BOUND BROOK, N.J. — The Carlton Group has arranged $46 million in high-leverage first mortgage financing for Queen’s Gate Apartments, a recently built 144-unit apartment complex in Bound Brook. The stretch senior loan allowed the undisclosed borrower to pay off its construction financing and cash out of the project before the property reaches stabilization. Steven Weiss and Jeff Kosow of The Carlton Group negotiated the three-year loan for the borrower.
MEDIA, FAIRLESS HILLS AND LANGHORNE, PA. — CBRE has brokered the sales of four office buildings in Media, Fairless Hills and Langhorne for a combined sale price of $6.9 million. Stephen Marzullo and Adam Silverman of CBRE represented the seller, Penguin Real Estate Investors, in each transaction. In the first transaction, 53 Baltimore Pike LLC purchased a three-story, 35,902-square-foot office building located at 53 W. Baltimore Pike in Media. Constructed in 2002, the property is currently 53 percent leased to two tenants, Connect America and Apacheta Corp. In the remaining transactions, Olymbec acquired a 51,384-square-foot office building, located at 430-450 Lincoln Highway in Fairless Hills, and two office buildings at 2050 and 2080 Cabot Blvd. West in Langhorne. The Fairless Hills property is anchored by the Social Security Administration. At the time of sale, the property was 52 percent leased. The two buildings in Langhorne, which total 69,417 square feet, are currently 61 percent occupied. Dentaurum Inc., Sperry Van Ness, TPG Telemanagement, Clear Employer Service and Stief Gross Sagoskin Cassetti occupy the buildings. This three-building acquisition by Olymbec marks the Canada-based firm’s entry into the Greater Philadelphia office market.
DOYLESTOWN, PA. — Marcus & Millichap has arranged the sale of Oak Gardens, an apartment building located at 355 North St. in Doylestown. An undisclosed buyer acquired the property for $3.8 million. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal. Constructed in 1950, the three-story building features 30 one- and two-bedroom apartment units.
BRIDGEPORT, CONN. — Brooklyn-based Spray Market has acquired an industrial facility located at 330 Pine St. in Bridgeport. As the building’s tenant, Spray Market exercised its option to purchase the 14,500-square-foot property for $1 million. The company specializes in applying and installing spray polyurethane foam. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller, while Bob Miller of Berkshire Hathaway HomeServices represented the tenant-buyer in the deal.
HADDON TOWNSHIP, N.J. — Kimco Realty Corp. has signed a lease with Target at its Westmont Plaza in Haddon Township. The 48,000-square-foot, small-format Target is scheduled to open this month. The signing of Target is the first step in a Kimco’s repositioning program for the 173,000-square-foot open-air shopping center. As Target’s third small-format store in New Jersey, the store will provide residents with a quick-trip shopping experience featuring the brand’s curated assortment of apparel and accessories, grocery and grab-and-go items, beauty products, electronics, toys and more. The store will also feature a CVS/pharmacy and Target’s Order Pickup service.
SHIREMANSTOWN, PA. — An affiliate of Endurance Real Estate Group partnered with CenterSquare Investment Management to acquire a 712,000-square-foot former manufacturing, distribution and office facility located at 485 St. Johns Church Road in Shiremanstown. Endurance plans to demolish approximately 500,000 square feet of manufacturing, office and low-bay warehouse sections of the property to redevelop the asset into 456,810 square feet of Class A bulk warehouse and distribution space. The redeveloped project will include the renovation and expansion of the existing East Warehouse section to total 246,135 square feet with 28-foot clear heights, renovated office space and supplemental loading dock positions, and a slab-up reconstruction of a 210,675-square-foot West Warehouse section, with 32-foot clear heights and 38 loading docks. The East Warehouse is slated for delivery in April 2018 and the West Warehouse is scheduled for completion in July 2018. The property was owned and occupied by the Quaker Oats Co. through the early 2000s.
HOLBROOK, N.Y. — Capital One has provided a $61 million fixed-rate loan to refinance Fairfield Broadway Knolls at Holbrook, an apartment complex located in the Eastern Long Island town of Holbrook. Fairfield Properties used the proceeds of the loan to retire a bridge loan that was used to purchase the property. The 10-year loan has 23 months of interest-only payments followed by amortization on a 30-year schedule. Built in 2006, the 284-unit property features a clubhouse with resident lounge, cyber café with business center, swimming pool, tennis and basketball courts and a fitness center. Robert Akalski of Capital One originated the loan for the borrower.
NEW YORK CITY — HFF has brokered the sale of a fully leased retail property and parking garage located at 325 Fifth Ave. in Midtown Manhattan. HUBB NYC Properties acquired the property from an undisclosed seller for $38 million. Completed in 2005, the 35,262-square-foot features a 5,972-square-foot ground-floor retail condominium leased to Bonchon Chicken, I Love Souvenirs and Hanmi Bank, and a 174-space, 29,290-square-foot below-grade parking garage leased to GGMC Parking. Andrew Scandalios and Rob Rizzi of HFF represented the seller in the deal. Additionally, Michael Gigliotti and Scott Aiese, also of HFF, arranged a 10-year, fixed-rate loan with Allianz Real Estate of America for the acquisition of the property.
NEW YORK CITY — Meridian Capital Group has arranged $19 million in construction take-out financing for the refinance of a mixed-use property located at 1122 Chestnut Ave. in the Midwood neighborhood of Brooklyn. The seven-year loan, provided by a local balance sheet lender, features a fixed rate of 4.00 percent. Blake Orman of Meridian negotiated the financing for the undisclosed borrower. The seven-story building features 57 residential rental units and 12,600 square feet of ground-floor retail space. Building amenities include high-speed elevators, parking with optional valet service, a laundry facility and a bicycle storage room.
NASHUA, N.H. — Fantini & Gorga has arranged $14.2 million in permanent financing for Clocktower Place II, a multifamily property located in downtown Nashua. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the loan, which was placed through a national Fannie Mae lender, for an undisclosed borrower. Clocktower Place II is a five-story rehabilitated mill building that is contiguous with Clocktower Place I. The two phases function as a single rental property comprising one long continuous structure that was built and expanded throughout the 19th century. The property was converted to its current use in the late 1980s. Clocktower Place II features 128 market-rate and 55 affordable one-, two- and three-bedroom apartments. Additionally, the property features a fitness center, indoor pool, common room and surface and underground parking.
