TODAY’S DEALS: SK Properties Secures $170M in Construction Financing for 845 Units, and Other Transactions
- Dec 10, 2008
By Erika Schnitzer, Associate EditorBridgewater, N.J.—SK Properties has secured more than $170 million in construction financing for three apartment communities, or 845 units, in N.J. and Penn.The loans included $107.5 million for 225 Grand (pictured), a 12-story, 348-unit rental building in Jersey City, N.J. SK Properties is developing the building in a joint venture with Applied Development Company. Financing was for a three-year term and placed with PNC Bank, who served as the lead lender, TD Banknorth, Capital One and Commonwealth Bank Group.In Penn., SK Properties secured a $46 million loan for Centronia Road Apartments, a 26-building, 364-unit, garden-style apartment building in Lehigh County. The three-year loan was placed with Capital One, who served as the lead lender, and TD Bank. Additionally, $17.1 million was secured for Allenbrook Apartments, a 133-unit garden-style community in Allentown, Penn. The three-year construction loan was placed with Bank of America.Chozick Realty Brokers Sale of 44 Units for $3.85M Ashford, Conn.—Chozick Realty Inc. has completed a $3.85 million sale of Birch Hill Apartments, a 44-unit rental community in Ashford, Conn. The sales price represents $87,500 per unit.Chozick arranged the 2006 sale of the same property for $3,335,000. The property shows a 15.44 percent increase in value over 28 months. Ryan Perkoski of Chozik Realty Inc. represented the buyer, Birch Hill Investment LLC, and Tom Boyle represented the seller, Birch Hill Apartments LLC.Birch Hill Apartments, constructed in 1972, offers two-bedroom garden-style residences at approximately 856 sq. ft. each. Located about eight miles from the University of Connecticut’s Storrs campus, the building remains at or close to 100 percent occupied.NorthMarq Capital Arranges $2.5M Mortgage for 57-Unit Minn. PropertySt. Cloud, Minn.—NorthMarq Capital Inc. recently arranged $2.5 million in first mortgage financing for Edgewater Estates Apartments, a 57-unit community in St. Cloud, Minn.Financing was based on a 10-year term, plus a one-year extension period, with a 30-year amortization schedule. It was arranged through NorthMarq’s seller-servicer relationship with Freddie Mac.Daniel Trebil, vice president and senior director of NorthMarq’s Minneapolis office, arranged the terms of financing.