YARDLEY, PA. — Cushman & Wakefield has secured $63 million in acquisition financing for the Lower Makefield Corporate Center in Yardley. John Alascio, Alexander Hernandez, Sridhar Vankayala and TJ Sullivan of Cushman & Wakefield secured financing on behalf of Rubenstein Partners through lender Rialto Capital Management. The eight-building, 467,000-square-foot office complex includes two campuses on Stony Hill and Township Line roads.
HAMILTON, N.J. — NKF Capital Markets has brokered the $50.5 million sale of a two-building office portfolio in Hamilton. The two net-leased properties are located at 600 and 700 Horizon Drive. The 600 Horizon building is leased to Verizon Communications and 700 Horizon is leased to AAA. Steven Schultz, Kevin Welsh, Steve Tolkach, Tony Georgiev and Brian Schulz of NKF represented the seller, Mack-Cali Realty, in the transaction. The buyer was undisclosed.
METHUEN, MASS. — Sunshine Retirement Living has broken ground on The Woods at Merrimack, a 140-unit seniors housing community in Methuen, approximately 30 miles north of Boston along the New Hampshire border. The 140,000-square-foot community will sit on 8.7 acres. Locke Mansion, built in 1913 on the site, will be preserved as part of the project. The development is scheduled to open in fall 2019. Partners on the project include Buildable Sites Development LLC and New Hampshire-based JSA Architects Interior Planners. Sunshine operates 20 seniors housing communities throughout the country.
CAMBRIDGE, MASS. — Nauset Construction has broken ground on St. James Place, a transit-oriented, mixed-use development in the Porter Square neighborhood of Cambridge. Acorn Holdings LLC is developing the project, which is located at 2013 Massachusetts Ave. The development will include 46 condominiums, 2,000 square feet of retail space and a new parish hall for the St. James Episcopal Church. Architectural firm Dumont, Janks, Goldberg, Reed LLC designed the condominium complex.
NEWARK, N.J. — KeyBank has provided $98.4 million Fannie Mae loan for the acquisition and rehabilitation of two affordable housing properties in Newark. The properties are Garden Spires Apartments, a 544-unit affordable housing complex built in 1963 and Spruce Spires Apartments, a 112-unit subsidized housing property built in 1920. Dirk Falardeau and Kyle Kolesar of KeyBank arranged the financing for borrower, Omni New York LLC. The financing breaks down in the following manner: a $59 million Fannie Mae Reduced Occupancy Affordable Rehab loan; a $23.8 million Economic, Redevelopment and Growth (ERG) bridge loan secured by Garden Spires Apartments; and a $15.6 million Fannie Mae Affordable Mortgage loan secured by Spruce Spires Apartments. Both properties will undergo rehabilitation, including renovating lobby areas, replacing and upgrading building mechanics, modernizing elevators, installing new roofs and doors, improving common areas and replacing boilers.
BURLINGTON, MASS. — HFF has secured a $30 million refinancing for Blanchard Woods, a three-building office portfolio in Burlington. HFF represented the borrower, Duffy Properties, in securing an 11-year, fixed-rate loan through Nationwide Life Insurance Co. Blanchard Woods is located at 76, 78 and 80 Blanchard Road, approximately 13 miles north of Boston. The portfolio spans 194,421 square feet and is 91 percent leased to 19 tenants, including anchor tenant Cambridge Trust.
WEST LEBANON, N.H. — NKF Capital Markets has brokered the sale of Powerhouse Plaza, an 81,317-square-foot retail property in West Lebanon. The sales price was undisclosed. Justin Smith of NKF Capital Markets represented the seller, Eastern Real Estate, in the transaction. The buyer was Jaffe Corp. The tenant roster at the property includes Shaw’s supermarket, Rite Aid, New Hampshire Liquor & Wine Outlet and 99 Restaurant & Pub.
SOMERSET, N.J. — JLL has negotiated the $3.6 million sale of a 41,000-square-foot flex facility in Somerset. Located at 21 Worlds Fair Drive, the property includes 11,215 square feet of office space. The warehouse portion of the facility features 18-foot ceiling heights, five loading docks and one drive-in door. Chad Hillyer and Brian Golden of JLL represented the buyer, The Silverman Group, in the transaction. The seller was undisclosed. JLL will serve as leasing agents for the building.
PATERSON, N.J. — Marcus & Millichap has arranged the $4 million sale of Madison Avenue Shopping Center, a 26,920-square-foot retail property in Paterson. The property is located at 422-446 Madison Ave. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the buyer, a private investor, in the transaction. The seller was also a private investor.
WALTHAM, MASS. — Colliers International has secured $79.8 million in acquisition financing for CenterPoint, a 443,000-square-foot, two-building office campus in Waltham. Located at 41 Seyon Street and 43 Foundry Ave., the property includes lab, office and research and development space. Current tenants include Repligen, Education Development Center and Simpson Gumpertz & Heger. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins of Colliers secured financing on behalf of borrower Hilco Real Estate through a balance sheet lender.
