RICHMOND, VA. — Richmond-based MGT Construction has completed two multifamily projects in Richmond. MGT built the 79-unit Paper Company Apartments, located at 203 Hull St. The property also includes 12,000 square feet of office space. The firm also worked on the 28-unit Shockoe Lofts, located at 2010 E. Main St. Shockoe includes 4,000 square feet of retail space.
NEW YORK CITY — A 25-unit, single-room occupancy property has been traded for $850,000. The five-story building, which is located at 566 W. 182nd St., was vacant at the time of the trade. The new owner will continue to operate the building as a residential property. Neil Gronowetter of Eastern Consolidated represented the seller, West 182nd Realty, and procured the buyer, GSC Washington Heights LLC, in the transaction.
NEW YORK CITY — Boston Capital has invested in Harriet Tubman House Apartments, an affordable housing project under development in Harlem, Hew York City. The project, which is being developed by locally based West Harlem Group Assistance, will consist of the rehabilitation of a former homeless shelter. Two buildings will be renovated and a third building will be constructed. The new community will contain 53 units in a mix of two studios, 13 one-bedrooms, 26 two-bedrooms and 12 three-bedrooms. Sixteen of the units will be set aside for formerly homeless residents. Amenities will include 1,500 square feet of community space with a community room and laundry facilities; a sixth floor common roof deck; and a meeting space with a kitchen, a pantry and a resident recreation area. The construction timetable was not released.
LUBBOCK, TEXAS — Alliant Capital has provided a $3.04 million loan for the refinancing of a Lubbock apartment community. Raider Station is a 103-unit, garden-style property that comprises nine, two-story buildings. The loan carries a 5.67 percent interest rate, a 10-year term with a 30-year amortization schedule, and 9.5 years yield maintenance. The borrower was not disclosed
HOUSTON — BMC Capital has originated a $4.35 million loan for the refinancing of Spring Branch Apartments, a 140-unit multifamily community located in Houston. The loan carries a 10-year term with a 27-year amortization schedule and a fixed interest rate. The borrower and lender were not disclosed. In addition, BMC originated a $510,000 construction-to-permanent loan for the acquisition and renovation of a restaurant property located in Euless, Texas. The building will be converted to a Golden Chick Restaurant. The loan features a 5-year term with a 25-year amortization schedule, a fixed interest rate and a 75 percent loan-to-value ratio.
NORTH HOLLYWOOD, CALIF. — Jonathan Cook of Investment Real Estate Associates (IREA) represented the undisclosed buyer in the acquisition of Cloisters Apartments in North Hollywood. Located at 4824 Satsuma Ave., the 10-unit multifamily property sold for $1.73 million. Amenities include off-street covered and open parking, a pool, landscaping and laundry facilities. Chris Thompson, also of IREA, represented the undisclosed seller in the transaction.
SHERMAN OAKS, CALIF. — Ed Fischer of Hendricks & Partners represented Los Angeles-based Moorpark Premier Properties in the disposition of 15146 Moorpark Street in Sherman Oaks. Santa Monica, Calif.-based 15146 Moorpark Street purchased the 7-unit townhome property for $2.3 million or more than $328,000 per unit.
PORTLAND, ORE. — American West Coast Properties has purchased Grant Manor Apartments, a 5-unit multifamily building located at 12650 SW Grant Ave. in Portland. Patrick J & Patricia Hefferman sold the property for an undisclosed price. Naz Parsiani of Bluestone & Hockley Real Estate Services represented the buyer; Bill Marquard of The Hasson Company Realtors represented the seller in the transaction.
LOUISVILLE, KY. — Columbus, Ga.-based Flournoy Development has sold the 328-unit Terraces at Forest Springs apartment complex to St. Louis-based Michelson Realty Co. for $22.87 million. The complex, which is 92 percent occupied, is located at 3501 Terrace Springs Dr. in Louisville. Terraces at Forest Springs features a fitness center, a car wash center and lighted tennis courts. Cushman & Wakefield’s Nathan Swenson, Mike Kemether, David Gutting, David Wagner, Chris Spain, Larry Orr, Brandon Whitesell and Steve West brokered the sale.
COUNCIL BLUFFS, IOWA — General contractor Lund-Ross Constructers has begun work on the Harvester Artist Lofts, a 36-unit live/work apartment community in the Omaha, Neb., suburb of Council Bluffs. Artspace, a Minneapolis-based non-profit real estate developer purchased the four-story, 80,797-square-foot Harvester building to further its mission of building affordable live/work space for artists. Lund-Ross is overseeing the redevelopment and historic renovation of the building, which will feature 36 apartment units and 5,500 square feet of space for studio artists and compatible businesses upon completion.