WINDSOR LOCKS, CONN. — Greystone has secured a $14.1 million Fannie Mae DUS loan to refinance Bradley Court, a garden-style apartment community in Windsor Locks. The 146-unit community was built in the 1960s and is spread over 14 acres. Avrom Forman of Greystone’s New York office originated the loan. The 12-year Fannie Mae financing includes six years of interest-only payments and a 30-year amortization at 75 percent loan-to-value.
WEST BRIDGEWATER, MASS. — EagleBridge Capital has arranged $14 million in permanent financing for One United Drive, a 315,000-square-foot industrial facility in West Bridgewater. The property is currently leased to Cheer Pack North America, a developer and manufacturer of packaging equipment for the food and beverage industry. Brian Sheehan and Ted Sidel of EagleBridge Capital arranged the financing on behalf of an undisclosed borrower through a Massachusetts-based financial institution. One United Drive includes 30,000 square feet of office space and 285,000 square feet of manufacturing and distribution space on a 29-acre site. The facility features 40 loading docks.
HAMILTON, N.J. — NKF Capital Markets has brokered the sale of a two-building office portfolio in Hamilton. Steven Schultz, Kevin Welsh, Steve Tolkach, Tony Georgiev and Brian Schulz of NKF Capital Markets represented the seller, Mack-Cali, in the transaction. Located at 600 and 700 Horizon Drive, the two buildings are net leased to Verizon Communications and AAA respectively. 600 Horizon sold to a private investor and is a single-story building that was built in 2002 as a call center. 700 Horizon sold to VEREIT and features advanced fiber optics as well as on-site jogging paths.
RIVERVALE, N.J. — Marcus & Millichap has negotiated the $4.8 million sale of a 14,900-square-foot retail property in Rivervale also known as the Rudd O’Connor Building. Located at 184 Rivervale Road, the property is fully occupied by a mix of tenants. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a limited liability company.
NEW YORK CITY — Ackman-Ziff Real Estate Group LLC has arranged a $97 million loan for the site acquisition and development of 540 Sixth Avenue in Manhattan’s Flatiron district. The site is located on the northeast corner of 14th Street and 6th Avenue at the nexus of three downtown submarkets: Flatiron, Chelsea and Greenwich Village.The borrowers, Landsea Homes and DNA Development LLC, acquired the property from Extell Development and plan to build a mixed-use building with residential and retail space at the site. An affiliate of Mack Real Estate Credit Strategies provided the loan, which was arranged by Patrick Hanlon, Sean Meehan and Ross Cumming of Ackman-Ziff Real Estate Group LLC. A timeline for the project was not disclosed.
EAST PROVIDENCE, R.I. — Montecito Medical Real Estate has acquired the University Medicine Medical Office Building in East Providence. The sales price was undisclosed. The four-story, 68,500 square-foot property was built in 2016 and is occupied by anchor tenant University Medicine as well as Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island. University Medicine is one of the largest primary care providers in Rhode Island. The seller was undisclosed.
NEWTON, MASS. — HFF has secured a $30.1 million construction loan for the 28 Austin Street Apartments, a mixed-use development in Newton. The property will consist of 68 one- and two-bedroom apartment homes, 5,000 square feet of ground-floor retail space, a new public plaza and a 124-space municipal parking lot. Amenities will include a common roof terrace and garden as well as a private 90-car underground parking garage. HFF worked on behalf of the borrower, a joint venture between Dinosaur Capital Partners and Oaktree Development, to secure financing through Eastern Bank. The project is scheduled for completion in spring 2019.
TETERBORO, N.J. — Goodman Group has acquired a 616,992-square-foot logistics center in Teterboro. The sales price was undisclosed. The property is fully leased to a major e-commerce provider and is located approximately seven miles from Manhattan. It is one of only two Class A logistics centers larger than 400,000 square feet in Northern New Jersey. The seller was undisclosed.
HACKENSACK, N.J. — Cushman & Wakefield has arranged $52 million in construction financing for a ground-up multifamily development in Hackensack. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the borrower, Waypoint Residential in securing financing through Citizens Bank. The four-story property will feature 235 residential units and will be located at 435 Main St. in downtown Hackensack. The project benefits from a 30-year tax abatement.
NEW YORK CITY — Sugar Hill Capital Partners has acquired a two-building multifamily community in Brooklyn for $5.6 million. Located at 932-938 Eastern Parkway, the 24,600-square-foot property consists of 24 units. The seller was real estate investor and film producer Joseph Scarpinito. Jacob Stavsky of Venture Capital Properties represented both the buyer and seller in the off-market transaction.
