MALVERN, PA. — KeyBank has provided a $49.3 million CMBS first-mortgage loan for the acquisition of Great Valley Commerce Center, a Class A office property in Malvern. The two-building property totals 356,223 square feet. The buildings were constructed in 1968 and 1975 and were renovated in 2010 and 2011. Current tenants include DaVita, Unisys Corp. and HERE Holding. John Christen of KeyBank arranged the 10-year loan, which has an amortization schedule of 30 years. KeyBank will also originate a $5 million mezzanine loan with a 10-year interest-only period.
MOUNT LAUREL, N.J. — Colliers International has arranged the $5.65 million sale of 116 Gaither Drive in Mount Laurel, a fully leased 106,000-square-foot industrial building. Food Sciences Corp. has a long-term lease on the property, which features 24-foot clear ceilings, 13 loading docks, one drive-in door, heavy electric service and expansion capabilities. The Bloom Organization sold the property to a private investor. Ian Richman and Marc Isdaner of Colliers were the sole brokers.
WEST ORANGE, N.J. — Sela Realty Investments has purchased Crest Ridge Apartments, a garden-style apartment community located at 200 Mt. Pleasant Ave. in West Orange. Rockledge Realty sold the property for $40.5 million. Built in 1964, the 16-building property features 178 one-, two- and three-bedroom units. On-site amenities include laundry facilities, parking, a swimming pool, a clubhouse and a sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller and procured the buyer in the deal.
HENRIETTA, N.Y. — University Student Living LLC has opened The Lodge, a student housing community located near the Rochester Institute of Technology in Henrietta, New York. The community offers 37 individual cottage homes and 37 townhouses along the Genesee River. The property features sidewalks; on-street parking; over 2.5 miles of walking trails; a 6,500-square-foot clubhouse; pool deck; study lounges; a business center; social areas with billiards, ping pong and media screens; outdoor grilling stations; a 24-hour fitness center with a yoga studio; athletic fields; and fire pits. All homes are fully furnished and leased by the bed. The property was 99-percent pre-leased, and opened one month ahead of schedule.
SOUTH DARTMOUTH, MASS. — Claremont Cos. has received $17.6 million in affordable housing financing from MassHousing for the refinancing of Solemar at South Dartmouth. The refinancing of the mixed-income seniors housing community preserves the affordability of the property’s 100 affordable units through 2034. Claremont Cos. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. Built in 1977, Solemar at South Dartmouth features 200 mixed-income rental units across 25 buildings. Fifty of the affordable units are rented to residents earning at or below 50 percent of the area median income (AMI), and 50 are rented to residents earning at or below 80 percent of AMI. The remaining 100 units are rented at market rate.
EGG HARBOR TOWNSHIP, N.J. — Wolfson Group has announced that Walmart Supercenter has opened as the anchor tenant at Oak Tree Plaza in Egg Harbor Township. The retailer occupies approximately 188,463 square feet at the shopping center. Adjacent to Walmart, approximately 35,200 square feet of retail space is under construction for Petco, Planet Fitness and KicksUSA. Smaller store space for Starbucks Coffee, Sally Beauty Supply, T-Mobile, Coco Nails and Chick-fil-A is in the construction phase. These tenants are slated to open in the first quarter of 2018.
PHILADELPHIA — Colliers International has arranged the sale of a development site located at 201-11 E. Allen St. in the Northern Liberties neighborhood of Philadelphia. A private investment group acquired the site from Exceptional Foods for $2.2 million. The buyer plans to redevelop the property into residential units. The site consists of a 15,300-square-foot industrial property and 17,350 square feet of land. Michael Barmash and Richard Gorodesky of Colliers were the sole brokers in the transaction.
Reducing property tax assessments can be challenging under the best of circumstances, and distinctions between state tax systems make minimizing that burden across an office or industrial portfolio especially daunting. But a recent Delaware Supreme Court decision provides taxpayers with a new, yet surprisingly familiar, opportunity to ease the tax burden on properties in The First State. Delaware’s Tax Assessment System Shows its Age Under Delaware law, property must be valued at its “true value in money,” a term interpreted to mean the property’s “present actual market value.” However, in order to implement the Delaware Constitution’s mandate of tax uniformity, the state applies a base-year method of assessing property. That means that all property in a jurisdiction is assessed in terms of its value as of a certain date, and that value remains on the books indefinitely until the jurisdiction performs a general reassessment. For Delaware’s northernmost county, New Castle County, the last reassessment occurred in 1983, so all property therein is valued as of July 1, 1983. A major challenge to contesting assessments in Delaware is that a taxpayer must determine the property’s 1983 market value. Determining what a property is worth today is not always easy, but proving …
BOSTON — Lena New Boston, a partnership between New Boston Fund and Lena Park Community Development Corp., is continuing its $200 million redevelopment of the former Boston State Hospital site with 41 additional two- and three-bedroom units of mixed-income townhomes at Olmstead Green, the first workforce housing/homeowners project in Boston funded by MassHousing’s Opportunity Fund, the Department of Neighborhood Development and the Neighborhood Housing Trust. The project’s overall master plan calls for 514 mixed-income rental and homeownership units. To date, Lena New Boston has completed 210 units of affordable housing and 19 units of homeownership townhouse at Olmstead Green. The first units in the latest phase will be delivered next month with the remaining units delivered in phases through April 2018. Eleven of the units will be priced at $210,000 for first-time homebuyers making at or below 80 percent of the area median income (AMI) and 11 of the units will be priced at $267,500 for first-time homebuyers making at or below 100 percent of AMI. The remaining 19 units will be sold at market rate, ranging between $320,000 to $360,000. Financing for the current phase, including an $8.3 million loan from a bank consortium of Eastern Bank and Boston Private …
MONTGOMERY, N.Y. — Meridian Design Build has completed the construction of a package sortation and distribution center located at 201 Neelytown Road in Montgomery for developer SunCap Property Group. Situated on 44.1 acres, the 248,370-square-foot facility was built for a leading provider of global shipping and information services. The facility features 63 loading docks, seven drive-in doors, 184 interior van loading positions, 451 auto parking stalls and 190 exterior trailer stalls. Cornerstone Architects provided architectural services, while Langan provided civil engineering work for the property.