BOSTON — IBA, Inquilinos Boricuas en Acción, has secured a $53 million permanent loan from Massachusetts Housing Finance Agency (MassHousing) to renovate Villa Victoria’s Viviendas Apartments, an affordable housing property located in Boston’s South End neighborhood. Renovations will include extensive structural and cosmetic improvements, upgrading the exterior and interior to preserve building quality and enhance tenants’ residential experience. Upgrades will include replacing the asphalt roof with 30-year architectural shingles, improvements to pre-existing draining structures and updating the property’s façade with fresh stucco and paint. Originally built in the 1960s by IBA, Viviendas Apartments is one of four properties that make up Villa Victoria, a 435-unit affordable housing community that promotes wellness, active living, public safety, cultural expression and socioeconomic mobility through a specialized range of residential services.
NEW YORK CITY — Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has arranged the sale of an apartment property located at 1555 Grand Concourse in the Mount Eden neighborhood of the Bronx. Pistilli Realty Group purchased the building from Eric Silverstein for $29.8 million. Mark Steinmetz and Richard Velotta of Meridian represented the buyer and seller in the transaction. Built in 1927, the six-story, 139,000-square-foot building features 149 apartment units and was recently upgraded with renovated elevators, a new intercom system and a gas conversion.
METHUEN, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Colonial Village, an apartment community located in Methuen. An affiliate of Newton, Mass.-based Sawyer Realty Holdings acquired the 148-unit property from Colonial Methuen Associates for $23.3 million. The property features six three-story garden-style apartment buildings, a townhouse building and clubhouse. The unit mix comprises 77 one-bedroom, 67 two-bedroom and four two-bedroom townhome units with an average unit size of 816 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.
CLIFTON, N.J. — Marcus & Millichap has negotiated the sale of a retail property located at 449 Lakeview Ave. in Clifton. A developer acquired the property from an undisclosed seller for $1.7 million. Dollar General occupies the 11,500-square-foot building on a net-lease basis. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the seller, while Cafiero, Sgambati and David Cafiero, also of Marcus & Millichap, represented the buyer in the deal.
PHILADELPHIA, PA. — Equus Capital Partners has completed disposition of a 22-property multifamily portfolio totaling 3,426 units across Pennsylvania in a series of transactions totaling $467 million. Mark Thomson, Carl Fiebig and Francis Coyne of HFF marketed the properties on behalf of the seller in six sub-portfolios. The properties sold in phases to different buyers throughout the year with the most recent closing at the end of September. The properties are located in suburban Philadelphia, Northeastern Pennsylvania, Lancaster, Harrisburg, Wyomissing and Lehigh Valley, Pa. The properties range in size from 50 units to 400 units and were built between the early 1960s through the mid-2000s.
QUINCY, MASS. — NKF has brokered the sale of Heritage Point, an office building in Quincy. Grander Capital Partners and North Colony Asset Management acquired the property from Campanelli for $28.3 million. At the time of sale, the 160,912-square-foot Class A office building was 85 percent occupied. On-site amenities include a fitness center, conference areas and a full-service café with an exterior deck featuring water views. The asset is one of three buildings within Heritage Landing, which was originally acquired by the joint venture of Campanelli and Dallas-based Trigate Capital in 2013 and 2014. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, Michael Frisoli and Tyler McGrail of NKF represented the seller in the deal.
JACKSON, N.J. — Walters Group has started construction of The Ponds at Jackson 21, an 11-building income-restricted residential community located at 100 Mallard Court in Jackson. Situated on more than 10 acres, The Ponds at Jackson 21 comprises two-story apartment buildings offering a total of 88 one-, two- and three-bedroom apartment homes, ranging in size from 854 square feet to 1,172 square feet. Community amenities include a children’s tot lot, a barbecue and picnic area, a basketball court and a clubhouse with computer work stations and a fitness center. Slated for completion in October 2018, the property will fit a need for income-restricted housing in the township and give priority to Hurricane Sandy-impacted residents who were displaced by or experienced major severe storm damage from Superstorm Sandy. A portion of the development was funded by the federal Low-Income Housing Tax Credit (LIHTC) program, which has produced more than 2 million affordable housing units nationally and more than 500,000 units in New Jersey. Walters Group is managing every aspect of the project from design and construction to property management.
LANSING, N.Y. — Great Neck, N.Y.-based Uber Capital Group, a commercial real estate financial advisory and mortgage origination firm, has arranged a $14 million loan for the acquisition of The Shops at Ithaca Mall, a shopping center located at 40 Catherwood Road in Lansing. Joel J. Gorjian of Uber Capital Group secured the financing for the borrower, a private commercial real estate investment group. Target, Old Navy, Dick’s Sporting Goods, Bon-Ton, Michaels and a 14-screen Regal Cinemas anchor the shopping center, which was built in 1976. Additional tenants at the 623,000-square-foot property include Bath & Body Works, Kay Jewelers, Victoria’s Secret, ULTA Beauty, DSW Designer Shoe Warehouse, The Entertainment Zone, Great Escape Adventures, Planet Fitness and Zumiez.
GLASSBORO, N.J. — Nexus Properties has signed five new retail tenants to the Rowan Boulevard redevelopment, a mixed-use project in Glassboro. The goal of the $400 million, multi-phase project is to link the Rowan University campus with Glassboro’s downtown retail district. The new tenants bring restaurant, shopping and fitness options to downtown and include Alicia DiMichele Boutique, Tech Zone, Six Pack Training, Cookie Munchers and Mexican Mariachi Grill. In addition, Rowan Boulevard is home to Chickie & Pete’s, Tony Luke’s and Barnes & Noble Bookstore and Café. The final phase of the Rowan Boulevard project is under construction and slated for completion in August 2018. Upon completion, the development will include 2,771 student beds, classroom space, 114 apartment units, a hotel, fitness center, two parking garages and 144,000 square feet of retail space.
EAST ORANGE, WEST NEW YORK AND JERSEY CITY, N.J. — One Wall Partners (OWP) has purchased a 16-property multifamily portfolio from Shapco Property Management for $63 million in an off-market transaction. With the acquisition, OWP is now the largest property owner in East Orange and one of the largest transit-oriented workforce housing owner/operators in Northern New Jersey. Comprising 14 buildings in East Orange, one in West New York and one in Jersey City, the portfolio features a total of 516 apartment units and 300 parking spaces/garages. The unit mix includes 230 one-bedroom apartments and more than 286 two- and three-bedroom units.