or to leaseback from the new owner.
BELLEVUE, NEB. — NorthMarq Capital has arranged a $7.1 million Freddie Mac loan for the refinancing of Summit South Apartments in Bellevue, a southern suburb of Omaha. The apartment property, constructed in late 2016, consists of 75 units. Jason Kinnison of NorthMarq arranged the loan.
WINDSOR MILL, MD. — Morgan Properties has unveiled plans to launch a $25 million renovation of a six-property portfolio consisting of 1,979 units in Windsor Mill. Known as Rolling Road, the portfolio underwent a rebranding and property consolidation into three communities: The Townhomes at Diamond Ridge, The Glens at Diamond Ridge and The Apartments at Diamond Ridge. Pennsylvania-based Morgan Properties purchased the assets, located roughly 30 miles northwest of Baltimore, from Harbor Group International for $247 million in February. The renovations will take place over a five-year period and include improvements to common area amenities, in-unit kitchen and bathroom upgrades, clubhouse upgrades and the addition of dog parks, playgrounds, outdoor grilling areas, fire pits, putting greens, sport courts and outdoor fitness stations.
FARMERS BRANCH, TEXAS — A joint venture in which publicly traded BRT Apartments Corp. has 50 percent equity has purchased Mercer Crossing, a 509-unit, Class A multifamily community located at 11700 Luna Road in Farmers Branch, for approximately $85.7 million. The price included $55.2 million in mortgage debt, which is financed at 4.2 percent interest and matures in 2028. Provident Realty Advisors Inc. sold the asset.
HATFIELD, PA. — Equus Capital Partners has completed the sale of Madison Montgomery, an apartment community located in Hatfield. Morgan Properties purchased the 264-unit asset for $38.5 million. An affiliate of Equus acquired the 1969-built property in 2007 out of receivership from the prior owners. Upon acquisition, the company launched a $17 million interior and exterior renovation program, including the construction of a 4,000-square-foot clubhouse and leasing center, a resort-style swimming pool and outdoor grilling area. Lizann McGowan, Bob Miller and John McFadden of CBRE represented the seller in the transaction.
NEWARK, DEL. — Concordia Properties has acquired Autumn Park, a multifamily property located in Newark, from Metropolitan Management Group for $35.5 million. Located on 16.9 acres, the property consists of 26 three- and four-story buildings featuring a total of 358 units in studio, one-, two- and three-bedroom layouts. At the time of sale, the property was 97 percent leased. On-site amenities include an outdoor swimming pool, 24-hour fitness center and playground. Mark Thomson, Carl Fiebig and Fran Coyne of HFF represented the seller in the deal. Additionally, Ryan Ade and Neil Campbell of HFF secured the floating-rate Fannie Mae acquisition loan for the buyer.
NEW YORK CITY — Greystone has provided a $29 million HUD-insured permanent loan for Sapphire Center for Rehab & Nursing of Central Queens. Located in the Flushing neighborhood of Queens, the skilled nursing facility offers 227 beds. Sapphire Care Group, the borrower, originally acquired the property in 2015 and rebranded and improved the facility. Fred Levine of Greystone’s Monsey, N.Y., office originated the loan.