ASHFORD AND MANSFIELD, CONN. — Northeast Private Client Group has brokered the sale of a three-building, 91-unit apartment portfolio located in Ashford and Mansfield. Harvest Properties sold the portfolio to Axela Group for $5.2 million, or $57,000 per unit. The portfolio includes the 24-unit Mar-Lea Park Apartments, located at 57-69 Varga Road in Ashford, and the 34-unit Woodlawn Apartments, located at 80 Bicknell Road in Ashford. Bradley Balletto and Edward Jordan of Northeast Private Client Group represented the seller and sourced the buyer in the deal.
UPPER DUBLIN, PA. — Montgomery County Housing Authority (MCHA) and Pennrose Properties have partnered to redevelop North Hills Manor, an affordable housing property in Upper Dublin. The $17 million project includes the demolition of the existing 50-unit public housing development, which was originally built in 1954, and the construction of 50 new apartments ranging from one- to four-bedrooms located in 17 residential buildings. Additionally, the development will feature a shared building featuring a community room, computer lab and property management offices. The new units will feature modern kitchens, including dishwasher, spacious closets, ceramic-tiled bathrooms, resident-controlled heating and cooling, and in-unit washers/dryers.
NEW YORK CITY — M&T Realty Capital has provided a $10 million Freddie Mac loan for the permanent financing of Carmel Place, a micro-unit building located at 335 E. 27th St. in New York City. Monadnock Development developed the 55-unit building that features studio apartments, 40 percent of which are affordable units. At the time of financing, the property was 100 percent leased. Michael Chavkin, Joe Pizzutelli and Douglas Tilley of M&T Realty Capital arranged the transaction. M&T Bank provided construction financing for the project.
BUTLER, N.J. — Cronheim Mortgage has arranged $8.5 million in financing for two garden apartment developments in Butler. Provided by Southern Farm Bureau Life Insurance, the 10-year loan features a 25-year amortization schedule and a fixed interest rate. Butler Ridge features 188 units in a mix of studio, one- and two-bedroom units, and Butler Arms features 30 one-bedroom units. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and closed the loans.
PENNSAUKEN, N.J. — Markeim Chalmers has arranged the sale of an industrial building located at 1395 Suckle Highway in Pennsauken. 153 Suckle Highway LLC acquired the 37,215-square-foot building for $1.2 million. Adam Dembo of Markeim Chalmers represented the seller, Suckle Properties, in the deal.
GARFIELD, N.J. — Marcus & Millichap has brokered the sale of Davison Apartments, an apartment building located at 500 Lanza Ave. in Garfield. A limited liability company sold the eight-unit property for $1.1 million. Daniel Aviles of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
NEW YORK CITY — UC Funds and HAP Investment Developers have opened 329 Pleasant Avenue, an eight-story apartment building located in East Harlem. The 21,500-square-foot building features 20 apartments in a mix of studio, one- and two-bedroom layouts. On-site amenities include in-unit washers/dryers, a roof garden, private terraces and designer kitchens and bathrooms. Karim Rashid designed the building.
Harborview Arranges $20.7M Acquisition Loan, Line of Credit for Skilled Nursing Facility in New York
WESTCHESTER, N.Y. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $19.2 million bridge-to-HUD acquisition loan and $1.5 million line of credit for a skilled nursing facility in the New York City suburb of Westchester. A national lender provided the capital. The financing features a LIBOR-based rate, three-year term, interest-only payments for the full term and an 80 percent loan-to-cost ratio. Eli Kutner and Jonathan Kutner of Harborview negotiated the financing.
POTTSTOWN, PA. — CBRE has arranged the sale of Town Square Plaza, a power center located at 1100 Town Square Road in Pottstown. Bluejay Management acquired the 215,610-square-foot property from Retail Properties of America for an undisclosed price. Built in 2004, the property was 98 percent occupied at the time of sale. A 134,574-square-foot Lowe’s Home Improvement Warehouse anchors the property. Other tenants include PetSmart, Michaels, Rite Aid Pharmacy, BB&T Bank, Mattress Firm, Hair Cuttery, LongHorn Steakhouse, AT&T and H&R Block. Brad Nathanson and John Colussi of CBRE represented the seller and identified the buyer in the deal.
OAKDALE, N.Y. — Breslin Realty has arranged the sale of a retail property located at 1230 Montauk Highway in Oakdale. An undisclosed buyer acquired the 17,424-square-foot property for $1.2 million. The buyer plans to use the property as the site of a future gas station and convenience store. Bill de Seve and Russ Lico of Breslin Realty negotiated the transaction.