NEW YORK CITY — Meridian Capital Group has arranged $68 million in acquisition financing for a 12-story mixed-use building in Brooklyn. Drew Anderman, Grant Carlson and Josh Berman of Meridian represented the borrower, Trinity Place Holdings, in the transaction. The 24-month loan, which an undisclosed lender provided, features a floating rate of 3.72 percent over the 30-day LIBOR and full-term interest-only payments. Located at 237 11th St. in the Park Slope neighborhood of Brooklyn, the newly built property contains 105 residential units and 6,200 square feet of retail space, which is partially leased to Starbucks. Amenities include washers and dryers in all units, tenant-controlled HVAC systems, a doorman, rooftop terrace, fitness center and parking garage.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $15.4 million sale of two apartment buildings in Plainfield. Stephen Tragash and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller of Cornell Arms and Pingry Arms apartments, which are located a half-mile apart at 735 Park Ave. and 606 Crescent Ave., respectively. The buyer was also undisclosed. Comprised of 114 total units, the six-story mid-rise properties each feature a mix of studio and one-, two- and three-bedroom layouts. Amenities include elevators, laundry facilities and paved-surface parking.
LODI, N.J. — The Stro Companies has acquired 240 Route 17, a 26,500-square-foot retail building in Lodi for $4 million. The property was home to a local party good store for decades but was vacant at the time of the sale. Stro purchased the property from the former owner occupant and has plans to upgrade and reposition the asset. The Bank of New Jersey provided acquisition financing.
QUAKERTOWN, PA. — A joint venture of MRP Industrial and Cabot Properties has purchased a nearly 23-acre site in Quakertown for the development of a speculative two-building industrial facility that will total more than 260,000 square feet. Quakertown is approximately 47 miles north of Philadelphia and 14 miles south of Allentown. Known as Park 309, the facility is expected to be completed in late 2018. Brian Knowles and Andrew Komisor of Lee & Associates brokered the transaction on behalf of the joint venture. Building I is a 114,400-square-foot warehouse and building II is 145,800 square feet. Both buildings feature 32-foot clear heights and two drive-in doors.
BETHLEHEM, PA. — HFF has brokered the $30 million sale of a 71-building, 383-bed student housing portfolio at Lehigh University in Bethlehem. HFF represented the seller, Campus Apartments, in the transaction. A private investment vehicle managed by Hong Kong-based Beacon Assets purchased the property free and clear of existing debt. The portfolio has achieved close to 99 percent occupancy during the last two academic years. Lehigh University has an enrollment of more than 7,000 students.
NEW YORK CITY — Meridian Capital Group has arranged $49 million in refinancing for 232 Madison Ave., a 16-story office building in Midtown Manhattan. Jeff Weinberg and Rael Gervis of Meridian secured the refinancing on behalf of an undisclosed borrower. The five-year loan, which a savings bank provided, features two years of interest-only payments. The 132,000-square-foot building is located on the corner of Madison Avenue and East 37th Street.
ATHENS, PA. — An affiliate of Phoenix Investors has acquired a 402,000-square-foot industrial and office building located at 101 N. Main St. in Athens, about two miles from the New York state line. The sales price was not disclosed. The property, which was built in 1910, is a vacant former Ingersoll Rand manufacturing plant. Phoenix intends to fully renovate the facility. Phoenix Investors is a national private commercial real estate firm headquartered in Milwaukee.
NEWTON, MASS. — Cornerstone Realty Capital has arranged $14 million in financing for the acquisition and redevelopment of Langley Terrace, a 66-unit multifamily community located at 392-404 Langley Road in Newton. The property currently features three apartment buildings and one duplex, which will be leveled for the construction of an additional three-floor, 20-unit apartment building. When complete, the property will include four apartment buildings and 89 parking spaces. Amenities will include a courtyard, grilling areas, fitness center and storage areas for bikes. Construction and renovations are expected to be completed by June 2019.
VERNON, CONN., WELLS, MAINE. — Fantini & Gorga has secured a $2.1 million refinancing for two newly constructed Dollar General Stores in Wells and Vernon. The properties are leased on an initial long-term triple net basis to Dollar General. The Vernon location opened in July of 2017 and the Wells location opened in January of 2018. Chris Miller and Lindsay Feig of Fantini & Gorga represented the New England-based client and arranged the financing with a regional financial institution. Terms of the non-recourse loan included a thirty-year amortization schedule.
NEW YORK CITY — JLL has arranged $251 million in equity and debt for CBSK Ironstate for the acquisition and development of 646 11th Ave., a condominium development planned for the Hell’s Kitchen neighborhood of Manhattan. JLL raised $70 million in equity from an institutional investor and secured $181 million in construction financing from Deutsche Bank AG. The 12-story condominium development will feature 161,000 net sellable residential square feet, 40,000 rentable square feet of pre-sold retail space, 8,000 square feet of residential amenity space and 60 for-sale storage units.