MALVERN AND LANGHORNE, PA., FRANKLIN, MASS. — Goldman Sachs Asset Management Private Real Estate (GSAM) has acquired a portfolio of five industrial flex properties in suburban Philadelphia and Boston totaling 525,000 square feet for an undisclosed amount. The properties are located in Malvern and Langhorne Pa., and Franklin, Mass. The addition of the five properties brings GSAM Private Real Estate’s industrial portfolio in the Northeast and Mid-Atlantic regions to 13 properties totaling 2.4 million square feet. GSAM Private Real Estate represented itself in the transaction. The seller was not disclosed.
NEW YORK CITY — GFI Realty Services has arranged the sale of a six-story, 46-unit apartment building in the Bay Ridge neighborhood of Brooklyn for $12.5 million. The pre-war property, located at 218 74th St., consists of 16 studios, 28 one-bedroom units and a couple of two-bedroom units, all of which are rent-stabilized. Yosef Katz and Natan Safdieh of GFI Realty represented the seller in the transaction, Madeleine Behette, a local investor. Erik Yankelovich, also of GFI, procured the buyer, Meridian Properties. The property is located on a tree-lined block between Ridge Boulevard and 3rd Avenue.
NEW YORK CITY — Westbridge Realty Group has arranged the sale of a 5,600-square-foot apartment building located at 20-35 Gates Ave in the Ridgewood neighborhood of Queens. The vacant six-unit building, which was built in 1930, sold for $2.2 million. The sales price equates to $379,000 per unit. Adam Traub and Isaac Shrem of Westbridge Realty represented both the buyer, an active investor in Queens, and the seller, a long-term holder who purchased the property in 1985.
LONG ISLAND, N.Y. — Rosewood Realty Group has arranged the sale of a two-story medical office building in Southampton for $9.7 million at a 6.8 percent capitalization rate. Built in 1996, the 21,606-square-foot building is located 92 miles east of Manhattan at 365 County Road 39A and sits on 2.4 acres of land. Aaron Jungreis of Rosewood represented the seller, Benton Plaza LLC. Rosewood’s Jack Zalta represented the buyer, a private investor.
PROVIDENCE, R.I. — Washington Trust’s Commercial Real Estate Group has provided $19.6 million in financing to Kettle Point Apartments LLC for the construction of a 134-unit apartment complex in East Providence. The complex is the first in a two-phase project at the 6.6-acre site on Kettle Point Avenue that will eventually include 228 units. Phase I will feature three apartment buildings, one with 40 units and two with 45 units, as well as a townhouse building with four units. Amenities include a clubhouse with fitness center and outdoor swimming pool. The property features views of Narragansett Bay to the south and the city of Providence skyline to the northwest. The first building in Phase I of the project is scheduled for completion in June. The completion date for Phase II is unknown.
KING OF PRUSSIA, PA. — The Leser Group will renovate a 40,000-square-foot office building at 170 N. Henderson Road in King of Prussia, a suburb of Philadelphia. When completed, the estimated $3 million project that was designed by RHJ Associates will create a state-of-the-art medical office building as well as expanded parking and a modernized facade. The Leser Group, a New York based real estate development firm, owns the building and Colliers International manages the property. The project is slated for completion by the first quarter of 2019.
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $63 million bridge-to-HUD loan for a skilled nursing facility and two adult day care centers in Brooklyn. The loan refinances existing debt. The local borrower plans to improve the facility with a new rehabilitation gym. Further details on the borrower and facilities were not disclosed. David Nussbaum and Jeffrey Fuchs of Harborview negotiated the transaction.
NEW YORK CITY — Savitt Partners, which owns 530 Seventh Avenue, a 490,000-square-foot office property in Midtown Manhattan, has executed several new leases at the property. Influential Network, an artificial intelligence marketplace, has signed a 1,700-square-foot lease; online designer jewelry marketplace TrueFacet extended its 6,600-square-foot lease with an additional 3,500 square feet; media agency Junction37 inked a deal for 2,100 square feet; and customer experience platform Kustomer renewed its 5,150-square-foot lease. Brian Neugeboren, Nicole Goetz and Bob Savitt of Savitt Partners arranged the lease transactions. Built in 1930, 530 Seventh Avenue is located two blocks south of Times Square at the intersection of 7th Avenue and West 39th Street. It is also the home of The Skylark, a classically styled cocktail lounge.
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.