NEW YORK CITY — Madison Realty Capital has closed on a $23.5 million first mortgage loan to Heritage Equity Partners for the acquisition of a development site in Brooklyn’s Crown Heights. The borrower plans to redevelop the 31,943-square-foot property at 564 St Johns Place, which is currently operating as a rental parking facility, into an eight-story residential building. When complete, the 172-unit development will offer a mix of 26 studios, 110 one-bedroom, 32 two-bedroom and four three-bedroom units, as well as 86 on-site parking spaces.
Multifamily
MEDFORD, ORE. — The 30-unit Cedarwood Apartment complex in Medford has sold to Orchard Park Apartments LLC for $2.2 million. The community is located at 427 NE Thurston Ave. It was built in 1977 and recently renovated. The LLC was represented by Wade Six of VI Commercial Real Estate LLC. The seller, Cedarwood Holdings LLC, was represented by Ron Ross and Terry O’Neil of Compass Commercial.
WASHINGTON, D.C. — The Greysteel Co. has brokered the sale of Minnesota Flats, a 16-unit multifamily property located at 1840 Minnesota Ave. S.E. in Washington, D.C.’s Anacostia neighborhood. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian, Mike Bediones and Jake Ying of Greysteel represented the seller, Washington Living Trust, in the transaction.
CHARLESTON, S.C. — URS Capital Partners has acquired Pepperhill & Palmetto Apartments, a 266-unit apartment community in Charleston. The property will soon be renamed Ashley Village. The New York-based investor purchased the asset using a mix of debt and private equity. Chris Kinder of CK Realty Partners arranged Fannie Mae financing on behalf of URS. Ashley Village is the second Charleston apartment community that URS has purchased in the past 12 months.
BLOOMINGTON, MINN. — Dougherty Mortgage LLC has originated a $10 million HUD loan to refinance an apartment property in Bloomington, a southern suburb of Minneapolis. Heritage Hills Apartments consists of two apartment buildings with a total of 135 units. Dougherty's Minneapolis office arranged the 35-year loan, which includes a 35-year amortization schedule, for Heritage/France Avenue Apartments LLLP.
WYNCOTE, PA. — Meridian Capital Group, on behalf of Lindy Property Management Company, has arranged a $92.3 million mortgage for the purchase of the Towers of Wyncote located at 8440 Limekiln Pike in Wyncote. The 1,095-unit, three-tower multifamily community the property was originally constructed in 1968 and renovated in 2008. Community amenities include a movie theater, outdoor swimming pool, spa, tennis courts, sports complex, business center and conference room. The 8-year loan, which was 80 percent of the purchase price, features a competitive fixed-rate of 3.625 percent and was provided by a regional balance sheet lender. David Fisher of Meridian Capital’s Iselin, N.J., office negotiated the transaction.
PITTSBURGH, PA. — KeyBank Real Estate Capital, on behalf of NSP Inc., has arranged a $139 million refinance loan for a four-property multifamily portfolio. The 1,382-unit portfolio comprises two assets in Pittsburgh, one property in Cincinnati and one asset in Lexington, Ky. The financing was structured as a non-recourse, fixed-rate CMBS first mortgage for $120 million and a $19 million fixed-rate mezzanine financing placed with a third-party investor. The facilities are 5-year, coterminous tenor. Randy Martin and Jon Reible of KeyBank arranged the loan for the borrower.
BOSTON — CBRE/New England has brokered the sale of 95 Border Street located on 1.32 acres in East Boston. Sisson Realty Trust sold the 23,000-square-foot industrial facility to Neighborhood of Affordable Housing (NOAH) for $1.6 million. NOAH plans to redevelop the site into Coppersmith Village, a transit-oriented residential community. Within walking distance to the MBTA Maverick Station and a planned water taxi station, the property will feature 56 rental apartments and 3,000 square feet of retail space, which is slated for restaurant use. Mark Reardon, David Corkey and Jake Borden of CBRE/New England represented the seller in the transaction.
TULSA, OKLA. — The RADCO Cos. has purchased Southern Slope, a 142-unit apartment community in Tulsa’s Jenks submarket. Using a mix of bridge debt and private equity, the Atlanta-based multifamily investor purchased the asset for roughly $6 million from the lender seller in an off-market transaction. RADCO plans to implement interior upgrades, as well as overhaul the property’s exterior and amenities. As part Southern Slope’s overhaul, the property will be renamed Ashford Ridge. It is RADCO’s second apartment community in Tulsa. Raymond Lord and Benjamin Davis of NAI Commercial Properties brokered the transaction.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of La Costa Townhomes, an 88-unit apartment community located at 4303 Mariposa Drive in the Dallas suburb of Irving. Al Silva of Marcus & Millichap’s Fort Worth office represented the seller, a local private investor, in the transaction. Silva also secured the Dallas-based buyer.