NEWARK, DEL. — Greystone has provided a $26.6 million Fannie Mae DUS loan in combination with $5.3 million in preferred equity from New York Mortgage Trust for the acquisition of Autumn Park, a multifamily property in Newark. The Fannie Mae DUS loan includes a 7/6 adjustable rate at three years of interest-only and a 30-year amortization schedule. The community features 358 apartments in a mix of one-, two- and three-bedroom layouts. Keith Hires of Greystone originated the transaction, while Ryan Ade and Neil Campbell of HFF assisted in the deal.
BOSTON — Colliers International has arranged the sale of a residential redevelopment property located at 27-29 Isabella St. in Boston’s Bay Village neighborhood. Marist Fathers sold the property New Boston Ventures for $11.4 million. The buyer plans to redevelop the property into nine high-end residential condominiums. Chris Sower, Scott Dragos and Tom Hynes of Colliers represented the seller, while Harry Collings of New Boston Ventures provided in-house representation for the buyer in the deal. Stephen Horan and Patrick Boyle, also of Colliers, procured acquisition and construction financing from Hingham Institution for Savings for the buyer.
SYRACUSE, N.Y. — Marcus & Millichap has arranged the sale of a retail property located in Syracuse. A limited liability company sold the property to a private investor for $5.3 million. Rite Aid occupies the 12,738-square-foot property on a net-lease basis. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and buyer in the deal.
KING OF PRUSSIA, PA. — Phillips Realty Capital has arranged $31.3 million in equity financing for Woodfield Investments. The company provided the joint venture equity investment toward the acquisition and development of Woodfield Valley Forge, an apartment community in King of Prussia. Adam Bieber of Phillips Realty structured the equity financing. Woodfield Valley Forge will be a 320-unit apartment community located in The Valley at Valley Forge, a 122-acre, mixed-use development. The property will feature a 493-space parking garage, a pool, fitness center, spin/class studio, flex work space, pet spa and sky lounge. The site plan for the development was approved in March 2017.
PHILADELPHIA — Newmark Knight Frank (NKF) has arranged the sale of a two-building property located at 421 N. Seventh St. in Philadelphia. Arts & Crafts Holdings acquired the property from Callowhill Center Associates for $20.1 million. Situated on 2.4 acres, the property features 188,167 square feet and is the long-term home of The Electric Factory, an iconic 50-year-old concert promotion company. At the time of sale, the property was 38.2 percent occupied with small tenants and The Electric Factory. Mike Margolis, Dave Dolan, Dave Garonzik, Jeff Tertel and Jim Egan of NKF represented the seller in the transaction.
KING OF PRUSSIA, PA. — CBRE has brokered the sale of a retail property located at 611 W. Dekalb Pike in King of Prussia. Matrix Real Estate Holdings acquired the building from OneCorp for $11.7 million, or $652 per square foot. Bassett Furniture occupies the 18,000-square-foot property, which was constructed earlier this year. Matthew Gorman and Michael Shover of CBRE represented the seller in the deal.
BRANCHBURG, N.J. — Larken Associates has acquired Branchburg Centre, a two-story office building located at 3040 U.S. 22 West in Branchburg, for an undisclosed price. At the time of sale, the 90,000-square-foot Class B property was 74 percent leased. Kronus, Pure Technologies and Tri-County Care Management are tenants at the building. Larken is renovating and updating the property, including the commons areas, lobby and hallways. Additionally, the company will install new tenant signage, refresh the landscaping and renovate the entrance-facing employee parking lot. The name of the seller was not released.
NEWARK, N.J. — Terreno Realty Corp. has purchased two industrial land parcels in Newark for an undisclosed price. The transactions include a 7.2-acre improved land parcel located at 178 Stockton St. and a 10.6-acre improved land parcel at 422-470 Frelinghuysen Ave. Alex Conte, Jason Crimmins, Kenneth Crimmins and Peter Murano of The Blau & Berg Co. represented the buyer and undisclosed seller in the transactions. The properties, which offer easy access to U.S. highways, ports and Newark Liberty International Airport, are currently available for lease.
SHELTON, CONN. — Sun Equity Partners has purchased a flex building located at 710 Bridgeport Ave. in Shelton. RA 710 Bridgeport Avenue LLC, an entity controlled by RNY Property Trust, sold the property for $26.2 million. At the time of sale, the 452,414-square-foot property was 72 percent leased by a variety of tenants, including PerkinElmer Health Sciences and Panolam Industries International. The property is approximately 30 percent office and R&D space, with the remainder warehouse and distribution space. Additionally, the facility features 16 loading docks and nearly 870 parking spaces. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller and procured the buyer in the deal.
BRUNSWICK AND TOPSHAM, MAINE — A joint venture between Presidium Group and Portland, Maine-based Helios has acquired a 407-unit multifamily portfolio in the Mid-Coast area of Maine for an undisclosed price. The portfolio includes five assets located adjacent to the former Brunswick Naval Air Base in Brunswick and a sixth property located in the neighboring town of Topsham. The portfolio consists of a combination of townhouses, garden-style apartments, single-family homes and land for future development. The Mid-Coast area consists of approximately 95,000 people within a 15-mile radius. The name of the seller was not released.