PHILADELPHIA — Cushman & Wakefield has arranged $13.1 million in acquisition financing for a 452,375-square-foot industrial facility in Philadelphia. Located at 11200 Roosevelt Blvd., the property is fully leased to a mix of industrial users. John Alascio, Sridhar Vankayala and Zachary Kraft of Cushman & Wakefield’s Equity Debt & Structured Finance group secured financing for the borrower, Ivy Realty, through lender Reinsurance Group of America Inc. Ivy Realty plans to make $3 million in capital improvements to the property and rebrand it as the Roosevelt Industrial Center.
SOUTH DEERFIELD, MASS. — SRS Real Estate Partners has arranged the $1.9 million sale of a single-tenant retail property in South Deerfield. The property is triple-net leased by Cumberland Farms Inc. The newly developed 4,786-square-foot property is situated on just under two acres of land at 31 Elm St. Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant of SRS represented the seller, a local developer, in the transaction. The buyer was a private investor.
BLOOMINGDALE, N.J. — NAI James E. Hanson has negotiated the sale of a 2,200-square-foot retail property in Bloomingdale. The sales price was undisclosed. LJ Koch of NAI James E. Hanson represented the seller, Waldo LLC, in the transaction. The buyer was undisclosed. Located at 217 Hamburg Turnpike, the building previously served as the home of Walker’s Deli. The new owner plans to renovate and reopen the space as a high-end café, which will feature unique coffee drinks, homemade baked goods, and fresh, made-to-order breakfast and lunch items.
NEW YORK CITY — Jonathan Rose Cos., The NHP Foundation and Nuveen have acquired Shore Hill Housing, a two-building, 558-unit affordable seniors housing property in Brooklyn, for approximately $150 million. The seller was NYU Langone, a hospital system with many buildings located adjacent to the site. The property consists of two interconnected, 14-story towers in the Bay Ridge section of Brooklyn totaling 414,127 square feet. The property was built in 1977 and sits on 2.7 acres along Shore Road. The unit mix includes 325 studios and 233 one-bedrooms. The buyers financed the acquisition with a $102 million Freddie Mac loan arranged through PGIM Real Estate Finance. The Rose Affordable Housing Preservation Fund IV LP, along with joint-venture partner NHP and Nuveen, will invest $52 million of equity in the property. “We are making a long-term investment to preserve an important affordable housing property for seniors with a conventional debt and private equity execution,” says Joshua Plattner, who led the acquisition for Rose. The venture will invest in capital improvements to increase energy efficiency, reduce the carbon footprint and enhance the resident services at Shore Hill as part of Rose’s Communities of Opportunity programming. “We are excited about the opportunity to …
CAMBRIDGE, MASS. — Fantini & Gorga has arranged a $27 million construction loan for Park 77 Apartments, a 93-unit multifamily community in the Alewife neighborhood of Cambridge. Terms of the financing were not disclosed. Located at 77 New St., the property is walking distance from the Metro Boston Transit Authority’s Alewife Station. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga arranged the financing for the undisclosed borrower through a large regional lender.
PARAMUS, N.J. — CBRE has negotiated the sale of Country Club Plaza, a 303,777-square-foot office complex in Paramus. The sales price was undisclosed. Located at 115 and 117 W. Century Road, the two-building complex is currently 97 percent leased to two investment-grade tenants. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE Institutional Properties represented the seller, a partnership of Garrison Investment Group and Onyx Equities, in the transaction. The buyer was Premium Capital Resources.
NEW YORK CITY — Landsea Homes and Leyton Properties have broken ground on a 14-story condominium tower on the Upper West Side of Manhattan. Located at 212 W. 93rd St., the property will include 20 residences atop a new 9,350-square-foot synagogue that will occupy the first two floors. The developers purchased the site from Congregation Shaare Zedek. The building was designed by Eran Chen of ODA New York and draws inspiration from the neighborhood’s historic pre-war architecture. The completion date for the property was not disclosed.
GARDNER, MASS. — Marcus & Millichap has brokered the $3.6 million sale of Washington Park Apartments, a 48-unit apartment property in Gardner. The property is located at 61 W. Broadway. Matthew Pierce of Marcus & Millichap’s Boston office represented the seller, a limited liability company, in the transaction. The buyer was a private investor.
AMSTON, CONN. — Northeast Private Client Group has arranged the sale of a 32-unit apartment community in Amston. The property traded for $2 million, which equates to a capitalization rate of 6.8 percent based on current net operating income. Taylor Perun and Rob Fiamengo of Northeast Private Client Group represented the seller, Hebron Properties, in the transaction. The buyer was Spin Ghar Properties LLC. The property is located at 102 Wellswood Road.
HARRISON, N.J. — Madison Realty Capital has provided $67.5 million in acquisition and construction financing for a 205-unit multifamily development project and an adjacent development site in Harrison. The loan allows the borrower, a partnership between Accordia Realty Ventures and Eastone Equities, to acquire both sites and finish construction of the 205-unit first phase of the project, which is currently topped off and approximately 60 percent complete. The development site has been approved for 435 multifamily units. Located at 700 Frank E. Rodgers Blvd., the first phase of the project is slated for completion in Spring 2019. The development team on the project includes Hollister as general contractor, NK Architects as design architect, Studio 1200 as interior designer, and The Marketing Directors as leasing and marketing agent.