HAMDEN, CONN. — HK Group has brokered the $136 million sale of Town Walk at Hamden Hills in Hamden. The garden-style community, which is located at 100 Town Walk Drive, features 764 units and sits on a 44-acre site. Matthew Keefe and Ricardo E. Cordido of HK Group represented the buyer, Jones Street Investment Partners, and the seller, Baker Properties, in the transaction. AvalonBay Communities built the property in the 1990s.
NEW YORK CITY — New York Life Real Estate Investors has provided a $75 million mezzanine loan for Park Avenue Plaza, a 1.1 million-square-foot office tower in Manhattan’s Plaza District. A joint venture between Fisher Brothers and Sungate Park Avenue Trust owns the property. Mark Youngof New York Life Real Estate Investors’ New York Regional Officearranged the fixed-rate loan, which has a term of seven years.
LANGHORNE AND TREVOSE, PA. — Cushman & Wakefield has negotiated the $44.8 million sale of a light industrial portfolio in Langhorne and Trevose. The 607,890-square-foot portfolio includes 10 buildings and is currently 80 percent occupied by a mix of national, regional and local tenants. Robert Yoshimura, Joseph B. Hill, Eric Mattson, Gerry Blinebury, Jonas Skovdal and Joseph R. Hill of Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. The Arden Group was the buyer.
TRENTON, N.J. — KeyBank Real Estate Capital has provided a $16.8 million Fannie Mae first mortgage loan for Oakland Park Apartments in Trenton. Built in 1947 and renovated in 1986, the property comprises 10 three-story buildings and includes 270 units. Under the Housing Assistance Payments contract, 269 of the 270 units qualify as low-income for individuals and families earning up to 80 percent of the area median income. Tom Peloquin of KeyBank arranged the non-recourse, floating-rate financing with a seven-year term, one-year interest-only period and 30-year amortization schedule. The loan was used to facilitate the acquisition of the property.
CHERRY HILL, N.J. — HREC Investment Advisors has orchestrated the sale of the Holiday Inn Philadelphia-Cherry Hill. The sales price was undisclosed. The 186-room property is located seven miles east of downtown Philadelphia. Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the seller, 2715 Marlton Pike Associates LP., in the transaction. KPG Hotels acquired the property.
NEW YORK CITY — CTA Architects P.C. has completed the final phase of a renovation and expansion project at the Bronx Charter School for Excellence in the Bronx.Located at 1952-1960 Benedict Ave. in the Bronx, the $20 million project included construction of a new, seven-story tower spanning 35,000 square feet; the renovation of an existing 10,000-square foot, two-story building; and a 4,500-square foot, two-story addition to the existing structure. The project team included Collado Engineering, Robert Silman Associates Structural Engineers, DPC Engineers, Hubert H. Hayes Inc. and Municipal Building Consultants Inc.JLL served as the owner’s representative.
FRANKLIN, N.H. — General Properties has broken ground on Mercantile Place, a three-building flex complex in Franklin. Located on the Pemigewasset River, the property will incorporate a mix of office and industrial tenants. The tenant roster will include FBG Tank Services, a branch of First Business Group; Sustainable Refining, a formulator of vehicle undercoating products; Poly Lining Systems Inc.; Online Motor Deals LLC and a vehicle service maintenance center. GP Property Management, a division of General Properties LLC, will manage the complex.
ROSLINDALE, MASS. — Cornerstone Realty Capital has arranged a $4.4 million loan for the construction of Roslindale Village, a residential condominium development in the Boston suburb of Roslindale. The lender was undisclosed. The development, which is located at 32 Cummins Highway, will include nine condominiums. All units will feature granite countertops, custom cabinets, and stainless steel appliances as well as in-unit washers and dryers. Roslindale is located approximately eight miles south of Boston. Andrew Saccone of Cornerstone Realty Capital arranged a full-term, interest-only loan at a fixed rate for the undisclosed borrower.
FLORHAM PARK, N.J. — NAI James Hanson has negotiated the sale of a 3,950-square-foot retail building in Florham Park. The freestanding structure, a former Chase Bank branch, is located at 77 Hanover Road. Joan Cenicola and John Schilp of NAI James Hanson represented the seller, DFK Associates, in the transaction. The buyer is a Florham Park-based Jiu Jitsu and Karate school, which plans to relocate from the rental space it currently occupies nearby.
NEW YORK CITY — Workspace provider Knotel has signed a 19,563-square-foot lease in the Hudson Square neighborhood of Manhattan. The lease will encompass a large portion of the 3rd floor of the property, which is located at 250 Hudson St. The 15-story, 400,000-square-foot building is owned by Jack Resnick & Sons. Tenants at the building include Daniel J. Edelman, Bed Bath & Beyond, Gluckman Tang Architects, Sopexa, Lieff Cabraser Heinmann & Bernstein and Writers Guild of America East. Knotel, which was founded in 2016, designs, builds and operates custom spaces for companies of 50 employees or more. The company currently has more than 70 locations worldwide. Michael Morris and Greg DiGioia of Newmark Knight Frank represented Knotel in the leasing transaction.
