NEW YORK CITY — Mack Real Estate Credit Strategies has provided Sugar Hill Capital Partners with a $97 million construction loan and a $30 million mezzanine loan to fund the redevelopment of One Prospect Park West in Brooklyn. The nine-story, 169,410-square-foot building, a former senior living facility, was vacant when Sugar Hill acquired it in 2016. Sugar Hill plans to redevelop the property as a multifamily building. The Mack Real Estate financing was arranged by Ronnie Levine, Shamir Seidman and Ben Jacobs of Meridian Capital Group. Kasowitz Benson Torres LLP provided legal representation for Sugar Hill in the transaction and Stroock & Stroock & Lavan LLP represented Mack Real Estate.
LITTLETON AND MIDDLEBOROUGH, MASS. — JLL Capital Markets has arranged a $36.3 million loan for L&B Realty Advisors to finance the purchase of a two-building industrial portfolio in suburban Boston. L&B Realty Advisors acquired the portfolio on behalf of an institutional client. The 775,000-square-foot portfolio consists of two warehouse distribution buildings, one in Littleton and the other in Middleborough. Both buildings are fully leased, with the 275,000-square-foot building at 154 Campanelli Drive in Middleborough occupied by a single tenant. The 480,000-square-foot building at 1 Distribution Center Circle in Littleton is leased to six tenants. A life insurance company provided the 10-year loan.
NEW YORK CITY — Besen & Associates has arranged the sale of 4468-4474 Broadway in northern Manhattan for $9.1 million. The sales price equates to $457 per square foot and a 3.75 percent capitalization rate. The two-story, 20,000-square-foot building consists of six stores and five offices. Built in 1991, the property features 100 feet of retail frontage along Broadway in the Hudson Heights neighborhood and is located just north of the George Washington Bridge between Fort Tyron Park and Harlem River Park. The property also includes 14,400 square feet of unused air rights. Hilly Soleiman, Amit Doshi and Ron Cohen of Besen & Associates represented the seller, Broadway 10th Ave. Corp. in the transaction. Alma Realty was the buyer.
GLENMONT, N.Y. — Marcus & Millichap has arranged the sale of Bethlehem Town Center II, a 73,613-square-foot shopping center in Glenmont, for $12.3 million. The fully leased shopping center, which is located three miles from downtown Albany, was purchased at a 7.09 percent capitalization rate. Current tenants include Panera Bread, Five Guys Burger & Fries, SuperCuts, Taco Bell, and Twist ‘N Flip Gymnastics. Joseph C. French, Jr. and Thomas Dalzell of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, a private investor.
PREIT has signed three new tenants at Dartmouth Mall in Dartmouth, a city in southeast Massachusetts. Local retailer Newbury Comics will open a 3,900-square-foot store this spring. In the fall, Forever 21 will open an 11,500-square-foot location, and EbLens will open a 6,000-square-foot store. The new leases come on the heels of several recent openings, including a new 23,000-square-foot H&M, and new Encore and Torrid stores. Dartmouth Mall’s AMC Theatres was renovated in 2015.
CAMBRIDGE, MASS. — Fantini & Gorga has arranged a $30 million loan to refinance a 61,000-square-foot office building in Cambridge. The property, located at 784 Memorial Drive and owned by an affiliate of the Bullfinch Companies, was originally built in 1937 and underwent renovations in 1999 and 2014. Harvard University recently executed a long-term lease for the entire building with plans to house a technology services department there. Wayne Clough and Despina Hixon of Fantini & Gorga arranged the financing with one of its correspondent life insurance companies. The building is located along the Charles River in the Cambridgeport neighborhood, halfway between the campuses of Harvard and the Massachusetts Institute of Technology.
BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Tremont St. in Boston’s South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year renovation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of 410 West End Ave., a seven-story apartment building in the Riverside-West End Historic District on Manhattan’s Upper West Side. The sales price was $18.3 million. The 42-unit, 20,272-square-foot building contains 14 studios and 28 one-bedroom apartments. The property also retains 25,415 square feet of excess air rights. Hall Oster, Mitchell Levine and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of 1422 Nelson Avenue in the Highbridge section of the Bronx for $11 million at a cap rate of 4.2 percent. The 70,500-square-foot, six-story building contains 72 apartments that are each 1,000 square feet. GF Financial, an experienced operator with an already established portfolio in the Bronx, purchased the property. The sellers, Steve Zervoudis & Richard Sica of Galaxy General, acquired the building in 1992 for $700,000. Currently, the property is operating under a regulatory agreement governed by the Low-Income Housing Tax Credit program. Jonathan Shainberg, Shallini Mehra, and Amit Doshi of Besen & Associates arranged the transaction.
SENECA FALLS, N.Y. — HREC Investment Advisors has arranged the sale of an 81-room Hampton Inn located in Seneca Falls. The sales price was undisclosed. The buyer was SF Hotel Group. Seneca Falls, located between Syracuse and Rochester, is a popular tourist destination due to the close proximity of vineyards, outdoor recreation and the Finger Lakes. Ketan Patel, Mark von Dwingelo and Peter Dolan of HREC negotiated the deal for seller Seneca Hospitality.