HACKENSACK, N.J. — Hackensack Associates has acquired Franklin Garden Apartments, a 45-unit apartment property in Hackensack for $4.8 million. Thomas McConnell and Kevin McCrann of Marcus & Millichap's New Jersey office represented the seller, Franklin Apartments LLC. They also secured the buyer.
MIDLAND AND ODESSA — Dallas-based Metropolitan Capital Advisors (MCA) has closed a $4.8 million bridge loan for the 170-unit Southwest Oaks apartment complex and a $3.25 million bridge loan for the 127-unit Summerhill apartment complex. The 132,500-square-foot Southwest Oaks is located at 4651 Oakwood Dr. and 1465 John Ben Sheppard Pkwy. in Odessa. The 106,250-square-foot Summerhill is located at 3001 N. Midland Dr. in Midland. Todd McNeil of MCA arranged both transactions on 1-year terms.
PORT ORANGE AND CASSELBERRY, FLA. — Walker & Dunlop has arranged $30.3 million in acquisition financing for the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange, and the 336-unit Reflections, located at 100 Reflections Cir. in Casselberry. Will Baker of Walker & Dunlop's Bethesda, Md., office arranged the 10-year loans with 4-years interest only, followed by a 30-year amortization schedule, through Freddie Mac's CME program.
SODDY DAISY, TENN. — Beech Street Capital has secured $3.36 million in acquisition financing for the 69-unit Blackberry Creek Apartments, located at 9516 Dayton Pike in Soddy Daisy. Chad Hagwood of Beech Street Capital's Birmingham, Ala., office arranged the 10-year loan with a 9.5-year yield maintenance payable on a 30-year amortization schedule through Freddie Mac's CME program.
STAMFORD, CONN. — Edison, N.J.-based Mack-Cali Realty Corp. and Boston-based Winthrop Realty Trust have formed a joint venture to acquire a senior mezzanine loan position in a 1.7-million-square-foot Class A portfolio for $40 million. The multifamily portfolio is located in Stamford's central business district. The portfolio is secured by equity interests in a seven-building complex containing 1.67 million square feet of office space and 106 rental apartment units totaling 70,500 square feet.
NEW YORK CITY — Berkadia Commercial Mortgage has originated a $19.5 million mortgage loan through Fannie Mae to recapitalize an apartment property in Brooklyn. The 10-year, fixed-rate loan carries an interest rate of 4.18 percent. The 53,000-square-foot property is located at 475 Driggs Ave. and has been fully occupied since construction was completed in 2010. The building also includes 12,000 square feet of retail space on the ground floor. Stewart Campbell and Thomas Toland of Berkadia arranged the loan.
NEW YORK CITY — Fortuna Realty Group has sold a 57,000-square-foot mixed-use residential building in West Chelsea for $33.8 million. Azita Aghravi, Paul Nigido and Brian Ezratty of Eastern Conoslidated represented Fortuna in the transaction. The team also procured the buyer, who plans to rename the building Stonehenge 18 and update the apartments. The buyer also plans to reposition the building's retail component, which currently includes eight store fronts along Ninth Avenue. Built in 1939, the building is located at 364 W. 18th St. and consists of 64 apartments.
CLAYMONT, DEL. — Marcus & Millichap has arranged the $6.4 million sale of Water View Court Apartments, a 120-unit property located in Claymont. The apartments are located at 361 Harbor Dr., near the University of Delaware campus. Mark Thomson and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the seller, a student housing REIT. They also procured the buyer, a private investor.
NEW YORK CITY — Hunter Trace 62-unit affordable housing complex has opened at 397-403 Howard Ave. in Brooklyn. The property was financed by the New Housing Marketplace Plan (NHMP). Launched by Michael Bloomberg in 2003, NHMP is a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the end of 2014. The Lantern Group developed the $14 million Hunter Trace building, which includes on-site social services for formerly homeless adults.
WEST CHESTER, PA. — Marcus & Millichap Real Estate Investment Services has completed the $3.5 million sale of Northwyn Court Apartments, a 32-unit apartment property in West Chester. Northwyn is located at 803 E. Boot Rd. and includes one- and two-bedroom apartments. Mark Thomson and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the buyer in the transaction.
