PORTSMOUTH, N.H. — Chatham Lodging Trust has acquired Hilton Garden Inn Portsmouth Downtown for $43.5 million, or $332,000 per room. Located at 100 High St. in Portsmouth, the 131-room hotel opened in 2006 and recently underwent a full renovation. Island Hospitality Management will manage the hotel. The name of the seller was not released.
TOMS RIVER, N.J. — Unison Realty Partners and ALTO Real Estate Funds have acquired Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River, for $21.1 million. Built in 1987, the 120.349-square-foot property is situated on 14.6 acres and has a pad site for future development. Michaels, DSW Shoe Warehouse, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial are tenants at the 86 percent-leased center. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF marketed the property with bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Chapter 11 case of AC I Toms River LLC.
POINT PLEASANT BEACH, N.J. — Marcus & Millichap has brokered the sale of an office property located at 604 Laurel Ave. in Point Pleasant Beach. A private investor sold the property to an undisclosed buyer for $1.6 million. Provident Bank occupies the 3,000-square-foot building on a net-lease basis. Michael Lombardi and Greg Babaian of Marcus & Millichap represented the seller in the deal.
JERSEY CITY, N.J. — Manhattan Building Co. is developing SoHo Lofts, a rental multifamily property located at 273 16th St. in Jersey City’s SoHo West district. Slated for delivery this October, the two-building property features 377 rental units housed in 13-story and 20-story towers, which are connected by a five-story podium. SoHo Lofts is the second phase of the larger SoHo West neighborhood concept that Manhattan Building Co. is developing. The first phase, The Cast Iron Lofts Collection, features 387 apartments and 20,000 square feet of retail space. SoHo Lofts will feature one-, two-, three- and four-bedroom apartments, as well as a limited number of private townhome rentals. On-site amenities include an infinity-edge pool, private cabanas, surround-sound media room, Zen garden, clubroom, attended lobby, arcade lounge, 10-person sauna and enclosed parking garage. City Homes and Gardens is directing the marketing program at SoHo Lofts, which has begun pre-leasing.
SALEM, N.H. — Cornerstone Realty Capital has arranged $37.7 million in financing for The Dolben Co. for the development of an apartment community in Salem. The loan features an interest-only period during construction followed by a 30-year amortization schedule. The 256-unit apartment complex will consist of four residential buildings, a 5,500-square-foot clubhouse, outdoor swimming pool, grilling area and play area. Units will feature granite counters, kitchens with stainless steel appliances, in-unit laundry and a private balcony or patio. The community will feature a mix of studio, one-bedroom/one-bath units and two-bedroom/two-bath units ranging from 567 square feet to 1,088 square feet.
ROSELLE, N.J. — Developer David Lloyds has opened the first phase of PARK, a residential property located at 417 Raritan Road at the former Roselle Golf Club in Roselle. The first phase of the property includes a 9,000-square-foot clubhouse and 190 rental units, which are already 52 percent leased. The clubhouse features a state-of-the-art gym, pet spa, movie theater, billiards room, resort-style pool, outdoor entertainment area, dog park, bocce court and three-mile fitness trail. The one- and two-bedroom apartments feature granite countertops, in-unit washers/dryers, nine-foot ceilings, central air conditioning and gas heat, gas stoves and high-speed internet. Situated on 60 acres, PARK will be built in five phases over eight years and bring 932 apartment units to Roselle.
NEW YORK CITY — Westbeth Artists Housing, the New York City Department of Housing Preservation and Development and the Community Preservation Corp. has broken ground on a $40 million renovation project for Westbeth Artists Housing, a multifamily property located in Manhattan’s Greenwich Village. Located at the former Bell Laboratories campus, the property features 384 affordable homes, as well as commercial spaces, for artists. The $40 million project will repair damages from Hurricane Sandy, including raising boilers above flood level; upgrading cellar windows and critical doorways to prevent flooding; and installing a new emergency generator, submersible domestic water pumps and submersible sump pumps. Additionally, the renovations will preserve the building’s historic status and remove lead paint and asbestos from the basement and outside surfaces. Funding for the project comes from federal Community Development Block Grant Disaster Recovery funds, administered by the HPD Multifamily Storm Recovery and Resiliency Program.
NORTH ANDOVER, MASS. — SVN|Parsons Commercial Group|Boston has brokered the sale of an industrial property located at 1429 Osgood St. in North Andover. School of Leadership-Afghanistan sold the property to Oliver Enterprises for an undisclosed price. The new owner, a full-service landscape design and construction company, will relocate to the 21,060-square-foot property from Woburn, Mass. Alex Berger and Matt Quinlan of SVN|Parsons Commercial represented the seller, while Steve Donahue of Donahue Associates represented the buyer in the deal.
BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces totaling 4,578 square feet; residential amenity space, including a rooftop multipurpose room and fitness center; storage for 132 bicycles; 115 market-rate apartments; and 17 affordable apartments. The unit mix includes 53 studios, 43 one-bedroom/one-bath units, 16 one-bedroom/one-bath units with a den and 20 two-bedroom/two-bath units. Ranging from 520 square feet to 906 square feet, the units will feature vinyl plank and tile flooring, Silestone countertops, tile backsplashes, stainless steel appliances and in-unit washers and dryers.
MALONE, N.Y. — WinnCompanies has completed the $19.3 million rehabilitation of The Trails at Malone, an affordable housing community in Malone. The project included the modernization of the units’ kitchens, bathrooms, wiring, heating and cooling systems, handicapped accessibility, exteriors, community room, playgrounds, security systems and landscaping. The 128-unit property comprises 26 two-story apartment buildings totaling 116,620 square feet. Of the 128 units, 100 are low-income housing tax credit units for residents earning 60 percent of area median income (AMI) or less. The property features 38 one-bedroom, 65 two-bedroom and 25 three-bedroom units. DiMarco Construction served as general contractor and The Architectural Team provided architectural services for the project. WinnResidential is managing the community.
