ROCHESTER, MINN. — Daniel Trebil of NorthMarq Capital's Minneapolis Regional office has arranged a $17.2 million first mortgage loan for Bouquet Apartment Portfolio. The 392-unit portfolio is comprised of four multifamily properties located in Rochester. Financing was provided by PPM Finance.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a four-story apartment building located at 306 W. 22nd St. in Manhattan's Chelsea neighborhood for $3.45 million. The building contains seven studio units and five one-bedroom units. It was formerly conjoined with the adjacent Hotel Allerton but was renovated to be a separate building. Massey Knakal's James Nelson and Brock Emmetsberger arranged the deal between the two undisclosed parties.
WICHITA FALLS — Santa Fe Village, a 61-unit apartment community located at 2006 Santa Fe St. in Wichita Falls, has been sold to a private investor in an all-cash transaction. Built in 1972, the multifamily property consists of five two-story buildings on a 1.44-acre lot that house studio, efficiency, one-bedroom, two-bedroom and three-bedroom units. A California-based family trust, represented by Boyan Radic of Marcus & Millichap's Fort Worth office, sold the property. Peter Flis of Marcus & Millichap's Sacramento, Calif., office represented the private investor, who plans to upgrade the property's exterior appearance.
DESOTO — South Point Apartments, located at 1021 Pecan Crossing Dr. in DeSoto, has sold to Austin-based South Point Partners of Texas. Constructed in 1985, the multifamily property consists of 32 studio, 72 one-bedroom and 24 two-bedroom units. LNR Texas Partners, a Texas limited liability company, sold the property and was represented by Peter Hartnett of Hendricks & Partners Dallas office.
MEDIA, PA. — Marcus & Millichap has brokered the short sale of Media Townhomes, a 12-unit multifamily community in Media. The property is located at 310-320 S. Olive St. It traded for $1.39 million. Corey Lonberger, Ken Wellar and Charlie Classen of Marcus & Millichap's Philadelphia office represented the seller and the buyer, both private investors.
NEW YORK CITY — Helios Capital has arranged the acquisition of a non-performing loan for a 30-unit multifamily property located in the Bronx. The loan carries an unpaid balance of approximately $1.4 million. The parties involved in the off-market deal were not released.
DALLAS — A California-based family trust has sold Calais Slopes & Eastridge Condominiums, a 61-unit multifamily property on Eastridge Drive in Dallas, to Building Portfolio Investments V, LLC, a Colorado limited liability corporation. Mark Porterfield of Henry S. Miller Brokerage's Dallas-Fort Worth Multifamily Investments Division represented the buyer and arranged financing through an eight-month assumption program with Berkadia Commercial Mortgage.
MT. PLEASANT, MICH. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded two loans under the Fannie Mae DUS Dedicated Student Housing Loan product line. The loans, totaling $11.5 million, are for two student housing properties in Mt. Pleasant. The assets include the 457-unit Jamestown Apartments, which received a 10-year, $9.4 million loan, and the 42-unit West Campus Village, which received a 10-year, $2.1 million loan. Michael Jehle of Arbor's Bloomfield Hills, Mich., office originated the loans.
NEW YORK CITY — Construction is advancing for 163 Washington, a new residential condominium project located in Brooklyn's Clinton Hill neighborhood. The 16-story tower contains 49 units ranging in size from 440-square-foot studios to 1,156-square-foot two-bedroom units. The buildings contains 5,000 square feet of outdoor amenity space including two fire pits, two outdoor barbecues, a rooftop terrace and a yoga garden. Other amenities include an indoor-outdoor media room, a fitness center and on-site parking. Residences start at $250,000 and occupancy is scheduled for January. The GLC Group is the developer of 163 Washington. Karl Fischer is the project architect, and The Developers Group is handling sales and marketing.
DALLAS — Upper E Apartments, a 466-unit, Class B multifamily community located along Gaston Avenue and Live Oak in east Dallas, has sold for an undisclosed price. An affiliate of the Archon Group sold the property, which was 92 percent occupied, to New York-based Rolling Cash Opportunity Fund. ARA Dallas represented the seller.