WILLINGBORO, N.J. — Merola Tile Group has purchased a distribution facility located at 49 Ironside Court in Willingboro for an undisclosed price. The buyer will use the 82,000-square-foot facility to distribute Merola Tile, SomerTile and other branded products throughout the Northeast. Jonathan Glick of Sheldon Gross Realty Inc. represented the buyer in the transaction. The seller and acquisition price were not released.
ROSELAND, N.J. — Vision Real Estate Partners has purchased a three-building office portfolio, located at 101, 103 and 105 Eisenhower Parkway in Roseland. Mack-Cali Realty Corp. sold the portfolio for an undisclosed price. The buyer plans to rebrand and renovate the 610,000-square-foot portfolio, which is situated on 51 acres. Brach Eichler LLC, Orloff Lowenbach S. & S., Lum, Drasco & Positan LLC, FTI Consulting and Marcum LLP are among the 57 tenants of the portfolio. John Alascio and John Spreitzer of Cushman & Wakefield arranged acquisition financing for the buyer, while Nicholas Karali, also of Cushman & Wakefield, advised the buyer on the transaction.
HOBOKEN, N.J. — Pillar, a subsidiary of SunTrust Banks, has originated a $59.4 million Freddie Mac loan for the refinancing of The North Constitution at The Shipyard. Jessica McGuire of Pillar originated the fixed-rate, 10-year loan, which features a 30-year amortization schedule and 60 percent loan-to-value, for the sponsors, Michael Barry and David Barry of Hoboken-based Ironstate Holding Co. Built in 1999, the 14-story multifamily property features 138 apartments in one-, two- and three-bedroom layouts. On-site amenities of the waterfront property include views of the Hudson River, a waterfront park, elevated courtyards, a fitness center and parking garage.
ROSELAND, N.J. — Gebroe-Hammer Associates has brokered the sale of Nob Hill Apartments, a garden-style apartment community located at 28 Nob Hill Road in Roseland. Novel Property Ventures acquired the property from Segal & Segal for $130 million. The 360-unit property features one- and two-bedroom layouts, as well as three-story duplexes with ground-floor garages and storage rooms. Community amenities include a swimming pool, tennis courts, off-street parking and sundecks. Greg Pine and Ken Uranowitz of Gebroe-Hammer represented the seller, while Nicholas Nicolaou of Gebroe-Hammer procured the buyer. Additionally, JLL secured $102 million in acquisition financing and a $10 million construction facility for the purchase and rebrand of the 30-building property. Acore Capital provided the financing package, which was arranged by Dustin Stolly and Aaron Niedermayer of JLL.
LAWRENCE, N.J. — Houlihan-Parnes Realtors has placed an $18 million first mortgage and credit facility for Lawrence Shopping Center, located at 2495-2421 Brunswick Pike and Harding Avenue in Lawrence. Acme Supermarket, Burlington Coat Factory and Staples are major tenants at the 400,000-square-foot property. A joint venture between JJ Operating Inc. and principals and investors from Houlihan-Parnes Realtors recently acquired the property.
WAYNE AND SOMERSET, N.J. — G.S. Wilcox & Co. has secured two loans totaling $12.7 million for two industrial properties in New Jersey. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing for the borrowers. In the first transaction, the firm secured a $10 million loan for a 311,813-square-foot warehouse distribution center in Wayne. The borrower was an undisclosed developer. In the second deal, the company secured $2.7 million loan for the refinancing for a warehouse facility located in Somerset for an undisclosed developer borrower.
LODI, N.J. — Gebroe-Hammer Associates has arranged the sale of Cedar Wright Gardens, an apartment complex located at 77 Mary St. in Lodi. Cedar Wright Apartments LLC acquired the property from Cedar Wright Gardens LP for $100 million. Situated on 31 acres, the property features 642 units in a mix of one- and two-bedroom layouts, on-site laundry facilities, off-street and optional garage parking and courtyards. Ken Uranowitz, Joseph Brecher and Greg Pine of Gebroe-Hammer represented the seller and identified the buyer in the transaction.
NEW PROVIDENCE, N.J. — Erickson Living, one of the largest seniors housing operators in the United States, has announced a Phase II expansion of Lantern Hill, the company’s 161-unit independent living community in New Providence, approximately 30 miles west of New York City. The expansion will add 114 additional independent living units to the property, for a total of 275. The new units will be in two new buildings scheduled to open in early 2018. Long-term, Erickson plans to turn the 20-acre property into a 360-unit continuing care retirement community. The first independent living phase opened in June 2016 and sold out in 10 weeks, according to Erickson.
NEW JERSEY — Walker & Dunlop has structured a $28.4 million loan for Valstone Partners. The transaction consists of a U.S. Department of Housing and Urban Development portfolio backed by 14 cottage-style memory care properties located across New Jersey. Kevin Giusti and Michael Vaughn of Walker & Dunlop arranged the 35-year, fixed-rate loan, which was structured as a 232/223(f) Health Care Facility refinance with an 80 percent loan to value. Loan proceeds were used to refinance 12 of the properties and acquire and refinance two properties.
JERSEY CITY, N.J. — New York Life Real Estate Investors, on behalf of Dividend Capital Diversified Property Fund Inc., has originated a $146.6 million loan for an office building located at 3 Second St. in Jersey City. The floating-rate loan has an initial term of three years with two one-year extensions.
