NEW YORK CITY – Q10|New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured a $2.9 million loan for the acquisition of a walk-up apartment building located in the Sunnyside neighborhood of Queens. The undisclosed borrower opted for a 20-year Hybrid ARM loan through the Freddie Mac Small-Balance Loan program. The rate on the initial five-year term is fixed at 3.58 percent followed by a floating-rate period of the remainder of the term (180 months). During the floating-rate period, the coupon is reset every six months and is based on a spread over a six-month LIBOR index. The non-recourse, PAR loan amortizes over 30 years. The four-story building features 16 units. Jeanne Cronin of Q10|New York Realty Advisors arranged the financing.
NEW YORK CITY – Madison Realty Capital (MRC) has provided a $35 million mezzanine loan to co-developers Sumaida + Khurana and LENY for a new condominium tower located at 611 W. 56th St. in Manhattan’s Hell’s Kitchen neighborhood. The funding is part of a $155 million construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management. The 35-story, 163,329-square-foot development will feature 83 residences, ranging from one-bedroom units to expansion penthouses; outdoor space, including a roof garden and sun deck; private terraces for residents; a fitness center; a children’s playroom and an entertaining space for hosting private events. Álvaro Siza, a renowned Portuguese architect, is designing the building. This is Siza’s first foray into the U.S. market. Adi Chugh of Maverick Capital Partners arranged the financing in the transaction. Condo sales are slated to begin in spring 2019, with Leonard Steinberg, Debra LaChance and Justin D’Adamo of Compass leading the marketing efforts.
NEW YORK CITY – Marcus & Millichap has arranged the sale of three mixed-use buildings located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The Shariati family acquired the contiguous properties for $22.3 million, or $1,441 per square foot. The sellers were Cheskie Weisz of CW Realty, Joyland Group and Meral Property Group. The buildings offer a total of 17 apartments, three ground-floor retail units and one office space. Nat Rockett and Steven Dweck of Marcus & Millichap represented the buyer in the 1031 exchange transaction.
FALMOUTH, MAINE – NKF Capital Markets has arranged the sale of Falmouth Shopping Center, located along U.S. Route 1 in Falmouth. Private investors purchased the shopping center from JPA Management for $21 million. At the time of sale, the property was 89 percent leased to a diverse tenant roster, including Shaw’s Supermarket, Ocean State Job Lot, Goodwill, Sullivan Tire, and Bank of America. Geoffrey Millerd and Justin Smith of NKF, along with Mackenzie Simpson of Porta & Co., represented the seller in the deal.
HOBOKEN, N.J. – Redwood Realty Advisors has negotiated the sale of a two-building multifamily property located at 844 Park Ave. in Hoboken. A private investor sold the property to an undisclosed buyer for $3.3 million. The property features a total of 10 residential apartments with a unit mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath units. Additionally, the property features on-site parking. Steve Matovski of Redwood Realty Advisors represented the seller and buyer in the deal.
PENNSBURG, PENN. – Colliers International has arranged the sale of a commercially zoned land located at the southwest corner of Pennsylvania Route 663 and Northgate Boulevard in Pennsburg. PB Northgate purchased the 7.2-acre property, which is approximately 17 miles south of Allentown, for $2.1 million. The buyer plans to develop a medical office building and retail pad site on the land parcel. Derek Zerfass of Colliers International’s office in Allentown, Penn., represented the undisclosed seller, while Markward Group represented the buyer in the transaction.
NEW YORK CITY – Valley East Management has acquired a two-building office complex located at 100 Merrick Road within Rockville Centre in Long Island. A New York investment advisory firm sold the asset for an undisclosed price. The 141,000-square-foot complex features an on-site café, tenant storage and on-site parking. At the time of sale, the property was 93 percent leased to a variety of tenants in the legal services, medical/healthcare and accounting industries. Jose Cruz, Kevin O’Hearn, Jeffrey Julien, Stephen Simonelli and Michael Oliver of HFF represented the seller and procured the buyer in the deal.
FAIRFIELD, CONN. – Angel Commercial has arranged the sale of two adjacent office buildings located at 328 and 338 Commerce Drive in Fairfield. CDR-328 LLC acquired the properties from 328 Commerce Drive LLC and 338 Commerce Drive LLC for $8.2 million. Situated on 1.9 acres, the properties total 48,958 square feet of office space. Angel Commercial solely handled the off-market transaction.
NEW YORK CITY – Progress Capital has negotiated a $3.5 million permanent mortgage for a multifamily property located at 662 Madison St. in Brooklyn’s Bedford-Stuyvesant neighborhood. The borrower, New York-based Oved Group, used the loan proceeds to acquire a 10,160-square-foot multifamily property for $4.3 million. The eight-unit property was fully occupied at the time of purchase. Brad Domenico of Progress Capital arranged the financing. The loan term is for 20 years, the first two of which will be interest-only payments followed by a fixed rate of 3.85 percent for seven years. The rate will reset afterward for the remainder of the loan.
MIDDLETOWN, N.Y. – Marcus & Millichap has brokered the sale of an office property located at 220 Crystal Run Road in Middletown. A private investor sold the property to an undisclosed buyer for $2.7 million. Since 1998, Fresenius Dialysis has occupied the 10,000-square-foot building. Michael Lombardi and Steven Schiavello of Marcus & Millichap represented the seller, while Christopher Mitchel and Ryan Moore, also of Marcus & Millichap, represented the buyer in the transaction.