HAZELTON, PA. — Hinerfield Commercial has brokered the sale of a showroom and warehouse facility located at 485 Susquehanna Blvd. in Hazelton. Bradley International acquired the 51,000-square-foot property for an undisclosed price. The building is occupied by Nathan’s Furniture Store, which originally purchased the property in 1983. Griff Keefer and John Cognetti of Hinerfield Commercial handled the sale negotiations.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of the residential portion of 1 Coesnties Slip, as known as 66 Pearl Street, in Manhattan. An undisclosed buyer acquired the six-building multifamily asset for $26.7 million. Totaling 32,843 square feet, the property features 42 residential units. The property’s 34 free-market apartments recently underwent an extensive renovation and upgrade program. Bob Knakal, Will Suarez, Jonathan Hageman, George D’Ambrosio, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed seller in the deal.
EAST BROOKFIELD, MASS. — Kelleher & Sadowsky has arranged the sale of an industrial space located at 545-555 E. Main St. in East Brookfield. The undisclosed buyer plans to convert the 40,754-square-foot former Howe Lumber facility into a micro-brewery under the Timberyard Brewing brand. Paul Matt of Kelleher & Sadowsky brokered the sale. The name of the seller and acquisition price were not released.
NEW YORK CITY — Lalezarian Properties has topped out 515 West 36th Street, a mixed-use tower located on Manhattan’s West Side. Designed by Ismael Leyva Architects, the 38-story, 248,000-square-foot tower will feature 13,000 square feet of commercial retail space on the cellar level, groundfloor and third floor; parking on the second floor; a community facility on the fourth through seventh floors; and residential space, totaling 251 units, on the remaining floors. Completion is tentatively slated for spring 2018.
WARWICK, R.I. — Fantini & Gorga has arranged a $21 million first mortgage to refinance office condominium space at The Summit, Jefferson Gateway and Metro East office parks, located within one mile of each other at 300 Centerville Road, 931 and 935 Jefferson Blvd. and 117 Metro Center Blvd. in Warwick. Totaling 160,000 square feet of office space, the parks are fully occupied three- and four-story buildings featuring ample parking, landscaped grounds and efficient and flexible floor plans. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the financing for the undisclosed borrower.
NEW YORK CITY — Meridian Investment Sales has brokered the sale of a mixed-use property located at 240 E. 28th St. in Manhattan’s Kips Bay neighborhood. A.D. Real Estate Investors sold the property to a private buyer, managed by Sal Notaro, for $19 million. Built in 1920, the six-story building features 28 residential units and two ground-floor retail spaces. The property recently underwent a more than $1 million renovation program, which upgraded the lobby, interior hallways, laundry facilities and façade. Adam Sprung of Meridian represented the buyer and seller in the deal. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.
CAMDEN, N.J. — Love Funding has secured a $13 million FHA loan to refinance and rehabilitate Camden Townhomes, a scattered-site affordable housing property located in Camden. Camden Townhomes is a collection of 89 units spread over 64 separate tax parcels scattered throughout the Lanning Square and Bergen Square areas of the city. The loans proceeds, along with 4 percent Low-Incoming Housing Tax Credits provided by the New Jersey Department of Community Affairs, will be used to renovate the property. The renovations will result in more than $125,000 in improvements, including the replacement of all systems and fixtures with energy-efficient upgrades, for each of the units being rehabbed. The New Jersey Department of Community Affairs originally purchased and assembled the units in 1992. At the time, the property was recognized as a single manageable and marketable development and awarded a 15-year Section 8 project-based voucher contract as part of a substantial rehabilitation. As part of the latest transaction, the project has been approved for a new 20-year contract. Leonard Lucas of Love Funding obtained the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) mortgage insurance program.
WALDWICK, N.J. — Urstadt Biddle Properties has acquired Waldwick Plaza Shopping Center, a retail property located at the intersection of Franklin Turnpike and Wyckoff Avenue in Waldwick, for an undisclosed price. Tenants at the 26,500-square-foot property include the U.S. Post Office, Supercuts, Verizon Wireless, Massage Envy and The Little Gym, as well as local tenants, including a liquor store, dry cleaner, nail salon and Italian restaurant. The name of the seller was not released.
FORT WASHINGTON, PA. — Square Mile Capital Management has originated a $90.5 million loan secured by Fort Washington Technology Center, located at 1100 Virginia Drive in Fort Washington. The borrower was an entity owned by funds managed by Greenfield Partners, which acquired the property in 2013 as part of a multi-state office portfolio. Built in 1964, the 751,143-square-foot multi-tenant office building features a fitness center, basketball court, Starbucks Coffee shop and cafeteria. Jay Marshall of HFF arranged the financing for the borrower. The loan includes proceeds to repay existing debt and fund future property improvements and leasing costs.
WILMINGTON, DEL. — Merion Realty Partners has completed the sale of 1303 Delaware Apartment Homes, a multifamily property located in the Trolley Square neighborhood of Wilmington. Capano Residential purchased the property free and clear of debt for an undisclosed price. Mark Thomson, Carl Fiebeg and Francis Coyne of HFF represented the seller in the deal. The property consists of 231 studio, one-, two- and three-bedroom apartments averaging 928 square feet. Additionally, James Conley of HFF arranged a fixed-rate Fannie Mae acquisition loan for the buyer.
