NORWALK, CONN. — Queens Plaza West has acquired the 120-room Dolce Norwalk hotel in Norwalk. The sales price was not disclosed. Lakota Hotels & Resorts will operate the 66-acre facility after renovations and upgrades, which will include updates to the 240-seat ballroom, amenity areas and guest rooms. Situated in the center of Fairfield County, the hotel offers views of outdoor terraces, wide green lawns, wooded areas and ponds. The property features a 10,500-square-foot event space, lap pool, full-sized basketball court, racquetball courts and a fitness center. Dolce Norwalk was acquired for $24.9 million in 2007 by Broadreach Capital Partners.
EAST ORANGE AND NEWARK, N.J. — One Wall Partners has acquired three multifamily properties in Northern New Jersey. The properties, which have a combined 217 units, are located at 742 Park Ave. in East Orange, 103 Chancellor Ave. in Newark and 25 Van Velsor Place in Newark. With these acquisitions, One Wall’s portfolio now comprises 39 buildings spanning 1,917 units in Northern New Jersey. One Wall Partners specializes in transit-oriented workforce housing options. Gebroe-Hammer Associates represented One Wall Partners in the transactions.
MYSTIC, CONN. — Fantini & Gorga has secured a $4.6 million first mortgage loan for the acquisition of the Days Inn & Suites in Mystic. A major New England-based financial institution provided the financing to the undisclosed borrower, a long-time client of Fantini & Gorga, as part of a 1031 exchange. The property consists of a 120-room, two-story motel with 51,732 square feet of space on a nearly five-acre lot.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,100-mixed-use building located at 853 Onderdonk Ave. in the Ridgewood neighborhood of Queens. The sales price was $3 million. The property was built in 1930 and features 2,230 square feet of ground-floor retail space. Shaun Riney and Tom Shihadeh of Marcus & Millichap represented the seller and buyer, both private investors, in the transaction.
BOSTON — TA Realty LLC has arranged the $418 million sale of 28 State Street, a 40-story office tower located at the intersection of Congress and State streets in Boston’s Financial District. A joint venture between Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York sold the asset to a domestic institutional investor. The building includes 572,000 square feet of office space, and was 95 percent leased at the time of sale to financial services and law firms. In addition, 28 State Street includes 7,000 square feet of retail space. TA Realty managed the building and provided advisory services on behalf of the joint venture, helping the ownership group enhance the property’s value through operational and capital improvements. “The asset quality and ideal location together with strong market fundamentals made 28 State Street a highly compelling acquisition opportunity,” says Jim Raisides, partner at TA Realty. “We believe the purchase price reflects the value we helped create over the ownership period.” Designed by Emery Roth & Sons and originally constructed in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. The tower is one …
HUDSON COUNTY, N.J. — Gebroe-Hammer Associates has arranged the sale of a 118-building, 2,137-unit multifamily portfolio in Hudson County. The Gateway Portfolio was separated into six packages, which sold for a total of $327.8 million. The properties are located throughout Jersey City, West New York, North Bergen, Guttenberg and Union City. Nicholas Nicolaou of Gebroe-Hammer represented the seller, a private investor, in the transaction. “The Gateway Portfolio in its entirety and as separate packages presented an extremely rare multifamily investment opportunity,” says Nicolaou. “It marked the highest concentration of for-sale stabilized assets in Hudson County ever to come to market at a time when asking rents for this apartment submarket are expected to advance upward of 6 percent over the next few years.” The largest of the six packages sold for $190.6 million and involved 67 buildings and 1,272 units in West New York, Jersey City, North Bergen and Guttenberg. The second largest package sold for $97 million and involved 35 buildings and 588 units in Jersey City. The buyer in both transactions was Optimum Holdings LLC. Rounding out the sale of the portfolio was another Jersey City deal which brought $190,000 per unit, two separate transactions in Union City …
YONKERS, N.Y. — Rosewood Realty Group has arranged the $36 million sale of a 143-unit multifamily building located at 525-527 Riverdale Ave. in Yonkers. The seven-story, 161,000-square-foot, rent-regulated building was built in 1981 and sold at a 5.3 percent capitalization rate. The property also includes 124 parking spaces and 13 storage units. Aaron Jungreis of Rosewood represented both the buyer, Emerald Equities, and the seller, 525-527 Riverdale Avenue Property LLC, in the transaction.
NEW YORK CITY — Pendry Hotels, in collaboration with Brookfield Properties, will open its first New York City location at Brookfield’s Manhattan West development in the Hudson Yards district. Pendry Manhattan West will be a 164-room hotel with a restaurant, lounge and open-air terrace bar, as well as meeting and event space. Construction of the hotel is scheduled to begin during the third quarter of 2018, with an estimated completion date of 2021. Manhattan West is a 7 million-square-foot development with more than 6 million square feet of office space and 250,000 square feet of retail anchored by a 35,000-square-foot Peloton Studios location and a 60,000-square-foot Whole Foods. Pendry Manhattan West was designed by architectural firm, Skidmore, Owings & Merrill with interiors by Gachot Studios.
LEXINGTON, MASS. — HJ Sims has closed $52.1 million in financing for new construction and a health center repositioning at Brookhaven at Lexington in Lexington, Massachusetts. The 32-acre life plan community was opened in 1989 and was expanded and renovated in 2006. A recent master planning process identified a need for significant renovations and reconfigurations, as well as additional independent living apartments. Total financing included a $36 million short-term, taxable construction loan with a floating interest rate and a 12-year, $16.1 million taxable term loan maturing in 2030 with a fixed interest rate of 3.89 percent.
LAWRENCE, MASS. — MassHousing and Trinity Financial have broken ground on Van Brodie Mill, a 102-unit, mixed-income housing community in Lawrence. Lawrence Mayor Dan Rivera, Executive Director of MassHousing Chrystal Kornegay and State Representative Frank Moran attended the groundbreaking, which took place on June 6. The adaptive reuse project, which is located at 590 Broadway,will preserve a historic former mill in the Arlington Mills historic district. Trinity Financial is a real estate development firm specializing in redeveloping urban sites in the Northeast. The cost of the project was not disclosed.