NEW YORK CITY — Cignature Realty has arranged the sale of a multifamily property located at 574 W. 161st St. in Manhattan’s Washington Heights neighborhood. BSF 574 West 161st Street Holding LLC acquired the asset from Hillcrest Acquisitions LLC for $7.2 million, or $286 per square foot. Built in 1910, the five-story, 25,160-square-foot building features 31 apartments. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and the seller in the transaction.
LOS ANGELES — Universe Holdings has received $124.7 million to refinance a seven-property multifamily portfolio in Southern California. The properties contain a total of 559 units. The refinancing program generated $15 million in proceeds for new acquisitions and asset improvement programs. Universe is targeting up to $100 million in new acquisitions this year, according to the firm’s CEO. Properties in the portfolio are the 50-unit Isles of Charm in Los Feliz; the 172-unit Nantucket Creek in Chatsworth; the 53-unit Chateau Lakeside; the 82-unit Chateau Woodley Hart in Van Nuys; the 52-unit Chateau Regent in North Hollywood; the 56-unit Chateau Spring Terrace in La Mesa; and the 94-unit Chateau Spring Hill in La Mesa. HFF’s Charles Halladay arranged the loans through HFF’s Freddie Mac Program Plus® Seller/Servicer Program and Sabal Financial’s Freddie Mac Small Balance Program.
THOUSAND OAKS, CALIF., AND SCOTTSDALE, ARIZ. — CBRE has arranged $80 million in financing for a joint venture between Blue Moon Capital Partners and Belmont Village Senior Living. The JV will use the funds to purchase an assisted living and memory care portfolio consisting of Belmont Village Thousand Oaks in metro Los Angeles and Belmont Village Scottsdale in the Phoenix suburb of Scottsdale. The seven-year, fixed-rate loan includes 48 months of interest-only payments. A life insurance company provided the funds. The two communities total 275 units and Belmont Village will continue to operate the properties. The California location was built in 2011 and the Arizona location in 2012. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing.
DALLAS — Marcus & Millichap has arranged the sale of Village Oaks Condominiums, a 41-unit apartment property in Dallas, for an undisclosed price. Constructed in 1982, the one-story, Class B asset is situated on approximately 3.5 acres of land. Village Oaks Condominiums includes 17 one-bedroom, one-bath units and 24 two-bedroom, two-bath units. The property features 35,624 square feet of rentable space, for an average of 869 square feet per unit. Stephen Crittenden, senior associate with Marcus & Millichap, represented the seller and the buyer, both private investors, in the transaction. The seller acquired Village Oaks out of foreclosure through an all-cash transaction. The buyer is looking to expand its multifamily portfolio after a long history of medical, industrial and single-tenant ownership.
CENTRAL ISLIP, N.Y. — Meridian Capital Group has arranged $65.2 million in acquisition financing for the purchase of Hawthorne Court, a multifamily property located in Central Islip. The borrowers were Spruce Capital Partners and Post Road Properties. The seven-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a fixed rate and three years of interest-only payments. Abe Hirsch and Zev Karpel of Meridian negotiated the transaction. Located at 111-211 Hawthorne Ave., the 20-building property features 434 apartments, 682 parking spaces and a swimming pool.
NEW YORK CITY — Madison Realty Capital (MRC) has completed the disposition of a multifamily property located at 265-267 S. Second St. in Brooklyn’s Williamsburg neighborhood. An undisclosed buyer acquired the asset for $22.4 million. The six-story, 22,800-square-foot building features 35 apartment units. MRC originally acquired the property in 2013 for $9.7 million and implemented a renovation and repositioning plan aimed to add significant value to the asset. The renovations included new kitchens, updated bathrooms, recessed lighting and hardwood floors, as well as open-air terraces and ground-floor outdoor spaces for select units.
PHILADELPHIA — Colliers International has arranged $9.1 million in financing for Wister Court, a student housing property located in Philadelphia. The seven-year loan features a fixed rate and a 30-year amortization schedule. Serving students at La Salle University, the newly-built property features 49 apartments totaling 206 beds. At the time of closing, the property was 50 percent occupied. Kris Wood, John Banas, Chad Levitt, Tim Hoyt and Martin Duval of Colliers arranged the financing. The name of the borrower was not released.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a mixed-use building located at 124 Chambers St. in Tribeca. Lahaina Management Co. sold the 10,400-square-foot building to a private investor for $7 million. The six-story building features ground-floor retail space, which is currently leased to a restaurant, and five floor-through residential loft units. Martin Ezratty and Chris Matousek of Eastern Consolidated represented the seller, while Brandon Eisenman of RKF represented the buyer in the deal.
HARTFORD, CONN. AND PLANO, TEXAS — Cornerstone Real Estate Advisers has agreed to acquire ACRE Capital Holdings LLC, the agency lending subsidiary of Ares Commercial Real Estate Corp. (NYSE: ACRE). The $93 million transaction could close as early as the third quarter of this year. The acquisition of ACRE Capital expands Cornerstone’s commercial loan origination platform, nearly doubling the size of the company’s multifamily loan portfolio from approximately $5 billion to $10 billion. Cornerstone traditionally originates larger balance loans, while ACRE Capital typically focuses on smaller balance loans on behalf of Fannie Mae, Freddie Mac and HUD. In addition to being complementary firms, the acquisition will allow Cornerstone to address the need for affordable housing financing in the marketplace, according to Scott Brown, global president and CEO of Cornerstone. “The affordable housing segment of the marketplace is underserved, and acquiring ACRE Capital will allow us to meaningfully address the current and looming scarcity in affordable residential housing and increase lending to communities nationwide,” says Brown. “We look forward to joining forces with the professionals at ACRE Capital to expand opportunities for their borrowers.” ACRE Capital originates and services multifamily mortgages and seniors housing and healthcare facility loans. The company is …
DALLAS — The Kislak Organization has purchased McKinney Uptown, a 144-unit, midrise apartment complex located at 3324 McKinney Ave. in Dallas. Built in 2003, the nine-story property is situated atop a three-level parking garage in the West Village neighborhood in Uptown Dallas. The community features a salon, third-floor pool and sundeck and a 10th-floor fitness center with panoramic views of Dallas. The property is located along the M-Line Trolley route and near the DART CityPlace Light Rail station. Team Mozer with George Smith Partners arranged the acquisition financing on behalf of Kislak Organization through Los Angeles-based Mesa West Capital. A portion of the loan proceeds will be used to finance interior and exterior upgrades, including installing washers and dryers and upgrading the lobby, common areas and amenities. Cottonwood Residential, Kislak’s property management partner, will be responsible for day-to-day operations. McKinney Uptown is the third Dallas property in Kislak’s property portfolio.
