NEW YORK CITY — Meridian Capital Group has arranged $29 million in acquisition and construction financing for the development of a residential condominium project in New York City’s Chelsea neighborhood. Aggelos Sklavenitis of Meridian Capital Group negotiated the loan on behalf of Six Sigma. Located at 435 West 19thSt., the existing five-story, 21,800-square-foot office property will be expanded into a nine-story, 27,500-square-foot residential condominium. Knighthead Funding LLC provided the 30-month, interest-only loan. This financing coupled with the sponsor’s equity creates a total capitalization of $41.3 million or approximately $1,500 per buildable square foot.
Multifamily
ELMWOOD PARK, N.J. — Elmwood Park-based River Drive Construction has completed vertical construction of the second phase of Riverwalk, a luxury multifamily rental community located at 400 Riverfront Blvd. in Elmwood. Slated for completion by the end of 2014, the second phase includes the construction of 51 apartments and 17,000 square feet of ground-floor retail space. Additionally, the new building will house The Goddard School, an early childhood organization. The school recently leased 8,600 square feet of space at Riverwalk. Florian Suserman and Michael Rawlins of RIPCO represented the school in the transaction. Fred Fisher of F. Fisher & Co. LLC represented Riverfront Residential, which developed the Riverwalk project. Construction of the first phase included 107 apartments and was completed in 2012.
DAYTONA BEACH, FLA. — CBRE has arranged the $17.9 million sale of Indigo Plantation, a 304-unit multifamily community located at 100 Powell Blvd. in Daytona Beach. Built in 1989, the apartment community is currently 97 percent occupied and features a resort-style swimming pool, fitness center, dog park, tennis courts and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE led the sales team in representing the undisclosed seller in the transaction.
MIDDLE ISLAND, N.Y. — National Cooperative Bank (NCB) has provided a $4 million loan for Hidden Meadows, a 143-unit cooperative apartment community in Middle Island. The loan, which includes a $3.5 million first mortgage and a $500,000 line of credit, will be used to refinance existing debt and fund future capital improvement projects at the community. The planned work includes upgrades to the sewer treatment plant and repairs to the sidewalk, roadways and tennis courts. Built in 1971, Hidden Meadows consists of nine two-story cooperative apartment buildings and is currently 100 percent occupied. Mindy Goldstein of NCB arranged the loan for the cooperative, Hidden Meadows LLC. Mark Walsh, the financial advisor for Hidden Meadows, also helped negotiate the transaction.
SAN CLEMENTE, CALIF. — Meta Housing Corporation has completed the $32.4-million Cotton’s Point Senior Apartments in San Clemente. The community is located at 2358 N. El Camino Real. The 76-unit, affordable housing complex accommodates seniors aged 62 and older. It is currently 95 percent occupied. Community amenities include a large community courtyard with two adjacent community rooms to encourage social interaction, a fitness center, tech room, numerous seating areas, a putting green and a barbeque grilling station. Residents also have access to many complimentary classes and services that focus on learning, wellness and creativity. Western Community Housing acted as both a co-developer and a general partner for the project. The community was designed by YM Architects. Public-sector financing was provided by the City of San Clemente; the County of Orange; the Mental Health Services Act; the State of California Multi-Housing Program; and the Federal Home Loan Bank of San Francisco’s Affordable Housing Program.
MINNEAPOLIS — Grandbridge Real Estate Capital has secured an $8.4 million first mortgage loan to refinance an apartment portfolio in Minnesota. The properties are located in the Twin Cities metro area and include seven buildings totaling 220 units. Tony Carlson of Grandbridge’s Minneapolis office originated the 10-year, fixed-rate loan that features a 20-year amortization schedule. A life insurance company provided funding for the loan for the undisclosed borrower. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties were fully occupied at closing.
DALLAS — NXT Capital has provided a $23 million first mortgage to finance the acquisition of a 495-unit, Class B apartment complex in Dallas. The property includes studio, one- and two-bedroom apartments with balconies or patios as well as a clubhouse and pool, cyber café, gym and business center.
FORT WORTH — Marcus & Millichap has arranged the sale of Ridgmar Square, a 24-building, 332-unit apartment complex in Fort Worth. Al Silva of Marcus & Millichap’s National Multi Housing Group in Fort Worth marketed the property on behalf of the seller, a private investor from Washington State. Silva also secured the buyer, a Texas-based investment group. Ridgmar Square is located at 2508 Ridgmar Blvd. in Fort Worth. The complex is located 10 miles west of downtown Fort Worth along I-30. Amenities include two pools, a clubhouse, gym and access gates.
HARRISON, N.J. — First Niagara’s Commercial Real Estate Group has closed on a $16.9 million loan with The Hampshire Companies for the construction of a 104-unit apartment complex on the site of the former David’s Cookie Factory in Harrison. The loan will finance the development of two four-story buildings at 400 S. Second St., which is part of the Harrison Waterfront Redevelopment Plan. Bergen Street Urban Renewal LLC, a joint venture between CrownPoint Group LLC and The Hampshire Companies, is developing the project, which is slated for completion in July 2015. Yvonne Ulrich of First Niagara is managing the transaction for the bank.
NEW YORK CITY — HFF has brokered the sale of and arranged financing for Avalon Chrystie Place, a 14-story apartment building located at 229 Chrystie St. in SoHo. Ashkenazy Acquisition Corp. purchased the property for an undisclosed price. HFF marketed the property on behalf of the seller. Additionally, HFF worked on behalf of the buyer to place a senior acquisition loan with the Bank of China and secured preferred equity through a commingled fund managed by American Realty Advisors. The 361-unit property features studio, one- and two-bedroom units averaging 739 square feet, as well as 72,329 square feet of fully occupied ground-level retail space that is anchored by Whole Foods. On-site amenities include a 24-hour concierge service, fitness center, rooftop sundeck and resident storage. Andrew Scandalios, Jose Cruz and Jeffrey Julien of HFF represented the seller. John Pelusi, Mike Tepedino and Jennifer Keller of HFF secured the financing for the buyer.