WALLINGFORD, CONN. — Washington Trust has provided $2.7 million for the refinancing of a multi-tenant flex commercial property in Wallingford, located halfway between New Haven and Hartford off I-91. The one-story building is located within Barnes Industrial Park and includes 41,284 square feet of office and industrial space. The borrowers are long-term clients of Washington Trust.
NEW YORK CITY — Forest City Realty Trust has completed the disposition of 461 Dean St., a 363-unit apartment community in Brooklyn for $156 million. The selling price reflects a capitalization rate of 4.5 percent on estimated 2018 net operating income. International real estate manager Principal Global Investors purchased the property. The 32-story, modular apartment building is located next to the Barclays Center and was completed in 2016. The asset was 100 percent owned by Forest City.
MIDDLETOWN, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of a two-property, 518-unit apartment portfolio located in the Westlake District of Middletown for $62.6 million. The portfolio includes Middletown Brooke, a 280-unit apartment community with eight residential buildings, and Middletown Ridge, a 238-unit apartment community with nine residential buildings. The properties were constructed in 1988 and 1989. IPA represented the seller, Fairfield Midtown Ridge LP, and procured the buyer, Hamilton Zanze and Co. Middletown is located 16 miles south of Hartford and 26 miles north of New Haven.
PISCATAWAY, N.J. — Levin Management Corp. has signed shoe wholesaler R&J Warehouse to a 103,350-square-foot, full building lease at the Rutgers Industrial Center in Piscataway. Located at 140 Circle Drive North, R&J Warehouse’s new space offers close proximity to I-287 and is five miles from exit 10 of the New Jersey Turnpike. This transaction is the third new lease signing at the five-building, 535,000-square-foot industrial complex in the past 18 months. Levin Management is the asset manager for the property.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment properties in Brooklyn for a combined $2.8 million at 102 Baltic St. and 361 Legion St. Located in the Columbia St. Waterfront District, 102 Baltic Street has 8 apartment units and sold for $2 million to a private investor. The seller was also a private investor. 361 Legion Street is located in the Brownsville neighborhood and has 4-units. The property sold for $850,000 to a private investor. The buyer was a limited liability company.
TARRYTOWN, N.Y. — CBRE has brokered the sale of Talleyrand Apartments, a 300-unit multifamily community in Tarrytown. County records listed the sale at $91 million. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller, a REIT, in the transaction. The buyer was an affiliate of The DSF Group. The community, which is located at 1202 Crescent Drive, is 29 miles north of Manhattan and offers access to the city via the Metro North Railroad.
WAKEFIELD AND ACTON, MASS. — Colliers International has brokered the $45.2 million sale of a two-community, 185-unit apartment portfolio outside of Boston. The two apartment properties are located at 105-109 Hopkins St. in Wakefield and 117 Central St. in Acton. The properties offer close proximity to the MBTA commuter rail stations in Wakefield and Acton, respectively. Colliers represented both the buyer, OBP Partners, and the seller, True North Capital Partners, in the transaction.
JERSEY CITY, N.J. — Developer Strategic Capital has topped out Park and Shore, a luxury condominium project under construction in the Newport neighborhood of Jersey City. The waterfront condominium project consists of two buildings, 75 Park Lane and Shore House, which have now reached their full heights of 37 stories and seven stories, respectively. The 75 Park Lane building features resort-style living and 358 residences while Shore House includes 71 boutique residences inspired by the lofts of Tribeca. Designed by architecture firm Wood Bagot, both buildings feature views of the Hudson River and Manhattan skyline. Park and Shore is the first condominium development in Newport in eight years. The general contractor for the project is Plaza Construction, a sister company of Strategic Capital. The first closings are slated to begin late this year with pricing for one-bedroom homes starting at $640,000. Both buildings are slated to be completed in 2019. Strategic Capital is the project developer and investment arm of China Construction America.
NEW YORK CITY — Madison Realty Capital has provided a $31.4 million loan for the construction of a mixed-use development at 744 Bedford Ave. in the Williamsburg neighborhood of Brooklyn. All proceeds of the loan will go toward completing construction of the 134,742-square-foot building. When complete, the building will include 88 residential rental units, 18,393 square feet of retail space and 76 parking spaces. The borrower, a local developer, has laid the foundation of the building and begun construction. The project is scheduled to be complete by spring 2019.
NEW YORK CITY — Meridian Capital Group has arranged $42 million in financing for the acquisition and renovation of an apartment property in the Lower East Side neighborhood of Manhattan. The eight-story property is located at 10 Rutgers St. and includes 83 units. A balance sheet lender provided the seven-year loan, which features three years of interest-only payments, followed by a 30-year amortization schedule. The borrower, AMAC Holdings, plans to renovate and reposition the property. Tal Bar-Or and Richard Sutton of Meridian negotiated the financing in the transaction.