SADDLE BROOK, N.J. — Marcus & Millichap has arranged the sale of the leasehold interest of Park 80 East, an office building located at 160 Pehle Ave. in Saddle Brook. A private investor acquired the 83,160-square-foot property for $2.3 million. At the time of sale, the property was 50 percent occupied. Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
JERSEY CITY, N.J. — Smart Living Development, formed by KSNY and Strategic Properties, has broken ground for the development of Nest Micro Apartments, located at 184-190 Academy St. in Jersey City. The property will feature 122 fully furnished apartments, all of which are studio units less than 300 square feet, with rents starting at less than $1,300 per month. On-site amenities include coffee house/lounge, laundry facilities, bike storage, a gym, a roof deck lounge with grill and outdoor showers and storage units. Leasing is slated to commence in August 2018.
SPOTSWOOD, N.J. — Walker & Dunlop has structured a $23.5 million Fannie Mae loan for Clearwater Village, a manufactured seniors housing community in Spotswood. Will Baker led the Walker & Dunlop team that originated the 10-year, interest-only acquisition loan for the undisclosed borrower. At closing, the property was 99 percent occupied. Built in 1976, Clearwater Village features 367 pads, a pool, clubhouse, picnic area with gazebos and bocce courts, parking and security cameras. The community caters to residents age 55 or older.
WEEHAWKEN, N.J. — Hartz Mountain Industries has broken ground for Whole Foods Market 365 at Lincoln Harbor, a mixed-use development on the Weehawken waterfront. The 32,949-square-foot grocery store will join the 2.5 million-square-foot development, which includes residential, commercial, hospitality and restaurant space. Whole Foods Market 365 delivers the same quality of foods and products as the traditional Whole Foods Market, but in a new format that with a focus on value.
NEW ROCHELLE, N.Y. — Houlihan-Parnes Realtors has placed a $21.5 million new first mortgage on an office property located at 145 Huguenot St. in New Rochelle. GHP Office Realty, a division of Houlihan-Parnes Realtors, owns the property. State of New York, County of Westchester, Steiner Sports, Monroe College, Benchmark Education, Advent Software, ET & Allergy Associates, Greenwich Hospital and Sound Shore Medical Group are tenants of the 278,788-square-foot office building. Christie Houlihan, James Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors secured the financing for the borrower. Elizabeth Smith of Goldberg, Weprin, Finkel & Goldstein provided legal counsel to the borrower. Chicago Title Insurance Co. insured the title.
GLOVERSVILLE, N.Y. — KeyBank’s Community Development Lending & Investment team will provide a total of $7.3 million in financing to Liberty Affordable Housing. The firm will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing for the development of Estee Senior Apartments. Located in Gloversville, the community will feature 37 energy-efficient affordable housing units for seniors age 55 or older. CRM Rental Management will manage the complex.
WALPOLE, MASS. — Siemens has broken ground on a 300,000-square-foot expansion and renovation at Siemens Healthineers, a manufacturing and R&D facility in Walpole, about 27 miles southwest of Boston. Over the next four years Siemens plans to invest $300 million in the facility, which was built in 1979 and last renovated and expanded in 2007. The project scope will include manufacturing, warehouse, office and laboratory space. The expansion will generate 700 new high-tech, permanent jobs, bringing the total employment at the site to between 1,300 to 1,600 by 2026.
CUMBERLAND, R.I. — CBRE/New England has arranged the sale of Cumberland Crossing, a garden-style apartment community located at 100 Crossing Drive in Cumberland. An affiliate of Jones Street Investment Partners acquired the 288-unit property for an undisclosed price. Completed in 2001, the 12-building community features 84 one-bedroom units, 204 two-bedroom units and a clubhouse. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in the deal.
NEW YORK CITY — Alpha Realty has arranged the sales of two separate apartment buildings in the East Flatbush Section of Brooklyn. A private local investor acquired a 12,800-square-foot, 16-unit apartment building at 5601 Snyder Ave. for $3 million. A different private investor purchased a 21,000-square-foot, 26-unit apartment building at 545-555 E. 82nd St. for $4 million. Lev Mavashev of Alpha Realty represented the buyers and seller, Up Realty, in the off-market transaction.
NEW HAVEN, CONN. — CCP Real Estate Partner has completed the disposition of Georgetown Apartments, a 32-unit multifamily property located at 241 Quinnipiac Ave. in New Haven. New York-based Loggerhead Investment Group acquired the community for $3.1 million. The property features 16 two-bedroom flats and 16 two-bedroom townhouse units with parking. Bradley Balletto and Mallory Chila of Northeast Private Client Group represented the seller and sourced the buyer in the transaction.