BURLINGTON, MASS. — HFF has arranged $205 million in financing for The District Burlington, a more than 1 million-square-foot mixed-use development in Burlington. Fred Wittman, Greg LaBine and Robyn King of HFF secured the seven-year, fixed-rate permanent loan through a major institutional life insurance company for the borrower, affiliates of Charles River Realty Investors, National Development and AEW Capital Management. Recently repositioned and rebranded, the property includes a 30,000-square-foot retail cluster anchored by Island Creek Oyster Bar, Tuscan Kitchen and Market and TD Bank; a 350-space parking garage; a Residence Inn by Marriott; an 8,000-square-foot fitness center and OMMMSpace, a yoga and meditation studio. The District Burlington is 85 percent leased to a roster of more than 40 regional, national and global tenants, including BAE Systems, Black Duck Software, Charles River Development (no affiliation with Charles River Realty Investors) and Decision Resources.
NEW YORK CITY — Eastern Consolidated’s Capital Advisory Division has arranged a $215 million construction loan for the development of a 27-story condominium project at 537 Greenwich St. within the Special Hudson Square Zoning District in Manhattan. Adam Hakim and James Murad of Eastern Consolidated represented the borrower, Cape Advisors, and its new equity partner, Strategic Real Estate. Bank of the Ozarks provided the financing for the shovel-ready project. Designed by Loci Anima and Adamson Associates, the development will feature 170 units, 2,332 square feet of ground floor retail space and 31 on-site parking spaces. Residential units, designed by Sebastien Segers Architecture, will average approximately 1,211 square feet with prices starting at under $1.2 million and averaging $2.8 million. The development site offers a zoning floor area of 228,000 square feet, resulting from two combined lots—537 Greenwich St. and 110 Charlton St.— and air rights obtained from five adjacent and nearby properties. Strategic Real Estate will be the managing partner and lead developer for the project.
TOTOWA, N.J. — Cushman & Wakefield has negotiated the sale of Totowa Commerce Center, a flex industrial park located at the interchange of Interstate 80 and Routes 46 and 23 in Totowa. Mack-Cali Realty sold the property to Heritage Capital Group for $65.5 million. Additionally, Cushman & Wakefield arranged $51.7 million in acquisition financing for the buyer. Natixis Real Estate Capital provided the 10-year, fixed-rate financing. Totowa Commerce Center is a 13-building park totaling 508,028 square feet of flex and industrial space. At the time of sale, the park was 90 percent leased to approximately 48 tenants. Andrew Merin, David Bernhault, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt of Cushman & Wakefield represented the seller and procured the buyer in the deal. Cushman & Wakefield Equity, Debt and Structured Finance’s John Alascio, Sridhar Vankayala and Andre Hass arranged the acquisition financing for Heritage Capital Group.
RYE, N.H. — Valencia Realty Capital has arranged $13 million in financing for the $11 million acquisition of an assisted living community located at 295 Lafayette Road in Rye. The borrower and buyer is Murfreesboro, Tenn.-based National Health Investors Inc. The financing has a total capitalization of $13 million composed of a $10 million senior debt facility coupled with $3 million of equity. Built in 2013, the 40-unit assisted living community is devoted to individuals with memory disorders, including Alzheimer’s disease and dementia. Ed LaFrance of Valencia Realty arranged the transaction, which was executed under a 363 auction sale that presented tight timing constraints.
HARRISBURG, PA. — Marcus & Millichap has arranged the sale of Eastridge Apartments, a multifamily property located at 102 Worchester Ave. in Harrisburg. A limited liability company sold the property to a private partnership in a 1031 exchange for $6.9 million. Situated on 7 acres, the property features 108 units in a mix of one-, two- and three-bedroom layouts. According to Marcus & Millichap, the property features a 20-year family Housing Assistance Payments contract, which is expiring in 2024, on 98 percent of the units. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap.
PERTH AMBOY, N.J. — Bridge Development Partners has developed a 1.3 million-square-foot industrial distribution center in Perth Amboy. Designed and constructed by Premier Design + Build Group, the three-building center features ultramodern amenities and proximity to interstate highways, deep-water cargo ports, air-freight hubs and rail lines. The center comprises a 354,250-square-foot building, a 220,200-square-foot facility and a 718,200-square-foot building. The buildings feature 36-foot clear ceiling heights, hundreds of truck dock positions, ESFR fire protection systems and 800 amp, 277/480-volt electrical services, as well as parking lots for 703 cars and 441 trailers. Cornerstone Architects provided architectural services for the project.
NEW YORK CITY — Sabal Capital Partners, a diversified financial services firm specializing in real estate, lending and banking, has arranged $129 million in Freddie Mac Small Balance Loans for a multifamily portfolio in Bronx. The borrower was Emerald Equity Group. Encompassing more than 850 workforce housing units, the financing is the largest single Small Balance Loan (SBL) transaction processed through the Freddie Mac SBL program since its inception in 2014. The financing will preserve the units as affordable. Sabal Capital used SNAP, its proprietary servicing portal, to independently analyze, underwrite and close each of the 34 refinance loans in the portfolio instead of a bulk transaction.
LOWER MACUNGIE, PA. — Woodmont Properties has opened Woodmont Valley, an apartment community located at 3535 Grandview Drive in Lower Macungie. Situated in the heart of the Lehigh Valley, the property features 204 one- and two-bedroom apartments, a clubhouse, a resident lounge, a heated pool with sundeck, a barbecue terrace with fire pit, a strength and cardio center, a game room, a bark park, an indoor pet spa, a 24/7 package collection service and on-site management.
NEW YORK CITY — 60 Guilders LLC, in a joint venture with ASB Real Estate Investments, has acquired an industrial building located at 5110-5112 Second Ave. in Brooklyn. An undisclosed seller sold the property for $47 million. The building features 185,000 square feet of industrial space. Leo Leyva, Jordan Metzger, Matthew Schneid and Jonathan Goodelman of Cole Schotz P.C. advised 60 Guilders in the joint venture and acquisition.
MEDFORD, MASS. — HFF has arranged a $15 million construction take-out, permanent financing for Sphere, a multifamily building located at 640 Boston Ave. in Medford. Dark Horse Capital Partners is the borrower. Martha Nay, Adam Dunn and Sam Campbell of HFF secured the seven-year, fixed-rate loan through HarborOne Bank for the borrower. Delivered in July, Sphere features 22 one-bedroom units and 20 two-bedroom units with nine different floorplans.