Multifamily

NEW YORK CITY — Sioni & Partners has completed the sale of a six-story, elevator-served apartment building in the Bronx for $3.75 million. The property is located at 1860 Billingsley Terrace. It contains 58 residences in a mix of one-, two- and three-bedrooms. Moses Sioni of Sioni & Partners brokered the deal between the seller, Terrace Arms Corp., and the buyer, The Morgan Group. The property traded for an 8 percent capitalization rate.

NEW ROCHELLE, N.Y. — CB Richard Ellis (CBRE) Capital Markets has arranged $80 million in mortgage financing for the acquisition of a luxury apartment tower in New Rochelle. Avalon on the Sound is a 24-story, Class A building located at 255 Huguenot St. It contains 412 apartment units as well as 5,400 square fee of ground-floor retail space leased to a dry cleaner, a spa and a coffee shop. Amenities include a gym, a basketball court, an outdoor swimming pool and an adjacent six-story parking garage. James Gunning and Donna Falzarano of CBRE Capital Markets secured the financing on behalf off the borrower, a subsidiary of Hartz Mountain Industries, through Freddie Mac. Jeffrey Dunne of CBRE's Tri-State Investment Properties Group sourced the investment opportunity on behalf of Hartz Mountain.

NEW YORK CITY — Massey Knakal has brokered the sale of a four-story, walk-up apartment building located in Manhattan's Design District for $3.2 million. Situated at 236 E. 60th St., the building contains retail space on the first two floors with four residential units above. It was vacant at the time of closing. Clint Olsen and Robert Knakal of Massey Knakal arranged the deal.