CHICAGO — Cambridge Realty Capital Cos. has arranged $1.39 million FHA-insured first mortgage loan for an undisclosed Illinois-based borrower. The loan will be used to refinance McGill Terrace Apartments, a 48-unit multifamily property located at 821-829 49th St. in Chicago. Cambridge Realty Capital Ltd. of Illinois underwrote the fully amortized, 38-year term loan. Additional terms of the loan were not released.
CHICAGO — Aries Capital has secured $1 million in financing for an apartment complex on the North Side of Chicago. Built in 1929, the walk-up complex features 19 one-bedroom units. Eric Jones of Aries’ Phoenix office arranged the 10-year loan, which carries at 30-year amortization schedule. The loan was financed by a Fannie Mae DUS lender.
NEW YORK CITY — A five-story apartment building located in Manhattan's Greenwich Village has sold in an all-cash transaction for $6.8 million. The building is located at 19 Greenwich Ave. It contains 12 apartments, nine of which are free-market and three of which are rent-stabilized. The building contains the restaurant SweetiePie on the ground level. James Nelson of Massey Knakal Realty Services represented the undisclosed seller. Rosa Murphy of Halstead Property represented the buyer, a private investor from Korea. The property traded at a 6.6 percent cap rate.
SAN DIEGO — Cassidy Turley BRE Commercial has negotiated the $3.8 million sale of an oceanfront multifamily development located at 1984-92 Abbott Street and 5113-19 Saratoga Ave. in the Ocean Beach area of San Diego. The property currently has 16 rental units, and 12 new townhomes are planned. Cassidy Turley’s Tim Winslow, Ray Adams, Jason Kimmel and Kelly Strickland represented both the buyer and the seller — 1984 Abbott LLC and Abbott and Saratoga LLC, respectively — in the all-cash transaction.
HOWARD COUNTY, MD. — Bavar Properties Group has broken ground on the 164-unit The Enclave at Emerson multifamily complex. Located off Gorman Road in Howard County, the 8.2-acre property will include both luxury apartments and townhomes. The firm also is constructing a 5,000-square-foot clubhouse that will include a business center, a fitness center, a theater room and a billiards room.
BALTIMORE COUNTY, MD. — Holland Construction Corp. has broken ground on the first phase of the 80-unit Patapsco Overlook, a complex for adults aged 55 and older. The Active Adult property, located off Thistle Road in Baltimore County, is being developed by J. Kirby Development. Amenities include grill and picnic areas, and a car wash. The development schedule of future phases will be dictated by the success of the initial phase.
WASHINGTON, D.C. — Ari Firoozabadi of Marcus & Millichap has represented a private buyer in the $2.15 million sale of an 18-unit apartment complex in Washington to an undisclosed seller. The property is located at 626 Independence Ave. Capital Bank financed the transaction.
ZION, ILL. — Essex Realty Group has completed the sale of a multifamily property in Zion. Located at 2711 Gabriel in Lake County, the garden-style apartment building offers 18 units. The property consists of three six-unit buildings with five two-bedroom/one-bath units and one one-bedroom/one-bath unit in each. Jim Darrow of Essex represented the undisclosed buyer and seller in the transaction, which totaled approximately $620,000.
SEATTLE — McQuaid Commercial Real Estate has closed the $2.3 million sale of the 22-unit Arbor Heights Apartments located at 625 N. 130th Street in Seattle. Michael McQuaid represented the seller, a local limited-liability company; Greg Deer, the buyer, bought Arbor Heights as the up-leg of a 1031 exchange.
CLEARWATER, FLA. — Waters Edge Clearwater and REDUS Clearwater Bluff have purchased the 153-unit Water's Edge condominium building from an affiliate of Concierge Asset Management for an undisclosed price. The 26-story property is located at 331 Cleveland St. in Clearwater. Amenities include a pool, a spa and a fitness center.