Marcus & Millichap Brokers $15.5M Sale of NYC Building

Marcus & Millichap arranges the sale of 974 Saint Nicholas Ave., a six-story elevator building in the up-and-coming Washington Heights neighborhood; and Hunt Mortgage advances a seven-year ARM for a property in a "solid" market.

New York—Marcus & Millichap arranged the sale of 974 Saint Nicholas Ave., a six-story, 47-unit elevator building in Manhattan’s Washington Heights neighborhood. The $15.5 million sales price equates to $330,000 per unit.

Located between 159th and 160th streets with 127 feet of frontage on Saint Nicholas Avenue, the building features 33 market-rate units, 13 rent-stabilized apartments and one rent-controlled unit. Recent renovations include new parapets, new elevator and mechanicals, new stone flooring throughout the common areas, new hallway lighting and a full roof replacement. The units have been upgraded with new wood floors, new plumbing and electrical, stainless steel appliances and granite countertops.

Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz, all in Marcus & Millichap’s Manhattan office, represented both the seller and buyer.

“As the rental market around nearby Columbia Presbyterian Hospital and Yeshiva University continues to grow, the new owner can anticipate tremendous growth from the property’s free-market rental income,” says Glasser.

Hunt Mortgage advances seven-year ARM for property in ‘solid’ market

New York—Hunt Mortgage Group provided a $6.75 million Freddie Mac CME seven-year variable rate loan to refinance a multifamily property located in Canton, Ga.

Built in 2008 and located at 59 Anderson Avenue, Riverview Apartments is a 138 unit mid-rise style apartment community.  The property consists of 71 one-bedroom, 63 two-bedroom and four three-bedroom units, all located in a single four-story residential building.

The borrower, Wilkinson Properties Fund VIII LLC, sponsored by Wilkinson Corp., purchased Riverview Apartments in June 2011. Originally constructed as an age-restricted community, the property currently operates as a market-rate multifamily property.

“In 2011, Wilkinson invested approximately $350,000 in aesthetic improvements to Riverview Apartments,” says Hayley Suminski, vice president of Mortgage Banking at Hunt Mortgage Group.  “The property has been well-maintained since construction, and is located in Canton, approximately 40 miles northwest of Atlanta.”

Riverview is located within close proximity of shopping centers, restaurants, local schools and major highways. Property amenities include a fitness center, clubhouse area, controlled access, business center and BBQ grills.

“The key principal on the deal is Russell Wilkinson, a seasoned commercial real estate investor that has been involved in construction, rehabilitation and ownership of rental investment properties for more than 30 years,” adds Suminski. “Riverview is also very well managed. These factors and the solid real estate fundamentals involved made this a solid deal for Hunt.”

“Hayley and the Hunt Mortgage Group team are true professionals who work hard to ensure that each step of the process is seamless for the borrower,” notes Wilkinson. “We hope to partner with them again in the near future.”

Hunt Mortgage Group provides financing for conventional multifamily properties and other commercial real estate throughout the United States. Hunt Mortgage Group is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider.  It also is a proprietary lender for most other commercial real estate assets.