COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.
ROBBINSVILLE, N.J. — Colliers has arranged the sale of The Shoppes at Foxmoor, a 125,295-square-foot retail center in Robbinsville. The sales price was undisclosed. The property is situated on 19 acres and is within walking distance of Town Center, a mixed-use development with over 900 residential units and 220,000 square feet of retail and office space. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the undisclosed seller. The buyer was also undisclosed.
CAMBRIDGE, MASS. — MassHousing has provided $24.7 in financing for Concord Highlands, a six-story, 98-unit affordable housing community in Cambridge. MassHousing provided the borrower, Homeowners Rehab, with an $8.9 million permanent loan, $11.9 million tax credit equity bridge loan and $3.8 million in workforce housing funding. All apartments at the community will be deed-restricted and affordable to low-, moderate- and middle-income households. The project is the largest affordable housing community to be built in Cambridge in 40 years. Ten of the 98 new apartment homes at Concord Highlands will be affordable to households earning 30 percent of the area median income (AMI). Fifty units will be affordable for households earning up to 60 percent AMI. Thirty-eight units will be workforce-housing units, with 21 of the workforce units affordable for households earning up to 80 percent AMI, and 17 workforce housing units for households earning at or below 100 percent AMI. The AMI for Cambridge is $107,800 for a family of four. NEI General Contracting is serving as general contractor for the project. The architect is ICON Architecture.
NEW YORK CITY — Cushman & Wakefield has brokered the $13.5 million sale of a three-story retail building in Midtown, Manhattan. John Ciraulo, Craig Waggner, Doug Blankrot and Lou Magarelli of Cushman & Wakefield represented the seller, who was undisclosed, in the transaction. The buyer was also undisclosed. Located at 976 Avenue of the Americas, the property is fully leased to a tenant roster that includes 5 Boro Burger and Red Rocket Tattoo.
NEWTON, MASS. — HFF has secured a $9.8 million acquisition loan for the leasehold interest in the Crowne Plaza Boston Newton, a 270-room hotel in Newton. HFF arranged a long-term, non-recourse loan through UniBank on behalf of the undisclosed borrower. Loan proceeds are being used to both acquire and renovate the hotel. The property is located approximately five miles west of Boston and features a restaurant and bar, indoor pool, fitness facility, on-site parking, room service and 15,000 square feet of meeting and event space.
MONTVALE, N.J. — JLL has arranged the sale of a 93,916-square-foot office building in Montvale. Located at 3 Paragon Drive, the building is occupied by global R&D firm Pentax Medical. Joseph Garibaldi, Thomas Walsh, Stephen Feinberg and Katelyn Borovsky of JLL represented the seller, The Davis Cos., in the transaction. The buyer was Northeast Capital Group. The sales price was undisclosed.
NEW YORK CITY — Marcus & Millichap has negotiated the $2.4 million sale of a 2,100-square-foot mixed-use building in Brooklyn. The property is located at 488 Metropolitan Ave. Shaun Riney and Michael Salvatico of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, who was undisclosed.
BRIDGEWATER, N.J. — Gebroe-Hammer Associates has negotiated the $32.5 million sale of Woodmont Square Apartments, a 100-unit multifamily community in Bridgewater. The market-rate apartment community was built in 2012 and is located at 100 Bellis Court. Amenities include a clubhouse, fitness center, game room, business center, basketball court and picnic area. Greg Pine, Stephen Tragash and Eli Herskowitz of Gebroe Hammer represented the seller, Woodmont Properties at Bridgewater LLC, in the transaction. The buyer was undisclosed.
WEST DEPTFORD, N.J. — HFF has secured a $13 million construction loan to expand a 113,000-square-foot industrial facility in the Philadelphia-area community of West Deptford. Located at 301 Grove Road, the facility is fully leased to global adhesive and sealant manufacturer Bostik Inc. The planned construction will add 122,000 square feet of distribution space with a 32-foot clear height, bringing the total square footage up to 235,000 square feet. Completion is expected in the spring of 2019. Michael Pagniucci and Doug Rodio of HFF represented the borrower, Foxfield Industrial, in securing financing through lender Webster Bank. The proceeds of the financing will take out the existing loan on the facility and fund the expansion.
NEW YORK CITY — Marcus & Millichap has brokered the $2.9 million sale of a 4,620-square-foot mixed-use property in Brooklyn. The property is located at 148 Metropolitan Ave. in the Williamsburg neighborhood of Brooklyn. Shaun Riney, Michael Salvatico and John Barney of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a private investor.