CRANSTON, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of a three-story, multi-tenanted office building located at 1150 New London Ave. in Cranston. New London Real Estate sold the 24,586-square-foot property to Vancass Holdings LLC for $2 million. Thomas Sweeney of Sweeney Real Estate & Appraisal brokered the deal.
NEW YORK CITY — MCR has sold 18 Marriott and Hilton assets to American Hotel Income Properties REIT for $407.4 million. The sale encompassed 2,187 rooms, which sold for roughly $186,000 each. The assets are in Maryland, New Jersey, New York, Connecticut and Pennsylvania. MCR is the seventh largest hotel owner-operator in the country and operates hotels under 10 brands.
PHILADELPHIA — HFF has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story apartment building located at 440 N. 15th St. in Philadelphia. Radnor Property Group is developing the 279-unit property, which is slated for completion in 2018. The Hamilton will feature studio, one- and two-bedroom layouts. HFF arranged a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from an insurance company for the developer. Ryan Ade, Rob Hinckley, David Giancola and Michael Pagniucci of HFF arranged the financing for the borrower.
NEW YORK CITY — Greystone has provided $22.1 million in Freddie Mac financing for a 12-property multifamily portfolio in Brooklyn. The borrower is Yoel Goldman. The refinanced properties, which all contain between five and 12 units, all received five-year, fixed-rate Freddie Mac Small Balance Loans that include an additional 15 years and one-year of interest-only payments. The borrower received $9.6 million in cash-out proceeds and plans to invest capital into each property. The properties include 165 Central Ave.; 1358 Dekalb Ave.; 145 Driggs Ave.; 136 Kingsland Ave.; 146 Skillman St.; 161, 191 and 163 Troutman St.; 54 Lewis Ave.; 11 Gunther Place; 1136 Willoughby Ave.; and 189 Menahan St. Anthony Cristi of Greystone originated the loans.
FRANKLIN, MASS. — Transwestern Consulting Group (TCG) has arranged the sale of an industrial building located at 130 Constitution Blvd. in Franklin. Novaya Real Estate Ventures sold the property to Albert Milstein, Barry Kirschenbaum and Sanford Bokor of $6.4 million. The property features 59,970 square feet of industrial space. John Lashar, Chris Skeffington and Roy Sandeman of TCG represented the seller and assisted in sourcing the buyer in deal.
ASHFORD AND MANSFIELD, CONN. — Northeast Private Client Group has brokered the sale of a three-building, 91-unit apartment portfolio located in Ashford and Mansfield. Harvest Properties sold the portfolio to Axela Group for $5.2 million, or $57,000 per unit. The portfolio includes the 24-unit Mar-Lea Park Apartments, located at 57-69 Varga Road in Ashford, and the 34-unit Woodlawn Apartments, located at 80 Bicknell Road in Ashford. Bradley Balletto and Edward Jordan of Northeast Private Client Group represented the seller and sourced the buyer in the deal.
UPPER DUBLIN, PA. — Montgomery County Housing Authority (MCHA) and Pennrose Properties have partnered to redevelop North Hills Manor, an affordable housing property in Upper Dublin. The $17 million project includes the demolition of the existing 50-unit public housing development, which was originally built in 1954, and the construction of 50 new apartments ranging from one- to four-bedrooms located in 17 residential buildings. Additionally, the development will feature a shared building featuring a community room, computer lab and property management offices. The new units will feature modern kitchens, including dishwasher, spacious closets, ceramic-tiled bathrooms, resident-controlled heating and cooling, and in-unit washers/dryers.
NEW YORK CITY — M&T Realty Capital has provided a $10 million Freddie Mac loan for the permanent financing of Carmel Place, a micro-unit building located at 335 E. 27th St. in New York City. Monadnock Development developed the 55-unit building that features studio apartments, 40 percent of which are affordable units. At the time of financing, the property was 100 percent leased. Michael Chavkin, Joe Pizzutelli and Douglas Tilley of M&T Realty Capital arranged the transaction. M&T Bank provided construction financing for the project.
BUTLER, N.J. — Cronheim Mortgage has arranged $8.5 million in financing for two garden apartment developments in Butler. Provided by Southern Farm Bureau Life Insurance, the 10-year loan features a 25-year amortization schedule and a fixed interest rate. Butler Ridge features 188 units in a mix of studio, one- and two-bedroom units, and Butler Arms features 30 one-bedroom units. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and closed the loans.
PENNSAUKEN, N.J. — Markeim Chalmers has arranged the sale of an industrial building located at 1395 Suckle Highway in Pennsauken. 153 Suckle Highway LLC acquired the 37,215-square-foot building for $1.2 million. Adam Dembo of Markeim Chalmers represented the seller, Suckle Properties, in the deal.
