WOBURN, MASS. — Colliers International-Boston has arranged $53 million in joint venture equity financing for the construction of a dual-branded Hilton Hotel at 369 Washington St. in Woburn. Thomas Welch, Adam Coppola, John Poole, Tonia Jenkins and Richard Lillis of Colliers arranged the joint venture equity for owner Boston-based Madison Properties. Whitman Peterson is the equity investor and Concord Hospitality Enterprises Cos. is the developer/operator partner for the project. Since acquiring the now remediated site, Madison Properties has received entitlements for the hotel and three retail pad sites, already leased to Red Robin and Chick-fil-A, which is slated to open in 2018. The developer will break ground for the dual-branded Homewood Suites and Hampton Inn & Suites this month.
NEW YORK CITY — KeyBank Real Estate Capital has secured a $19 million Freddie Mac first mortgage loan for a multifamily property, located at 178 N. 11th St. in Brooklyn. Built in 2017, the six-story building features 49 apartment units and 1,200 square feet of retail space. Ten units are reserved for tenants earning 60 percent or less of area median income. Tom Peloquin of Key’s Commercial Mortgage Group arranged the full-term interest-only loan for a term of 11 years. Proceeds of the loan will be used to refinance existing debt. The name of the borrower was not released.
SOUTH PLAINFIELD, N.J. — ShopOne Centers REIT has entered the metro New York City market with the acquisition of Oak Park Commons in South Plainfield. Located at the corner of Oak Tree Road and Park Avenue, the 139,717-square-foot property comprises three multi-tenant buildings and four single-tenant buildings. At the time of sale, the property was 98 percent occupied by a variety of tenants, including ACME Markets, CVS/pharmacy, Advance Auto Parts, Goodyear Tire, Dollar Tree, McDonald’s and Wells Fargo Bank. The acquisition price was not released.
NEW PROVIDENCE, N.J. — Erickson Living has opened the doors on Maple Glen, an independent living expansion at Lantern Hill, a continuing care retirement community in New Providence, approximately 30 miles west of New York City. The residential community is part of a phased expansion of the 20-acre community. Maple Glen is part of Phase II, which also includes a second building — Oakwood Court — scheduled to open in February. Phase II will add a total of 114 independent living apartments. Phase I, which opened in June 2016, added 161 independent living apartments, all of which sold out in 10 weeks, according to Erickson. A climate-controlled walkway connects Maple Glen to Union Square where the community’s restaurants, medical center and amenities are located.
MOUNT OLIVE, N.J. — Money360 has funded a $4.4 million acquisition loan as part of its relationship with Ten-X Commercial. The fixed-rate loan features a 10-year term. Proceeds of the loan will be used to acquire a 47,752-square-foot retail center included in the larger International Trade Center Crossing retail complex in Mount Olive. The undisclosed borrower was the winning bidder for the asset and used Money360 as its debt provider.
CAMBRIDGE, MASS. — Intercontinental Real Estate Corp. has acquired 1280 Massachusetts Ave. in Cambridge for an undisclosed price. Located in Harvard Square, the 43,120-square-foot mixed-use building features 33,828 square feet of office space and 8,540 square feet of retail space. The seller, Boston Residential Group, developed the property in 1985. Current office tenants include Harvard University, Equity Resources Investments and Mark of the Unicorn. Retail tenants include Tatte Bakery and Café, Qdoba Mexican Eats and SEE Inc. Symmes Maini & Mckee Associates (SMMA) designed the brick and steel building, which is located at the edge of Harvard Yard at Harvard University and near the MBTA’s Red Line Harvard Square Station. Boston-based Intercontinental Real Estate Corp. is an investment adviser that manages a real estate portfolio of approximately $6 billion for its clients. Boston Residential Group is a residential developer based in Boston. — Kristin Hiller
NEW YORK CITY — Sabal Capital Partners has completed a $129 million portfolio of 34 refinancing loans for multifamily units in the Bronx. The portfolio encompasses 863 apartment units. The loans are the largest single Small Business Loan transaction processed through the Freddie Mac SBL program since its inception in 2014, according to Sabal.
WEST LEBANON, N.H. — NKF Capital Markets has arranged the sale of The Windalier Portfolio, a retail portfolio located in West Lebanon. The Davis Companies acquired the portfolio from Dead River Properties for $27.1 million. Totaling 230,035 square feet, the portfolio comprises Kmart Plaza, Miracle Mile Shopping Center and North Country Plaza, all of which are located along or near Route 12A. At the time of sale, the portfolio was 96 percent occupied. Kmart, TJMaxx and Jo-Ann Fabric and Craft Stores are tenants at the portfolio. Justin Smith, Robert Griffin and Geoffrey Millerd of NKF represented the seller in the deal.
PARAMUS, N.J. — Onyx Equities, in a joint venture with Garrison Investment Group, has acquired the leasehold interest in an office building located at 61 S. Paramus Road in Paramus. Mack-Cali Realty sold the 285,000-square-foot property for an undisclosed price. With this acquisition, the partnership’s Bergen County portfolio now comprises 1.4 million square feet across six assets located throughout Paramus and Rochelle Park. Cole Schotz P.C. and Milbank, Tweed, Hadley & McCloy represented the buyer, while Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the seller in the transaction.
NEW YORK CITY — Madison Realty Capital has provided a $15 million bridge loan for a mixed-use development site located on three adjacent parcels in Brooklyn: 936 and 948 Myrtle Ave. and 258-264 Throop Ave. The borrower, a developer, has received approval for a 154,699-square-foot, three-building, mixed-use project. The developer plans to construct a residential project with rental and condominium units in three interconnected buildings with ground-floor retail space. Site excavation is nearly complete, and the borrower is moving forward with foundation work while pursuing approval for additional support through the Inclusionary Housing and Food Retail Expansion to Support Health programs.