TODAY’S DEALS: Wood Partners Completes Another California Sale
Wood Partners completes a Bay Area sale; NorthMarq arranges a refinancing in Rochester, N.Y.; and GFI Realty arranges a $4.6 million sale of a Harlem walk-up building.
San Mateo, Calif.—Less than a week after detailing its $200 million sale of 22-story glass high-rise in L.A. to Essex Property Trust, Wood Partners has now announced the $73.6 million sale of Mode by Alta in San Mateo, Calif. The 111-unit property was picked up by Land & House USA Inc., a subsidiary of a Thailand-based developer. IPA brokered the sale. The asset represents the second luxury community that Wood Partners has developed and sold in the San Francisco Bay Area. The first, Domain by Alta in Oakland, sold in 2013 for $103.2 million.
Mode by Alta sits on two acres at 2089 Pacific Blvd. that formerly housed a commercial printing facility. Amenities include a fitness room, resident lounge, clubroom and amenity decks. Christiani Johnson Architects designed the property, which was built by SBI Builders.
NorthMarq closes Rochester refinancing
Rochester, N.Y.—NorthMarq Capital’s Greater Westchester NY/CT regional office has arranged the $14 million refinance of Windsor Gardens, a 296-unit community located at 2859 Manitou Rd. in Rochester, N.Y. The transaction was structured with a 10-year term and 30-year amortization schedule.
Robert Ranieri, senior vice president/managing director at NorthMarq, arranged the financing for the borrower, Windosr Associates LP through its seller-servicer relationship with Freddie Mac. This was the third time Freddie Mac refinanced the loan, with the rate dropping each time.
GFI Realty arranges $4.6M sale of prime Harlem walk-up
New York— GFI Realty Services Inc. announced the sale of 469 West 153rd Street aka 1881 Amsterdam Avenue, a corner five-story walk up apartment building located in the Hamilton Heights section of Manhattan for $4.6 million. This pre-war constructed multifamily property consists of 18 apartments and one ground-floor retail unit.
Shawn Sadaghati and Yisroel Pershin of GFI Realty Services represented the seller and Sylvia Spielman, also of GFI, represented the buyer. Both the buyer and seller are local investors.