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New Boston Fund Sells 217-Unit Luxury Apartment Tower in Boston for $144.5M

by Kristin Harlow

BOSTON — New Boston Fund has sold The Tower at One Greenway in Boston for $144.5 million. The 217-unit luxury apartment tower is located at 99 Kneeland St. Completed in 2015, the property is 21 stories tall, featuring 3,180 square feet of retail space and a 135-space underground parking garage. Apartment units average 822 square feet in size. Amenities include a rooftop terrace with fire pits; an outdoor park with deck and grills; balcony lounge; resident lounge with billiards and entertainment bar; fitness center; yoga studio; dog wash; bike store; electric car charging stations; and BeanTowne Coffee shop. The unprecedented demand for Boston residential real estate was cited as the reason for selling the property, according to Jim Kelleher, CIO at New Boston Fund. Matthew Lawton, Riaz Cassum, Chris Phaneuf and Mark Campbell of HFF marketed the property on behalf of the seller. PGIM Real Estate purchased the property. New Boston Fund is a privately owned real estate investment manager. The company has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. — Kristin Hiller

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76ersFieldhouse-Wilmington-DE
CivicDelawareNortheastRetail

Philadelphia 76ers, Buccini/Pollin Group to Develop 140,000 SF Sports Complex in Wilmington, Delaware

by Amy Works

WILMINGTON, DEL. — The Philadelphia 76ers and The Buccini/Pollin Group are developing 76ers Fieldhouse in Wilmington. Situated on 8.9 acres, the 140,000-square-foot multi-purpose sports complex and youth training center will be the new home for the 76ers NBA G League affiliate team, the Delaware 87ers. In addition to use by the affiliate team, the facility will be used to provide local youth with new sports programming and opportunities. The Buccini/Pollin Group will manage the development and construction of the facility, which is being designed by Rossetti Architects. The facility is situated on a site currently owned by Riverfront Development Corp.

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149-Madison-Ave-NY
New YorkNortheastOffice

Columbia Property Trust Acquires Office Building in Manhattan for $87.7M

by Amy Works

NEW YORK CITY — Columbia Property Trust has completed its acquisition of 149 Madison Avenue, a 12-story office building located in Manhattan’s Midtown South district. An undisclosed seller sold the 127,000-square-foot property for $87.7 million. The company is purchasing the property subject to a ground lease that expires in January 2018. At that time, Columbia plans to begin a comprehensive repositioning at the fully vacated building. Redgate will serve as project manager, Genslar as architect and Highland Associates as engineer for the renovation project.

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LoansMultifamilyNew YorkNortheast

Hunt Mortgage Provides $25M in Refinancing for Multifamily Property in Poughkeepsie, New York

by Amy Works

POUGHKEEPSIE, N.Y. — Hunt Mortgage Group has provided a $25 million conventional Freddie Mac loan to Mountainbrook Realty Holdings LLC. The borrower will use the loan to refinance Mountain Brook Apartments, located at 134-154 Innis Ave. in Poughkeepsie. Built in 1965, the property comprises 17 buildings offering a total of 288 apartment units in a mix of one-, two- and three-bedroom layouts. The seven-year loan features a fixed-rate and a 30-year amortization schedule. At the time of financing, the property was 98.6 percent occupied. Shloime Goldstein of Skyline Capital arranged the financing.

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LoansMultifamilyNew YorkNortheast

Houlihan-Parnes Realtors Secures $17.5M in Refinancing for Multifamily Portfolio in New York

by Amy Works

BINGHAMTON, ENDICOTT, ENDWELL AND JOHNSON CITY, N.Y. — Houlihan-Parnes Realtors has arranged a $17.5 million loan for the refinancing of a multifamily portfolio in Upstate New York. Totaling 602 apartments, the 13 properties are located in Binghamton, Endicott, Endwell and Johnson City. The non-recourse loan features a fixed interest rate and a 30-year amortization schedule. Ed Graf of Houlihan-Parnes secured the loan for the undisclosed borrower. Steven Tierney of Woods, Oviatt, Gilman represented the borrower.

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IndustrialNew YorkNortheast

Kalmon Dolgin Arranges $5M Sale of Industrial Building in Brooklyn

by Amy Works

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered the sale of an industrial building located at 315 Liberty Ave. in the Brownsville section of Brooklyn. Beldex Realty sold the property to 315 Liberty Avenue LLC for $5 million. The buyer plans to redevelop the two-story, 28,000-square-foot industrial building into office space. The building features gas heat, heavy power, drive-in doors and a loading dock. Allison Chambers of KDA represented the buyer, while Samuel Zupnick and Nathan Friedman, also of KDA, represented the seller in the transaction.

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MassachusettsNortheastOffice

CBRE/NE Brokers $22.5M Sale of Office Property in Boston’s Back Bay

by Amy Works

BOSTON — CBRE/New England has arranged the sale of an office building located at 10-11 Arlington in Boston’s Back Bay. Fisher College sold the six-story building to 10-11 Arlington LLC for $22.5 million. The buyer plans to use the 21,205-square-foot property as a family office. Mark Reardon, Meredith Christensen, Diane Harris, Matthew Furey, Simon Butler and Biria St. John of CBRE/NE represented the seller in the deal.

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MultifamilyNew YorkNortheast

Coastal Ridge Real Estate Launches Third-Party Management Platform, Awarded Three-Property Portfolio

by Amy Works

BUFFALO, N.Y. — Columbus, Ohio-based Coastal Ridge Real Estate has launched a third-party property management platform and has been awarded management of three student housing communities owned by DHD Ventures. The properties are Monarch 716, a 592-bed community located at 100 Forest Ave. in Buffalo; Monarch 815, a 576-bed community located at 1109 University Parkway in Johnson City, Tenn.; and Monarch 544, 440-bed community located at 650 SC-544 in Conway, S.C. The firm expects to grow its third-party property management portfolio to 2,500 units by the end of 2018.

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MassachusettsNortheastOffice

SVN/Parsons Commercial Group Arranges $8.6M Sale of Office Building in Hopkinton, Massachusetts

by Amy Works

HOPKINTON, MASS. — SVN/Parsons Commercial Group Boston has negotiated the sale of an office property located at 77 Main St. in Hopkinton. Thomson Realty Limited Partnership sold the building to Hopkinton Business Center LLC for $8.6 million. At the time of sale, the 55,000-square-foot building was fully leased to a variety of tenants, including a dental office, a jewelry store and a specialized planning and construction company. Victor Galvani of SVN/Parsons represented the seller, while Garrett Quinn, also of SVN/Parsons, represented the buyer in the transaction.

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HospitalityNortheastPennsylvania

MCR Purchases Hilton Garden Inn in Allentown, Pennsylvania, for $15M

by Amy Works

ALLENTOWN, PA. — MCR has acquired the Hilton Garden Inn Allentown West, located at 230 Sycamore Road in Allentown, for $15 million. The 111-room hotel features an indoor pool, a fitness center, free Wi-Fi, 1,330 square feet of meeting space, The Great American Grill, a 24-hour business center and a 24-hour Pavilion Pantry. Guest rooms offer spacious work areas, 42-inch flat-screen televisions and coffeemakers. The name of the seller was not released.

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