TODAY’S DEALS: Ariel Property Advisors Sells Nine-Building Multifamily Portfolio For $33.25M
Ariel Property advisors sells a nine-building multifamily portfolio for $33.25 million; and NorthMarq Capital arranges $27.7 million through a life insurance company.
New York–Ariel Property Advisors has sold a portfolio of nine multifamily buildings in the Longwood section of the Bronx for $33.25 million.
Brokers Shimon Shkury, Victor Sozio, Michael A. Tortorici and Scot Hirschfield represented the seller, a Bronx-based multifamily operator, and procured the buyer, Omni New York LLC, a revitalization and development firm.
“2012 has been a great year for multifamily sales, but few realize how much of this multifamily activity is taking place in the Bronx,” said Shimon Shkury, president of Ariel Property Advisors. “The Southern Boulevard Portfolio is one of the biggest sales to take place in the Bronx this year and it attracted tremendous interest from operators based locally and throughout the country.”
Shkury went on to note that the package garnered a dozen bids within two weeks of marketing, and that a contract was signed shortly thereafter.
All the properties in the Southern Boulevard Portfolio are subsidized under the Section 8 program of HUD and will continue to be preserved as affordable housing. The buildings are located at 737 Southern Boulevard, 663 Fox Street, 665 Fox Street, 712 Fox Street, 751 Fox Street, 766 Fox Street, 772-774 Fox Street, 775 Fox Street and 784 Fox Street.
The nine buildings in the portfolio have benefited from long-term management and offer a mix of size and scale rarely seen in the Bronx. Of the 372 units, 371 are residential apartments and one is a commercial space. The residential units consist of two studios, 87 one-bedroom, 185 two-bedroom, 62 three-bedroom, and 35 four-bedroom apartments.
NorthMarq Capital arranges $27.7M Through Life Insurance Company
Orlando, Fla.– Jeff Robertson, senior vice president and managing director of NorthMarq’s Miami regional office, arranged first mortgage refinancing of $27.7 million for the Wisper Palms, a 308-unit conventional market-rate multifamily community located in Orlando, Fla. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life insurance company.
“Our correspondent life insurance company provided very competitive terms and beat out the agencies on this transaction,” said Robertson.
