YORKTOWN, N.Y. — Breslin Realty Development has broken ground for a Lowe’s Home Improvement Warehouse located in Yorktown. Located at 3200 Crompond Road, the 124,000-square-foot retail location will anchor a retail center that also includes three retail pads. The property is slated to open in the first quarter of 2019.
WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 112 66th St. in West New York. A private investor acquired the building for $1.2 million. The 6,250-square-foot building features six apartment units. Andrew Zuckerman and Daniel Aviles represented the seller, a private investor, and the buyer in the deal.
BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District. Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing. The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC). Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone. HFF’s stock price closed at $43.13 per share on Friday, Oct. …
CAMDEN, N.J. — Marcus & Millichap has brokered the sale of Crestbury Apartments, a multifamily property located at 2552 S. Eighth St. in Camden. An affiliate of Lincoln Avenue Capital acquired the property from Tryko Partners for $34.4 million. Situated on 18 acres, the property features 392 one- and two-bedroom units. Andrew Townsend, Ridge MacLaren and Clarke Talone of Marcus & Millichap represented the seller in the deal. J.D. Parker of Marcus & Millichap is the firm’s broker of record in New Jersey.
NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.
WESTWOOD, N.J. — A joint venture between The Hampshire Cos. and First Westwood Realty has opened an Extra Space Storage location at 15 Madison Ave. in Westwood. Designed by SNS Architects, the 100,000-square-foot facility features 916 self-storage units, 24/7 access, elevators, full climate control, a covered loading area and a state-of-the-art security system. Extra Space Storage will manage the property. This facility is the 37th Extra Space Storage property that The Hampshire Cos. has developed. Since 2012, Hampshire Cos. has repositioned and developed 52 self-storage facilities with an aggregate value of more than $585 million.
BELMAR, N.J. — Gebroe-Hammer Associates has arranged the sale of Silver Lake Garden Apartments, a multifamily community located at 104 Fifth Ave. in Belmar. A private investor acquired the property from Anza Inc., the original developer/owner, for $5.7 million, or $190,000 per unit. The 30-unit property features six two-bedroom and 24 one-bedroom units with updated kitchens and bathrooms. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.
EAST FARMINGDALE, N.Y. — Farmingdale State College has re-opened Conklin Hall after completing a $12 million redevelopment and renovation of the building. Stalco Construction and BRB Architects transformed the two-story, 19,701-square-foot building — which was originally built as a power plant in 1914 — into a student center. The 11,115-square-foot lower level features a newspaper room, a yearbook room, a student lounge, student club offices and four private offices, while the 8,586-square-foot main level features student government offices, private offices, workstations, a common area and a reception area. The project team included Cameron Engineering & Associates, Hage Engineering, Lakhani & Jordan Engineers, and landscape architects Todd Rader and Amy Crews.
CHARLESTOWN, MASS. — Hood Park LLC has broken ground for 480 Rutherford Avenue, a multifamily project located in Charlestown, a suburb of Boston. The development is the first residential project at Hood Park, a 20-acre development permitted for more than 1.1 million square feet located at the former H.P. Hood Plant. The 177-unit multifamily development will feature a mix of studio, one- and two-bedroom units, including 23 affordable units. On-site amenities will include garage parking, bike storage, a resident lounge, a community kitchen, fitness/yoga studio, dog amenities, an outdoor courtyard with city views, 24/7 security and 10,500 square feet of retail amenity space. The project team includes Lee Kennedy Co. as construction manager, CBT as architect, Colliers International as project manager and Bozzuto Management Co. as management and leasing representative. Over the course of the next two years, the project will create approximately 250 construction jobs and another 40 permanent jobs once open. The entire development of Hood Park is scheduled for completion in late 2019.
WAYNE, N.J. — CenterPoint Properties has purchased a new distribution center, located at 95 Demarest Drive in Wayne, for an undisclosed price. Located on 14 acres and built in 2016, the 163,253-square-foot property features 90 trailer parking spaces, 219 car parking spaces, 44 dock-high doors and 28-foot clear heights. The facility is fully leased on a long-term basis to one of the largest delivery companies in North America. Britton Burdette of Stan Johnson Co. represented the undisclosed seller in the deal.