NEW YORK CITY — The Jericho Project has received $10.6 million in federal stimulus funding for the construction of a new supportive housing community for veterans in the Bronx. Residence at Kingsbridge will feature 76 units. The community will also provide professional counseling services for returning veterans as well as employment assistance and family reunification services. The building is applying for LEED certification and should be complete in the next 18 months. It will mark The Jericho Project's fifth Veterans Residence community, which are located in the Bronx and Harlem. Additional funding for the Kingsbridge project is coming from the New York City Department of Housing Preservation and Development, Bronx Borough President Ruben Diaz, Jr., and private donations.
Multifamily
WASHINGTON, D.C. — Quality Housing Partners has sold the 28-unit Truman House apartment complex to an undisclosed buyer for $4.2 million. The property is located at the intersection of 14th Street NW and N Street NW in Washington. Marcus & Millichap's Firoozabadi Group represented the seller in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has completed the $3.12 million sale of a residential building located on the Lower East Side of Manhattan. The six-story building contains ground-floor retail space and 22 rent-stabilized apartments above. Apartment occupancy was 40 percent at the time of closing, and the retail space was occupied under a short-term lease. Michael DeCheser of Massey Knakal handled the all-cash deal between the two undisclosed parties.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged $5.25 million for an apartment building located in the Bronx, New York City. The six-story property features 78 rent-stabilized units, 90 percent of which are occupied. The loan carries a 1-year, interest-only term followed by a 30-year amortization schedule. Max Herzog and Michael Diaz of CBRE Capital Markets' Debt & Equity Finance Group arranged the loan on behalf of the undisclosed borrower through a local bank.
SUMMERVILLE, S.C. — The owner of Cobblestone Village Apartments, a 320-unit multifamily complex in Summerville, has received a $20 million loan, which will replace existing construction financing. The 10-year loan carries a 5.88 percent interest rate and a 30-year amortization schedule. Arbor Commercial Funding arranged the loan.
CLEVELAND, TENN. — Deutsche Bank Berkshire Mortgage has arranged a $15.7 million construction loan for The Retreat at Spring Creek apartment complex. The 199-unit property will be part of Cleveland's The Spring Creek Development, a mixed-use neighborhood. The 40-year, fixed-rate loan was financed through HUD's Section 221(d)(4) Mortgage Insurance Program.
JACKSONVILLE, FLA. — Two undisclosed clients have traded the 400-unit Summer Oak apartment complex in Jacksonville for $12.4 million. The property was constructed in 1972. Steve Lear, Bart Walchle and Erik Bjornson of Walchle Lear Multifamily Advisors represented the institutional seller in the transaction.
NEW BRIGHTON, MN. — NorthMarq Capital’s Minneapolis office has arranged $3.27 million in first mortgage financing for Silver Oaks Court Apartments in New Brighton. The apartment complex offers 96 residential units. The financing carries a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac. The borrower was Silver Oaks Court LP.
CHICAGO — Alliant Capital has secured loans for two multifamily properties in Chicago. In the first transaction, Alliant arranged a $1.6 million loan for Kedzie Boulevard Apartments, an 18-unit apartment complex located in the Logan Square neighborhood. Built in 1893, the property offers one-, two- and three-bedroom units. In the second transaction, $1.1 million was arranged for East 42nd Street Apartments. Built in 1899, the 23-unit property offers one-, two- and three-bedroom units. John Marr of Alliant Capital closed both transactions on behalf of a private borrower.
WATERVLIET, N.Y. — Groundbreaking has occurred for an $18 million renovation of Van Rensselaer Village, a 12-building, 100-unit affordable housing community located in Watervliet. Construction will include substantial interior renovations that will reduce the unit count to 80 and add energy-efficient appliances and systems to units and buildings. Windows and insulation will be replaced, central air conditioning will be installed and the exteriors of the buildings will receive new siding and roofs. Omni Housing Development is completing the project on behalf of the Watervliet Housing Authority. The project architect is CK Dennis Architects.