Brooklyn-based Up Realty plans to purchase and renovate New Cambridge Apartments at 1175 Farmington Avenue for $18.75 million.
The four-story, roughly 165,000-square-foot apartment building was built in 1969 and is comprised of 208 units, with monthly rents currently ranging from $675 for studios to $1,100 for two-bedroom apartments, according to rent.com.
“We found opportunities in transactions nationally, via comprehensive repositioning by changing the historical use of the property or by replacing tenants.”
New York-based MLK Real Estate Capital arranged the financing on behalf of the borrower. MLK Managing Principal Sol Kinraich, with Vice President of Capital Markets Ryan Goldstein and analyst Stephen Lanza worked to secure the financing.
“The purpose of the proceeds was to acquire the property and provide construction financing for the extensive rehabilitation of the interior and exterior of the building,” Kinraich told the New York Commercial Observer.
“This was an opportunity for the borrower, who has extensive experience rehabbing these opportunities, to come in and work their magic.”
Up Realty could not immediately be reached for comment.