NEW YORK CITY – Cushman & Wakefield has arranged the sale of a mixed-use property located at 217 E. Third St. in Manhattan’s East Village neighborhood. An undisclosed buyer acquired the property from the estate of Michael Mendez for $5.1 million. The mixed-use property consists of a vacant turn-key restaurant space on the ground floor and three free-market, floor-through apartments. The property is approximately 4,160 square feet above grade, not including a one-story structure situated at the rear of the site and separated by a small courtyard area. Additionally, the property includes 4,700 square feet of air rights and a useable basement that houses mechanicals and a storage area. Michael DeCheser of Cushman & Wakefield represented the seller in the transaction.
CRANFORD, N.J. – Gebroe-Hammer has arranged the sale of The Hamlet at Cranford, a multifamily community located at 2-20 McKinley St. in Cranford. An undisclosed buyer purchased the property for $3.4 million. The property features 10 two-bedroom, two-and-a-half bath townhome-style units with hardwood and tile flooring, separate dining rooms, central air conditioning, granite countertops, stainless steel appliances, vaulted ceilings and in-unit washers and dryers. Adam Zweibel and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller and procured the buyer in the deal.
MANCHESTER, CONN. – Chozick Realty has arranged the acquisition of the Damato Enterprises Apartment portfolio, a 13-property multifamily portfolio located in Manchester. New York-based Chester Homes LLC purchased the portfolio for $46.6 million, or $120,000 per unit. Totaling 338 units, the apartment buildings were built by Raymond F. “Sonny” Damato. Steve Pappas of Chozick Realty represented the buyer in the transaction.
WOBURN, MASS. – NKF and Cushman & Wakefield have arranged the sale of Montvale Hill, a development parcel in Woburn, a suburb of Boston. Leggat McCall Properties acquired the development opportunity from Kraft Heinz for an undisclosed price. The development site can accommodate users from 300,000 square feet to 700,000 square feet. Torin Taylor, Justin Smith and Robert Griffin of NKF, along with Christopher Porter of Cushman & Wakefield, represented the seller in the deal.
NEW YORK CITY — Terreno Realty Corp. has purchased an industrial complex, located at the One Bulova Ave. in the Woodside area of Queens. Bulova sold the three-acre corporate campus for $25.2 million. The property features an industrial distribution building that is currently being renovated. Upon completion of the renovation in 2018, the property will feature 83,000 square feet of industrial space, six dock-high and one grade-level loading positions and parking for 168 cars. The property is 23 percent leased to one tenant on a short-term basis. Brian Ezratty of Eastern Consolidated represented the seller, while Brad Cohen, Jacob Tzfanya, Andrew Sasson and Chad Sinsheimer of Eastern Consolidated procured the buyer in the deal. Additionally, Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.
Lancaster Pollard Completes $11.9M Refinancing for 54-Unit Skilled Nursing Facility in Massachusetts
PITTSFIELD, MASS. – Lancaster Pollard has arranged an $11.9 million HUD refinancing for Berkshire Place, a 54-unit skilled nursing facility in the western Massachusetts city of Pittsfield. The borrower is Berkshire Retirement Home, a nonprofit owner-operator. Berkshire Place was constructed as a replacement facility for Berkshire Retirement Home’s original property in 2014, using conventional bank financing with a floating interest rate. Three years after opening, ownership sought to refinance that existing bank debt using fixed-rate HUD financing. Aaron Becker led the transaction for Lancaster Pollard.
CARNEGIE, PA. – NorthMarq Capital has arranged a $9 million loan for the refinancing of Washington Gardens, a mid-rise apartment complex located at 834 Washington Ave. and 133 Lee. St. in Carnegie, a suburb of Pittsburgh. The property features 179 apartment units. Gary Cohen of NorthMarq arranged the financing, which features a 10-year term with two years of interest-only payments on a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.
NEW YORK CITY — Triangle Equities has acquired a development site, located at 130-120 S. Conduit Ave. in South Ozone Park near John F. Kennedy International Airport in Queens, for $25.4 million. The developer plans to construct a multi-level, multi-tenant air cargo and distribution facility at the site. The 300,000-square-foot building will feature first- and second-floor loading docks and clear heights ranging from 23 feet to 26 feet. The project team includes March Associates, Craft Architects and GF55 Partners. Construction is slated to break ground in winter 2019 with tenant occupancy expected in summer 2020. Additionally, HFF has secured $32.1 million in land acquisition and pre-development financing for the project. Andrew Scandalios, Rob Hinckley, Rob Rizzi and Tyler Peck of HFF arranged an initial $10.1 million in the form of joint venture capital with L&B Realty Advisors for the borrower, Triangle Equities. Additionally, L&B has committed to the vertical capitalization of the project. Geoff Goldstein, also of HFF, placed a $19 million floating-rate loan with Citizens Bank for the development. Loan proceeds will be used for land acquisition and pre-development costs. The remainder of the capitalization came from Triangle Equities.
NEW YORK CITY — Greystone has provided a $17 million Fannie Mae DUS loan to exit construction for a newly built multifamily property located at 152 Manhattan Ave. in Brooklyn’s Williamsburg neighborhood. The sponsor, Meserole Hub LLC, completed the 24-unit asset in July 2017, and the property was stabilized in November 2017. The sponsor maintains a significant equity stake in the project, and at 65 percent loan-to-value, the 10-year Fannie Mae DUS loan carries a fixed rate and has a number of years of interest-only payments with a 30-year amortization period. Avrom Forman of Greystone originated the transaction.
LONG BRANCH, N.J. — Progress Capital Advisors has arranged $9 million in financing for the acquisition of a commercial structure located at 231 Third Ave. in Long Branch and an approved development project for the site. The name of the borrower was not released. The borrower plans to develop The Transit Village at the site. The development will be a five-story, 46-unit multifamily building that will be added to the existing commercial retail asset on the site. Construction is slated to be completed by the end of 2019. Brad Domenico of Progress Capital secured the construction-to-permanent mortgage loan with 24 months of interest-only at a floating rate of LIBOR plus 3.5 percent. The borrower has the option to convert the loan to a permanent mortgage upon stabilization of the project.