DOBBS FERRY AND HASTINGS ON HUDSON, N.Y. — Houlihan-Parnes Realtors has sold Osborn Manor Apartments, a 78-unit, garden-style apartment community located on 300 Broadway in Dobbs Ferry. The buyer's name was not released. In addition, Houlihan-Parnes secured a $13.05 million first mortgage for Hastings Terrace Apartments, a 120-unit community located at 555-565 Broadway in Hastings on Hudson. The loan carries a 4.5 percent note rate with interest-only payments for the first 2 years, a 5-year term after that, and a 5-year extension option. The lender was a local savings bank.
NEW ALBANY, IND. — Tikijian Associates has completed the sale of Knobs Pointe, a 384-unit apartment community located in New Albany. The acquisition also includes a 23,000-square-foot shopping and office complex adjacent to the apartments. The buyer, Ohio-based Bluestone Property Management, plans to invest $3 million to renovate the property, including a complete upgrade of the property's electrical system, refurbishment of common halls and unit interiors, a new swimming pool and extensive exterior improvements. An affiliate of New York-based Sovereign Bank sold the property for an undisclosed price.
NEW YORK CITY — Time Equities has purchased two Manhattan apartment buildings for $3.65 million. The buildings are located at 153 and 155 E. 37th St. in the Murray Hill neighborhood. They were originally constructed as two separate townhomes but converted into one-bedroom apartments in the 1950s. Christopher Sjurset of Marcus & Millichap and Todd Jacobs of Bold New York represented the undisclosed seller. Hy Schermer provided in-house representation for Time Equities.
GAINESVILLE, FLA. — NorthMarq Capital has arranged $1.47 million in first mortgage financing for Parkside Apartments I & II in Gainesville. The property offers 28 apartment units. Lamar Sarra of NorthMarq's Jacksonville, Fla., regional office secured the financing. The financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged the loan through its seller-servicer relationship with Freddie Mac.
CHAMPLIN, MINN. — Dominium Development and Acquisition has acquired Champlin Drive, a multifamily complex located in Champlin. Built in 1992, the property offers 72 affordable housing units. Dominium plans to renovate the property, including new vinyl flooring throughout the units, new kitchen countertops, new bathroom vanities and vanity tops, new carpeting, new interior and unit entry doors, new appliances, new building and garage roofs, a new parking lot and upgrades to the unit balconies. The renovations are expected to be completed by mid-March. The seller and acquisition price were not disclosed.
SUNRISE, FLA. — The Ft. Lauderdale, Fla., office of Grandbridge Real Estate Capital has originated and closed a $19.85 million first mortgage loan. The loan is secured by The Colonnade at Sawgrass, a 212-unit garden-style apartment community in Sunrise. Built in 1996, the community features a clubhouse, eight residential buildings with a mix of one-, two- and three-bedroom units, a business center, a fitness center, a swimming pool, a playground and tennis courts. BB&T Real Estate Funding provided the bridge debt. Lance Lehman of Grandbridge originated the transaction. Charlotte, N.C.-based Grandbridge is a subsidiary of BB&T.
ANN ARBOR, MICH. — CBRE Capital Markets – Debt & Equity Finance has arranged $45 million in financing for the construction of 601 Forest, a student housing project in Ann Arbor. The financing was arranged on behalf of a partnership between Chicago-bsed Campus Acquisitions and Detroit-based Hughes Development. The project will consist of a 14-story tower offering 601 fully furnished units with gourmet kitchens, flat screen televisions and in-suite washer/dryers. Additionally the building will have a 1,800-square-foot lobby, ground-floor retail space, a fitness center, a cyber cafe, a business center and several study lounges. Jason Brown, James Tramuto and Ryan Reid of CBRE Capital Markets arranged the financing. Harrison Street Real Estate provided the joint venture equity for the partnership.
CANARYVILLE, ILL. — MJ Wallace LLC has acquired 4617 South Wallace in Canaryville. The four-unit apartment building was sold by BBG South Wallace/Chicago LLC, an affiliate of Bridgeview Bank Group, for an undisclosed price. Greg Block of Millennium Properties R/E Inc. represented both parties in the transaction. Robert J. Di Silvestro of Di Silvestro & Associates served as counsel for the bank and Chad Poznansky of Borek & Associates served as counsel for the buyer.
LAS VEGAS — As part of a packaged sale, The Siegel Group Nevada has acquired 18 multifamily properties, located just east of the Paradise corridor in Las Vegas. Terms of the deal were not disclosed. Recently foreclosed upon and acquired from a private seller at a substantial discount, the apartment properties consist of 15 4-unit buildings and three 6-unit buildings.
MESA, ARIZ. — Marcus & Millichap has brokered the almost $12.86 million sale of the 126-unit Cypress Court assisted-living and memory care property, located at 310 South 63rd St. in Mesa. The three-story, 81,995-square-foot property includes a main dining room, a dietary department, administrative offices, three elevators and a central courtyard. Marcus & Millichap’s Mark Myers, David Guido and Joshua Jandris represented an Indiana-based nonprofit in its disposition of the 145-bed property to Emeritus Senior Living.