YONKERS, N.Y. — Cushman & Wakefield has brokered the sale of a multifamily development site located at 1065 and 1073 Warburton Ave. in Yonkers. RMS Warburton LLC acquired the 0.63-acre site for $4 million. Al Mirin, Kate Schwartz and Matthew Torrance of Cushman & Wakefield represented the undisclosed seller in the sale. The property at 1073 Warburton Ave. has been permitted for the intended construction of a nine-story, 79-unit rental apartment building to be built above an enclosed structured parking. The purchase of 1065 Warburton Avenue added approximately 0.18 acres to the overall property creating a combined site that is estimated to accommodate more than 100 units.
KEENE, N.H. — HJ Sims has closed $93 million in tax-exempt bonds, which will be used toward the development of Hillside Village, a continuing care retirement community (CCRC) in Keene. The borrower, The Prospect-Woodward Home, is the nonprofit operator of an assisted living facility in Keene. The company recognized that there were no CCRCs in the area that would allow seniors to stay in Keene as they age. Eighty percent of the independent living apartments were already reserved at the time of bond closing. Prospect-Woodward expects to break ground this year on the 48-acre campus. New Hampshire Health and Education Facilities Authority issued the bonds. Sims immediately sold 20 percent of the bonds — $18 million — to individual investors. Sims created three series of Entrance Fee Principal Redemption Bonds to capture initial entrance fees from new residents and to reduce debt quickly. The lender expects the program to allow Prospect-Woodward to redeem 40 percent of the bonds within three years.
NEW YORK CITY — Trion Real Estate Management has purchased a five-story, mixed-use building located at 818 10th Ave. in Manhattan’s Hell’s Kitchen. A local interest group sold the building for $11.5 million, or $932.68 per square foot. Built in 1910, the 12,330-square-foot building features 12 residential apartments and two restaurants, Mamasita Mex and White Oak Oyster Bar & Cocktail Lounge. Peter Vanderpool of Cignature Realty Associates represented the seller and buyer in the deal.
UPPER GWYNEDD TOWNSHIP, PA. — Newmark Knight Frank (NKF) has arranged the sale of a commercial building located at 212 Church Road in Upper Gwynedd Township, approximately 30 miles north of Philadelphia. Patriarch VIII, a part of Patriarch Management, sold the one-story building to Gorman & Co. for $3.7 million. The buyer plans to convert the 94,000-square-foot building into a high-end, climate-controlled self-storage facility. Neil Shupak and Justin Bell of NKF represented the seller in the transaction.
HARTFORD, CONN. — Aria Legacy Group has purchased Congress Street Apartments, a 65-unit multifamily portfolio located in downtown Hartford. Redbrick Partners sold the portfolio for $3.2 million, or nearly $50,000 per unit. The portfolio comprises 11 historic multifamily townhouses with parking on Congress, Morris and Alden streets. Edward Jordan and Taylor Perun of Northeast Private Client Group represented the seller and sourced the buyer in the deal.
RIDGEFIELD PARK, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 158 Bergen Turnpike in Ridgefield Park. Wooti Realty LLC sold the 4,500-square-foot building to 158 Bergen Owners LLC for an undisclosed price. The buyer plans to relocate its fire and security systems sales business from Brooklyn to the new site. Anthony Cassano of NAI Hanson represented the seller, while Marcus & Millichap represented the buyer in the transaction.
HACKENSACK, N.J. — Simone Development Cos. has entered the Northern New Jersey market with the acquisition of Prospect Plaza, a medical office building located at 385 Prospect Ave. in Hackensack. The company purchased the property in a bank auction for an undisclosed price. Simone plans to renovate the three-story, 62,000-square-foot property, which was built in 1983, to upgrade the lobbies and common areas, as well as complete façade work and energy management systems updates. The property is 52 percent occupied by medical tenants, including New Jersey Imaging Network. Joseph Simone and Joseph Deglomini of Simone arranged the acquisition.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-building multifamily portfolio located in the Hell’s Kitchen section of Manhattan. A private interest fund acquired the portfolio from Yaron LLC for $15.5 million. Totaling 34 apartment units, the portfolio includes 439, 441 and 443 W. 48th St. The adjacent buildings, which total 24,515 square feet, were constructed in 1901. Lazer Sternhell, Peter Vanderpool and Michael Rahimzada of Cignature Realty represented the seller and buyer in the deal.
CAMBRIDGE, MASS. — CBRE/New England has brokered the sale of two office buildings located at 125 and 150 Cambridgepark Drive in Cambridge. CBRE Global Investors sold the asset to a joint venture between Longfellow Real Estate Partners and an undisclosed investor for an undisclosed price. The institutional-quality buildings total 470,258 square feet of multi-tenant office space and include a recently constructed 456-space parking garage. Dave Pergola, Brian Doherty, Chuck Kavoogian and Adam Brinch of CBRE represented the seller and procured the buyer in the transaction.
VERNON, CONN. — Colliers International has arranged the $13.7 million in refinancing for Vernon Gardens, a 152-unit apartment community located at 695 Talcottville Road in Vernon. John Banas and Kris Wood of Colliers secured the five-year, fixed-rate loan, which features a five-year reset, for the undisclosed borrower. Built in 1965, the 10-building property features 102 one-bedroom units, 25 two-bedroom apartments, 24 two-bedroom townhouse units and one landlord-occupied office space. At the time of financing, the property was 97 percent occupied.