SLIPPERY ROCK, PA. — Campus First Student Living is developing the second phase of University Village at Slippery Rock in Slippery Rock. Located in close proximity to Slippery Rock University, the second phase will include five buildings totaling 44 units and 152 beds. The unit mix will include two-bed/two-bath, three-bed/three-bath and four-bed/four-bath layouts. All residences will feature stainless steel, high-efficiency appliances, new furniture packages and granite counter tops. Construction is slated to begin by June 2018. The first phase of the property consists of 200 units and 632 beds in two-bed/two-bath and four-bed/four-bath layouts.
BOSTON — Bell Partners has purchased the 196-unit Olmsted Place apartment complex in the Boston submarket of Jamaica Plain for $103 million. The community is located at 161 S. Huntington Ave. Olmsted Place debuted in 2015. It is fully leased. The community overlooks Jamaica Pond, part of the Emerald Necklace park system designed by legendary landscape architect Frederick Law Olmsted. The seller was a joint venture between Boston Residential Group and the Carlyle Group. The JV purchased the site in 2012 for $10 million from Home for Little Wanderers, a nonprofit, then completed the development. “We are thrilled to have created a win for our partnership and for the City of Boston by creating middle-class housing in a community that has long needed it,” says Curtis Kemeny, CEO of Boston Residential Group. Olmsted Place features studios to three-bedroom units. The units range in size from 530 square feet to 1,300 square feet. The community was the first new residential project for several decades in a rapidly improving section of Jamaica Plain. Boston Residential Group is a residential developer with projects in Boston submarkets such as Back Bay, South Boston and the Charlestown Navy Yard. The Carlyle Group is a Washington, …
NEWARK, N.J. — Azure Partners has completed the disposition of The Addison, two 15-story apartment towers located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, for an undisclosed price. The property features 219 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 700 square feet to 1,750 square feet. At the time of sale, the property was 99 percent occupied. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The name of the buyer was not released.
NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.
SPRINGFIELD, MASS. — HREC Capital Markets Group has arranged a $6.2 million senior loan for the refinancing of a La Quinta Inn & Suites, located at 100 Congress St. in Springfield. The hotel features 208 guestrooms. John Siska of HREC’s Boston office negotiated the loan for the borrower, a private owner-operator. A local community bank provided the financing.
CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of two adjacent office buildings located at 401 and 403 Route 70 in Cherry Hill. Becca Inc. sold the buildings, which total 35,700 square feet, to a local investor for $2.4 million. Kevin Burns of Markeim Chalmers represented the seller and buyer in the deal.
BRIDGEPORT, CONN. — Angel Commercial has arranged the sale of a retail strip center located at 4086-4108 Main St. in Bridgeport. A private investor acquired the property from Applebaum Schneider for $1 million. Luigi’s Italian Pastries anchors the 6,380-square-foot property. Lester Fradkoff of Angel Commercial represented the seller and buyer in the deal.
NEW YORK CITY — Global fashion retailer Michael Kors has agreed to acquire Jimmy Choo, a London-based luxury footwear and accessories brand, for approximately $1.35 billion. Jimmy Choo PLC (LON: CHOO) has approximately 150 company-operated retail stores, 560 multi-brand locations and more than 60 franchise stores in locations worldwide. The company has a strong presence in the Americas, Europe, the Middle East, and Asia. With this acquisition, Michael Kors Holdings Limited (NYSE: KORS) hopes to grow Jimmy Choo sales to $1 billion; balance its portfolio with greater product diversification; enhance the company’s position in the men’s and women’s luxury footwear segment; and enhance exposure to global markets, with a particular focus on Asia. Michael Kors expects the transaction to close during fourth-quarter 2017. “Jimmy Choo [is] an iconic brand with a rich history as a leading global luxury house,” says John Idol, chairman and CEO of Michael Kors. “We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.” Michael Kors has committed bridge financing from JPMorgan Chase Bank N.A. and Goldman Sachs Bank USA to satisfy fund requirements of the U.K. Takeover Code. The transaction is expected …
NEW YORK CITY — Greystone has provided a $78.4 million HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation in Brooklyn. Fred Levine of Greystone originated the financing for the borrower, Centers Health Care. The borrowers have invested more than $20 million in renovations to the property, which it acquired more than five years ago. Boro Park Center features a variety of clinical services, including amputee recovery and training; cardiac therapy; comfort care and palliative care; dental services; isolation rooms; occupational therapy; oxygen management; peripherally inserted central catheter management; physical therapy; pleurx management; post-surgical orthopedic care; respiratory management; speech therapy; stroke rehabilitation; and tracheostomy care.
NEW YORK CITY — Sun Moon LLC is developing a Marriott Fairfield at 100 Greenwich St. in Lower Manhattan. Slated to open this summer, the 75,000-square-foot hotel will feature 192 rooms and 2,400 square feet of ground-floor restaurant and bar space. Gene Kaufman Architect designed the hotel, which features a five-story black granite base. The hotel’s 25-story tower uses air rights that were part of a zoning lot assemblage. The assemblage includes a previously completed 50-story Holiday Inn, located at 99 Washington St. VLDG designed the interior of the hotel.