NEW YORK CITY — GDC Properties recently finished converting the former Hanan & Son shoe factory at 220 Water St. in Brooklyn to 134 luxury apartments. The property includes a mix of studio, one- and two-bedroom residences, with 14-foot ceilings. Rents for the building range from $3,150 to $6,150 per month.
CAMDEN, N.J. — Centerline Capital Group has arranged a $3.5 million Fannie Mae loan to refinance a newly rehabbed apartment property in Camden. Macedonia Gardens consists of an 11-building apartment complex clustered among Saunders, Howell and Mitchell streets. Built in 1969, the properties underwent a substantial rehab that was completed in 2010. The borrower was Nationwide Housing Management.
COLLEGE STATION — The Culpepper Family LP has plans to develop the 400-bed The Stack, a five-story student housing facility located at the intersection of South College Avenue and University Drive in College Station near Texas A&M University. The student housing facility is Phase I of Legacy Point, a mixed-use development featuring commercial and residential properties. The Stack will feature two underground levels of parking, a fitness center, in-unit washers and dryers and a central courtyard pool area. Legacy Point will be constructed on the site where the vacant Albertson's building currently sits. Irving-based Collegiate Cos. will serve as the project's program manager. The property is expected to break ground this summer and be delivered in 2013.
LOS ANGELES — Raintree Partners has purchased the Vista Paradiso and Villa Sofia condominiums for $24.2 million. The two luxury properties total 63 units and reside within the San Fernando Valley. Both are currently vacant condo projects that Raintree plans to hold and manage as rental units. The 24-unit Vista Paradiso is located at 11805 Laurelwood Drive in Studio City. The 39-unit Villa Sofia is located at 4470 Woodman Ave. in Sherman Oaks. Raintree was represented by Hirsch Sherman and Jared Levine of KW Commercial. Daron Campbell, also of KW, represented the seller.
CITRUS HEIGHTS, CALIF. — The Meadows, a 256-unit apartment community in Citrus Heights, has sold to Xchange Solutions for $14 million. The property is located at 7677 Greenback Lane. The seller was First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens I, LLC; First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens II, LLC. The transaction was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento, Calif., office.
CHARLOTTE, N.C. — A joint venture between between Global Growth Trust and Woodfield Investments has purchased 13 acres of land, located at the intersection of Interstate 485 and Arrowood Road in Charlotte, to build the $30 million, 298-unit Whitehall Parc. The Class A, garden-style development will include amenities such as a club room, cyber cafe, fitness center and resort-style pool.
MIAMI — Beech Street Capital has closed a $9.5 million Fannie Mae conventional loan for the acquisition of the 369-unit Oak Grove Apartments, located at 15401 NE 6th Ave. in Miami. David Hayum of Meridian Capital Group's New York City office arranged the 5-year loan with a 30-year amortization schedule.
LOUISVILLE, KY. — Walker & Dunlop has provided $7 million in interim financing for the 216-unit Renaissance at St. Andrews, located at 3311 Renwood Blvd. in Louisville. The 1-year, acquisition loan was provided under the company's Interim Loan Program. Doug Taylor of Walker & Dunlop's Irvine, Calif., office originated the loan.
NEW YORK CITY — Zara Realty has acquired five apartment buildings in Hollis and Jamaica, Queens for $38.5 million. The properties include 191-11 Woodhull Ave. and 91-59 191st St. in Hollis and 144-88 88th Ave., 88-09 148th St., 88-25 148th St. in Jamaica. The buildings include a total of 345 apartment units and 306,286 square feet. Bob Knakal and Brian Sarath of Massey Knakal represented the seller in the transaction.
NORWOOD, MASS. — Chestnut Hill Realty has completed the final phase of a four-building apartment project at Norwest Woods in Norwood. With the addition of 54 units, the project includes a total of 91 one-, two- and three-bedroom apartments. Since 2008, the development has added a new clubhouse, fitness center, swimming pool and community room.
