RIVERVALE, N.J. — Marcus & Millichap has negotiated the $4.8 million sale of a 14,900-square-foot retail property in Rivervale also known as the Rudd O’Connor Building. Located at 184 Rivervale Road, the property is fully occupied by a mix of tenants. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a limited liability company.
NEW YORK CITY — Ackman-Ziff Real Estate Group LLC has arranged a $97 million loan for the site acquisition and development of 540 Sixth Avenue in Manhattan’s Flatiron district. The site is located on the northeast corner of 14th Street and 6th Avenue at the nexus of three downtown submarkets: Flatiron, Chelsea and Greenwich Village.The borrowers, Landsea Homes and DNA Development LLC, acquired the property from Extell Development and plan to build a mixed-use building with residential and retail space at the site. An affiliate of Mack Real Estate Credit Strategies provided the loan, which was arranged by Patrick Hanlon, Sean Meehan and Ross Cumming of Ackman-Ziff Real Estate Group LLC. A timeline for the project was not disclosed.
EAST PROVIDENCE, R.I. — Montecito Medical Real Estate has acquired the University Medicine Medical Office Building in East Providence. The sales price was undisclosed. The four-story, 68,500 square-foot property was built in 2016 and is occupied by anchor tenant University Medicine as well as Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island. University Medicine is one of the largest primary care providers in Rhode Island. The seller was undisclosed.
NEWTON, MASS. — HFF has secured a $30.1 million construction loan for the 28 Austin Street Apartments, a mixed-use development in Newton. The property will consist of 68 one- and two-bedroom apartment homes, 5,000 square feet of ground-floor retail space, a new public plaza and a 124-space municipal parking lot. Amenities will include a common roof terrace and garden as well as a private 90-car underground parking garage. HFF worked on behalf of the borrower, a joint venture between Dinosaur Capital Partners and Oaktree Development, to secure financing through Eastern Bank. The project is scheduled for completion in spring 2019.
TETERBORO, N.J. — Goodman Group has acquired a 616,992-square-foot logistics center in Teterboro. The sales price was undisclosed. The property is fully leased to a major e-commerce provider and is located approximately seven miles from Manhattan. It is one of only two Class A logistics centers larger than 400,000 square feet in Northern New Jersey. The seller was undisclosed.
HACKENSACK, N.J. — Cushman & Wakefield has arranged $52 million in construction financing for a ground-up multifamily development in Hackensack. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the borrower, Waypoint Residential in securing financing through Citizens Bank. The four-story property will feature 235 residential units and will be located at 435 Main St. in downtown Hackensack. The project benefits from a 30-year tax abatement.
NEW YORK CITY — Sugar Hill Capital Partners has acquired a two-building multifamily community in Brooklyn for $5.6 million. Located at 932-938 Eastern Parkway, the 24,600-square-foot property consists of 24 units. The seller was real estate investor and film producer Joseph Scarpinito. Jacob Stavsky of Venture Capital Properties represented both the buyer and seller in the off-market transaction.
NEW YORK CITY — Leviathan Capital has secured an $8 million refinancing for a 33,000-square-foot office building in the Bronx. The property is currently net leased to the NYC Department of Education. Leviathan secured a non-recourse loan for the undisclosed borrower with a fixed rate of 10 years at 4.9 percent. The loan provided the borrower with a $5 million cash-out.
NEW PROVIDENCE, N.J. — Erickson Living has unveiled plans for an expansion at Lantern Hill known as Bell Pavilion. Lantern Hill is a 26-acre continuing care retirement community (CCRC) in New Providence, approximately 30 miles west of New York City. Bell Pavilion will add 169 units of independent living to the property. In addition to the new units, Bell Pavilion will add a new restaurant, fitness center, two bocce courts, courtyard with fireplaces, and resident community gardens to the campus. A climate-controlled walkway will connect Bell Pavilion to Union Square, where multiple dining venues, an all-season pool and fitness center, medical center, library, theater and salon are located. Erickson has been rolling out a phased expansion at the property for several years, heavily focused on adding independent living units. Earlier this year the company completed Phase II of the expansion, which included Maple Glen and Oakwood Court, collectively adding 114 independent living units to the community. In 2016, Erickson opened Phase I of the expansion, which added 161 independent living units.
FAIRVIEW, N.J. — Marcus & Millichap has brokered the $2.8 million sale of a mixed-use building in Fairview. The property consists of eight residential and five commercial spaces as well as a parking garage. Daniel Aviles and Andrew M. Zuckerman of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was a limited liability company in a 1031 exchange.