REBusinessOnline

Valley National Bank Provides $6.8M Acquisition Loan for Apartment Building in New Jersey

ELIZABETH, N.J. — Valley National Bank has provided a $6.8 million acquisition loan for a 22,000-square-foot apartment building in Elizabeth. Located at 737-745 N. Broad St., the property was built in 2017 and consists of a mix of one- and two-bedroom units. Nate Lowy of Juniper Capital Group represented both the undisclosed borrower and Valley National Bank in the transaction. Terms of the financing included a five-year loan at a 4.25 percent interest …

LMC Tops Out 18-Story Apartment Community in Jersey City

JERSEY CITY, N.J. — Developer LMC has topped out The Lively, an 18-story mixed-use apartment community in Jersey City. Located at 321 Warren St., the property will include 180 apartment units, 1,343 square feet of ground-floor retail space and a 14,200-square-foot theater. Amenities will include a 24-hour concierge, fitness center and roof deck lounge with pool as well as views of the Manhattan skyline. The community will consist of studio, one-, two- and three-bedroom units. Fogarty Finger …

Marcus & Millichap Negotiates $13.5M Sale of Crowne Plaza Hotel in Englewood, New Jersey

ENGLEWOOD, N.J. — Marcus & Millichap has negotiated the $13.5 million sale of the Crowne Plaza Hotel in Englewood. Located at 401 South Van Brunt St., the 113,202-square-foot hotel is set on more than five acres. Alan Cafiero, Ben Sgambati and Michael DeVita of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private

CBRE Negotiates $26.7M Sale of Retail Center in Morris Plains

MORRIS PLAINS, N.J. — CBRE has negotiated the $26.7 million sale of a retail center in Morris Plains. Located at 245 Littleton Road, a 67,449-square-foot Stop & Shop anchors the center. The property is leased to Stop & Shop through 2031. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, JDA Development Co., in the transaction. The buyer was Oak Street Real Estate

Covenant to Break Ground on $48M Senior Living Expansion in Connecticut

CROMWELL, CONN. — Covenant Retirement Communities, a nonprofit, faith-based seniors housing owner-operator, will break ground Feb. 21 on a $48 million expansion at Covenant Village of Cromwell, located just south of Hartford. The community originally opened in 1964. The expansion project will add 54 new apartments and a town center with three dining venues, lobbies, a game room, art studio, wellness center and event center. Approximately 87 percent of the units have already been pre-sold. …

CBRE Negotiates $88.5M Sale of Apartment Portfolio in New Hampshire

MANCHESTER, N.H. — CBRE has negotiated the $88.5 million sale of a 640-unit apartment portfolio in Manchester. The properties include Hilltop Ridge and The Highlands at Washington Park, which were both built in the early 1980s. Biria St. John and Simon Butler of CBRE represented the sellers, Hilltop Apartments LLC and WPN Property LLC, in the transaction. The buyer was an affiliate of The DSF Group. Brian Eisendrath, Cameron Chalfant and John Kelly of CBRE’s Capital Markets team …

Cordish Cos. to Develop $80M Office Tower in Philadelphia

CPHILADELPHIA — Comcast Spectacor and the Cordish Cos. have announced plans to develop Pattison Place, an $80 million office tower inside the Philadelphia Sports Complex. Designed by Beyer Blinder Belle and BLT Architects, the 200,000-square-foot Pattison Place will feature a 4,000-square-foot lobby with 35-foot ceiling heights and 20,000 square feet of ground-floor retail. The 12-foot floor-to-ceiling windows in the building will also provide views of the Philadelphia skyline, surrounding …

KeyBank Provides $17.8M Refinancing for Two Healthcare Facilities in Pennsylvania

YORK, PA. — KeyBank has provided a total of $17.8 million to refinance two healthcare facilities in York. The properties are Autumn House East, a five-building, 141-bed healthcare facility; and Autumn House West, a three-building, 132-bed assisted living and memory care facility. The properties were built in 1958 with renovations each decade. Patrick Shearer of KeyBank’s Commercial Mortgage Group arranged the fixed-rate loans with 30-year amortization schedules on behalf of borrower …

CBRE Arranges $10.3M Sale-Leaseback of Office Property in Mahwah, New Jersey

MAHWAH, N.J. — CBRE has arranged the $10.2M sale and leaseback of an office property in Mahwah. Located at 1111 Macarthur Blvd., the two-story, 140,420-square-foot building was constructed in 1979 and fully renovated in 1990. Thomas Mallaney, Randy Eigen and Conor Dolan of CBRE represented the seller, Seiko Holdings Corp. in the sale and leaseback. The buyer was 1111 MacArthur Boulevard LLC. Seiko has agreed to lease 18,400 square feet at the property. Nuance Communications, a …

Cornerstone Realty Capital Secures $2.2M Refinancing for Mixed-Use Property in Massachusetts

HUDSON, MASS. — Cornerstone Realty Capital has secured a $2.2 million loan to refinance a 32-unit mixed-use property in Hudson. Located on Main Street, the property consists of 28 residential and four commercial units. Patrick Brady of Cornerstone secured the fixed-rate financing with 12 months of interest-only payments on behalf of the undisclosed borrower. An agency lender provided the

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