NORTHBOROUGH, MASS. — Transwestern Consulting Group (TCG) has arranged the sale of One Beeman Road in Northborough on behalf of Stockbridge Capital Group. According to public records, the sale price was $33 million. TH Real Estate purchased the 342,900-square-foot, high-bay industrial facility. TH Real Estate is an affiliate of Nuveen, the investment management arm of TIAA. The facility is 100 percent leased to FedEx SmartPost, serving as the company’s sole New England hub. TCG’s Chris Skeffington, John Lashar and Joe Olin represented the seller and sourced the buyer in the transaction. The firm has been retained by the new ownership to provide leasing and property management services for the building. One Beeman Road features 104 tailboard doors with cross-dock capability and building clear height up to 33 feet. A tenant since 2001, FedEx recently extended its term through 2023.
FREEHOLD, N.J. — Bussel Realty Corp. (BRC) has arranged the $7.5 million sale of Fairfield Industrial Park, a nine-building park totaling 165,000 square feet located at 912 Route 33 in Freehold. Jordan Metz and Eduard Skutelsky of BRC represented an unnamed seller in the transaction. Imperial Real Estate represented the buyer, Fairfield Industrial Park LLC. The property includes 20 tenants and the new owners plan capital improvements at the industrial park.
MOOSUP, CONN. — KeyBank’s community development lending and investment team has financed a $6 million bridge-to-HUD loan for Vesta Corp. for the acquisition of Moosup Apartments. The property is an 89-unit multifamily complex consisting of nine two-story buildings in the rural community of Moosup. Moosup Apartments includes one-, two- and three- bedroom townhomes. Of the 89 units, 27 are covered by a Section 8 HAP contract. KeyBank’s Kelly Frank arranged the financing.
WINDSOR, CONN. — CBRE has negotiated the $5.2 million sale of 100 Corporate Drive, a 100 percent leased, 69,000-square-foot office building in Windsor. An affiliate of Minneapolis-based Ryan Cos. US sold the property to Bradstreet & Chandler, a Boston-based real estate firm. CBRE’s John McCormick and Patrick Mulready represented the seller and procured the buyer in the transaction. CBRE will also handle leasing and property management of the building. 100 Corporate Drive is a two-story property located near I-91 in the Day Hill corporate area of Windsor. Constructed in 1984 and recently renovated, the property’s tenants include ADP, Sedgwick Claims Management, Health Management Services, Oxford Global and LGCY Power.
BOSTON — New York Life Real Estate Investors has originated a 10-year, $207.8 million loan for 100 High St., a 546,300-square-foot office property in Boston. The loan was made to an affiliate of the Rockpoint Group LLC. The property is located in Boston’s financial district.
AMHERST, MASS. — MassHousing has provided $15.8 million in financing to Redwood Housing for the renovation and preservation of 100 affordable housing units at Clark House in Amherst. Redwood Housing recently acquired Clark House and has extended the federal Section 8 housing assistance payment contract on all 100 units at the property. This is the first transaction Redwood Housing has completed in Massachusetts. MassHousing provided the permanent loan through the HUD/HFA 50/50 risk share program. Of the 100 units at Clark House, 81 are designated affordable for elderly residents, and 19 are affordable units for families and disabled residents. Redwood plans to replace all domestic hot and cold water piping, improve accessibility, upgrade the community room, and replace sliding glass doors and windows. Built in 1980, Clark House is located at 22 Lessey St. The property contains 76 one-bedroom units, 18 two-bedroom units and six three-bedroom units. WinnCompanies manages Clark House.
BASKING RIDGE and WARREN, N.J. — Cronheim Mortgage has arranged $10.9 million in financing for two mixed-use properties in Basking Ridge and Warren. The loans were placed with State Life Insurance Co. and Southern Farm Bureau Life Insurance Co., which Cronheim represents as a correspondent and servicing agent. Riverwalk Village, located in Basking Ridge, received $8.5 million in financing. The 18-year loan is self-liquidating with a 3.8 percent interest rate. Tenants at the 47,604-square-foot property include Starbucks, Supercuts and Gymboree. Second-floor office space is leased to YMCA, a chiropractor and an orthodontist. Gateway East in Warren was refinanced for $2.4 million at a 3.8 percent interest rate. The property includes a pair of freestanding, two-story buildings with first-floor retail and office space on the second floor. Tenants include Subway, Great Clips, a pilates studio, law offices and a dentist. The property is located at a signalized intersection and features surface parking for 89 vehicles. Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna originated and placed the loans.
BRIDGEWATER, N.J. — Hampton Inn & Suites is now open in Bridgewater. RD Management owns the 133-room property and developed it in partnership with XSS Hotels. Colwen Hotels will manage the property. Located at 1277 Route 22 W., the hotel is located near I-287 and Bridgewater Commons Mall. Amenities include an indoor heated pool, fitness center, meeting space, 24-hour business center, free breakfast, an on-site lounge and bar, 24-hour snack shop and complimentary Wi-Fi.
NEW YORK CITY — Equicap has secured a $7.9 million land loan for property in the East Village section of Manhattan. The borrower purchased the development site on Second Avenue for $9.15 million and was seeking bridge financing to carry the project through predevelopment. The proposed building will consist of 19,000 square feet of residential and retail condominiums. Equicap executed a closing at 86 percent of the purchase price for the transaction. A future funding component was also added for potential air rights.
MADISON, N.J. — PGIM Real Estate has completed a capital raise of $235 million for PruMex IV CKD, a closed-end real estate fund investing across various property sectors in Mexico. The capital raise included investments from Mexican institutional investors, as well as a co-investment from PGIM. More than half of the capital was raised from existing PGIM Real Estate clients, with the remaining capital coming from new investors. “The strong market fundamentals in Mexico, including a growing middle class, competitive labor costs and manufacturing, and favorable housing policies and regulatory changes, continue to be the key drivers for the development of industrial and residential assets in the country,” says Alfonso Munk, chief investment officer for the Americas at Madison-based PGIM Real Estate. Expanding on the investment strategy of the prior PruMex fund series, which focused solely on industrial real estate, PruMex IV will also invest in multifamily, mixed-use and residential-for-sale properties to create a well-diversified portfolio in Mexico. This fund will invest through PGIM Real Estate’s professionals operating out of the Mexico City office. Target investment markets include the Bajio-Central and north border regions for industrial assets, and the Mexico City metropolitan area for residential-for-sale, multifamily and mixed-use assets. PGIM …