REBusinessOnline

NKF Negotiates $108M Sale of Office Tower in Conshohocken, Pennsylvania

CONSHOHOCKEN, PA. — Newmark Knight Frank has negotiated the $108 million sale of Eight Tower Bridge, a 16-story, 346,659-square-foot office tower in Conshohocken. The property features a tenant roster that includes Marsh & McLennan Cos., Allied Universal, Penn Mutual, AMG Funds and Airgas. Edward Maher, Matthew Pullen and James Tribble of NKF represented the seller, Barings, in the transaction. The buyer was American Real Estate Partners. The property also includes a seven-level, …

S3 Capital Partners Arranges $76M Construction Loan for 21-Story Hotel in Manhattan

NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an …

KeyBank Provides $38.1M CMBS Loan for Medical Office Property in Greenlawn, New York

GREENLAWN, N.Y. — KeyBank Real Estate Capital has provided a $38.1 million CMBS loan for a 199,128-square-foot medical office property in Greenlawn. Built in 1966 and renovated in 2017, the 17.7-acre property is located at 5 Cuba Hill Road and is comprised of four two-story buildings. William Cassidy of KeyBank provided the undisclosed borrower with a non-recourse, fixed-rate loan with a 10-year term and a 30-year amortization schedule. The loan was used to refinance existing

Marcus & Millichap Orchestrates $6.8M Sale of Mixed-Use Building in Manhattan

NEW YORK CITY — Marcus & Millichap has brokered the sale of a six-story mixed-use building in Manhattan for $6.8 million. Located at 1469 Saint Nicholas Ave., the 22,008-square-foot property contains 23 apartments and three retail stores. Peter Von Der Ahe, Seth Glasser and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private

IPA Brokers Sale of 339-Unit Multifamily Property in Groton, Connecticut

GROTON, CONN. — Institutional Property Advisors has brokered the sale of The Ledges Apartment Homes, a 339-unit multifamily property in Groton. The sales price was undisclosed. The property was built in 2004 and comprises 14 buildings on nearly 30 acres. The average unit size is 1,034 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller, B.A.G. Investments Inc., in the transaction. The buyer was Merion Realty

Cronheim Mortgage Arranges $11.5M Refinancing for Mixed-Use Property in Norwalk

NORWALK, CONN. — Cronheim Mortgage has arranged an $11.5 million refinancing for SoNo Square, a 94,472-square-foot mixed-use property in Norwalk. Cronheim secured the financing on behalf of borrower SoNo Square Associates, an affiliate of Westport-based David Adam Realty. The lender was undisclosed. Terms of the financing include three years of interest-only payments and a 30-year amortization schedule. The tenant roster at SoNo Square includes Lilian August Design warehouse, West Marine and …

RED Capital Group Secures $7.8M Construction Loan for Adaptive Reuse Multifamily Building in Pennsylvania

LANDISVILLE, PA. — RED Capital Group has secured a $7.8 million construction loan for Tobacco Road apartments, an adaptive reuse of a historic building in Landisville. The loan will be used to develop the currently vacant brick property into a 66-unit apartment community. The structure, a former tobacco warehouse, consists of four connected buildings and was built in the early 1900s. The property is listed on the National Register of Historic Places. RED Capital Group secured the financing on …

Marcus & Millichap Negotiates $6.4M Sale of Retail Center in Maine

STANDISH, MAINE — Marcus & Millichap has negotiated the $6.4 million sale of Colonial Marketplace, a retail center in Standish. Located at 111 Ossipee Trail, the property is approximately 17 miles west of Portland. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. Hannaford Supermarket has anchored the retail center for more than 25

NKF Brokers Sale of 12,000 SF Industrial Facility in Ronkonkoma, New York

RONKONKOMA, N.Y. — Newmark Knight Frank has brokered the sale of 16 Colt Court, a 12,000-square-foot industrial facility in Ronkonkoma. The sales price was undisclosed. Daniel Gazzola, Chuck Tabone and Keith Kito of NKF represented the seller, Colt Properties LLC, in the transaction. The buyer was 16 Colt Realty LLC. The property was formerly occupied by Link Control Systems Inc., a manufacturer of control devices for a range of complex and large mechanical devices for

RPM Development Group Opens Green Active Adult Community in Philadelphia Suburbs

WESTVILLE, N.J. — RPM Development Group has opened Westville Commons, a 55-plus apartment community in Westville, located just across the Delaware River from South Philadelphia. Affordable units are available for those who qualify, and the community was built to LEED Platinum certification using Passive House green building principles. Founded in 1986, RPM Development Group is one of the leading developers of affordable housing in New

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