MESA AND APACHE JUNCTION, ARIZ. — Madison Realty Cos. has purchased two seniors housing communities in the Phoenix suburbs of Mesa and Apache Junction for $14.8 million. The real estate investment firm made the acquisitions on behalf of Delaware Statutory Trust investors. Madison plans to add levels of care and other value to the properties. The Mesa property was built in 2013 and Apache Junction in 2011. The specific names of the communities were not disclosed. The properties feature a loan-to-value ratio of 41.9 percent with 25-year amortization and a fixed rate of 4.75 percent for a seven-year, no-interest-only term.
LOS ANGELES — SCG America has acquired a 34,000-square-foot land parcel at 400 S. Broadway in downtown Los Angeles. The company will develop a 34-story high-rise condominium on the site featuring 7,000 square feet of ground-floor retail and commercial space. The property is slated for groundbreaking in October and completion in 2020.
YPSILANTI AND HOLT, MICH. — UnitedHealthcare has invested $16.9 million in two new affordable multifamily projects in Michigan. The $17.2 million New Parkridge will offer 86 affordable apartment units, as well as on-site support services to help improve residents’ access to healthcare, education, job training and childcare. UnitedHealthcare is investing $8 million in the project, which is located in Ypsilanti, approximately 10 miles southeast of Ann Arbor. Ypsilanti Housing Commission and Chesapeake Community Advisors are the project developers. UnitedHealthcare is also investing $8.9 million in Prestwick Village, a 66-unit affordable housing project with support services in Holt, approximately 10 miles south of Lansing. Construction is currently underway on the $10.7 million project, which is slated to be complete by the end of the year. T.R. Hovey Construction LLC is the general contractor for Prestwick Village, and Gryphon Group is the developer.
NEW YORK CITY — Tahl Propp Equities, Bellwether Enterprise Real Estate Capital and Enterprise Community Investment have announced the closing of a deal to finance the acquisition and renovation of five affordable housing communities in Harlem. The deal allows for the rehabilitation of all 18 buildings, totaling 549 units, keeping the apartments as affordable to low-income housing for the next 40 years. Additionally, all buildings have federal project-based Section 8 contracts, which will further preserve affordability through rental subsidies for the property owners. The five properties are Gladys Hampton Houses (2144 Frederick Douglas Blvd. and 400 St. Nicholas Ave.), New West I and II (8-56 W. 111th St.) and Riverside I and II (602-622 W. 135th St.). Costs, including acquisition and rehabilitation, total nearly $135 million. New York City Department of Housing Preservation and Development provided a $15.2 million loan and Low-Income Housing Tax Credits resulting in $35.9 million in equity; and New York City Housing Development Corp. provided $62.3 million in Tax Exempt Bonds for construction financing through Bellwether Enterprise. Other sources of funding include a seller note, transfer of existing reserves, deferred developer fee and income from operations. Enterprise Community Investment syndicated the tax credit equity to finance the …
NEW YORK CITY — Eastern Union Funding has arranged a $4.8 million loan for the refinancing of a five-story, mixed-use brownstone in Tribeca. The borrowers are two private owners. Located at 78 Franklin St., the property has undergone a $2 million renovation, which gutted the 2,000-square-foot apartments, upgraded the lobby, hallways and façade, and new stairs, elevator, HVAC and roof. The property’s commercial tenant is Aqua Studio, an underwater cycling studio. David Betesh and Ted Matalon of Eastern Union arranged the financing, which was provided by First American International Bank.
NEW BRITAIN, CONN. — Chozick Realty Inc. has arranged the sale of Main Place Apartments, a multifamily property located on West Main Street in New Britain. Allen-Main LLC sold the 72-unit property to 923 West Main St LLC for $4.7 million. Constructed in 1969, the property features 64 two-bedroom units and eight one-bedroom apartments. Rick Chozick and Steve Pappas of Chozick Realty represented the seller in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-story apartment building located at 83-05 34th Ave. in the Jackson Heights section of Queens. Pd 34th LLC sold the property to a private investor for $3.6 million. Built in 1928, the 13,179-square-foot building features 16 apartment units. Michael Guttman of Rosewood represented the seller and buyer in the deal.
ARLINGTON, TEXAS — Coldwell Banker Commercial (CBC) Alliance DFW has joined in the recent merger of the two largest CBC affiliates in the nation. Going forward, the brokerage firm will be called Coldwell Banker Commercial Advisors (CBC Advisors). The merger enables the local affiliate to expand its presence. Among other expansions, CBC Advisors has acquired a Houston office. Senior management in metro Dallas includes chief operating officer Carol Coffman-Sosebee and Theron Bryant, principal of the Fort Worth office. The brokerage team consists of 12 professionals with more than 100 years of combined commercial real estate experience in office, industrial, medical, land and retail, along with seven support staff. The firm is headquartered at 255 N. Center St. in Arlington, and has a Fort Worth office at 1300 S. University Drive. The Dallas office has just completed the process to join the network, which totals 30 offices nationally.
PLANO, TEXAS — Pacific Southwest Realty Services (PSRS), a California-based commercial mortgage banking firm, has closed a $7.6 million, 16-year non-recourse loan for a Los Angeles-based borrower with John Hancock Life Insurance Co. The deal is for a 135-unit one- and two-bedroom apartment complex in Plano. Michael Tanner of PSRS arranged the loan, which includes a fixed interest rate and a 30-year amortization schedule. PSRS will service the loan for the balance of the term.
TAMARAC, FLA. — Miami-based Melo Real Estate has brokered the $22 million sale of Jasmine at Tamarac, a residential community comprising 222 apartment residences and 69 privately owned condominiums in Tamarac, a city in South Florida’s Broward County. Only the rental apartments were included in the transaction. JAT Owner LLC purchased the rental residences from Elandis for $99,099 per unit. Elandis previously purchased the rental units in December 2012 for $15 million. Built in 1987, Jasmine at Tamarac underwent a condominium conversion program in 2006. Ronald Meyerson of Melo Real Estate and Tyler Minix of Avison Young brokered the transaction.