NEWTON, MASS. — Newton-based The RMR Group Inc. has acquired Tremont Realty Capital, a firm that specializes in commercial real estate finance. Boston-based Tremont principally raises debt and equity capital for owners and commercial real estate and serves as a manager of funds invested in commercial real estate loans. The RMR Group purchased the assets of Tremont for an upfront price of $2.2 million, excluding transaction costs. Since its founding in 2000, Tremont has completed more than $4.6 billion worth of commercial real estate transactions and currently has over $200 million of real estate loans under management. The CenterCap Group served as advisor to Tremont in the transaction.
LAKE RONKONKOMA, N.Y. — Lancaster Pollard has arranged a $7 million refinance for The Lake Shore Assisted Living Home in Lake Ronkonkoma. Ken Gould of Lancaster Pollard secured the 30-year non-recourse loan through the FHA Section 232/223(f) program. Lake Shore features 200 assisted living units.
NEW YORK CITY — A joint venture between Extell Development Co. and SMI USA, the US subsidiary of Shanghai Municipal Investment, has unveiled plans to develop Central Park Tower, a $3 billion residential and commercial tower in Manhattan. When complete, it will be the tallest residential building in the Western Hemisphere, according to the developers. The 131-story building will feature condos and retail space, including Nordstrom’s first full-line location in New York. The retail space will serve as Nordstrom’s flagship store and will be its second largest location. The seven-story store will total 285,000 square feet, according to Bloomberg. Central Park Tower will be located along Billionaire’s Row on 57th Street in Midtown Manhattan and is slated to open in 2019. “We believe the superb location, views, design and quality of Central Park Tower will make it the most important residential building ever to be built in New York City and expect it to be a great success for Extell and SMI,” says Gary Barnett, founder and CEO of Extell Development Co. Adrian Smith + Gordon Gill Architecture, which designed the world’s tallest building, the Burj Khalifa in Dubai, and the future world’s tallest building, Kingdom Tower in Saudi Arabia, will serve as the architect …
WEST NEW YORK AND HOBOKEN, N.J. — Love Funding has closed $75.3 million in loans to refinance Parkview Towers and Clock Tower Apartments, two affordable apartment communities owned by Jefferson-Adams Rehab Co. Located in West New York, Parkview Towers features 684 Section 8 apartments and four market-rate units in two 24-story apartment buildings. Clock Tower Apartments, located in Hoboken, features 90 market-rate units, 68 Section 8 units and 14 special voucher units. Both properties are managed by Parkview Management Corp. Laura Saull-Smith of Love Funding secured the financing from the U.S. Department of Housing and Urban Development’s 223(a)(7) loan insurance program, which allows up to 12 years to be added to an existing HUD mortgage’s remaining term.
POUGHKEEPSIE, N.J. — CBRE has arranged the sale of Mid Hudson Center, a retail power center on Route 9 in Poughkeepsie. TFS Investment Group acquired the 235,599-square-foot retail center for $27.5 million as part of a 1031 exchange. The center is anchored by long-term leases with The Home Depot and Stop & Shop. Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the undisclosed seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sales of three properties in Queens totaling $12 million. In the first transaction, a real estate investment group acquired a 16,470-square-foot multifamily property located at 45-50 48th St. in the Sunnyside area of Queens. A private investor sold the property for $6.8 million. Jacob Tzfanya and Ted Volynets of Eastern Consolidation represented the seller and procured the buyer. In the second deal, Christos Savvinidis of Eastern Consolidated represented a private investor in the sale of a development site consisting of two residential properties at 2577-2579 31st St. in the Astoria neighborhood of Queens. A real estate investment firm acquired the properties, which offer 50 feet of frontage and 21,538 buildable square feet. In the final transaction, Chad Sinsheimer and Ali Rossland of Eastern Consolidated represented the seller, a private investor, and the buyer, a private investor, in the sale of a vacant 1,728-square-foot building located at 12-07 40th Ave. in Long Island City for $1.1 million. The property offers 6,075 buildable square feet.
BELLEVILLE, N.J. — J.G. Petrucci Co., a design/build development firm, has acquired a multifamily property located at 256 Belleville Ave. in Belleville. A private investor sold the three-story, garden-style apartment building for an undisclosed price. First Choice Bank arranged acquisition financing for the transaction. Lauren Federgreen of Rose Real Estate represented the undisclosed seller in the deal. This transaction is the first multifamily acquisition for J.G. Petrucci.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use building located at 5617 Fifth Ave. in Brooklyn. An individual/personal trust purchased the 5,836-square-foot property from a private investor for $2.1 million. John Brennan of Marcus & Millichap represented the buyer and seller in the deal.
PLAINSBORO, N.J. — Hana Asset Management Co., a Korean investor, has purchased a 762,000-square-foot office campus in New Jersey for $305 million. The Class A campus is located in Plainsboro, approximately midway between Philadelphia and New York City and nearby to Princeton University. The 58-acre property was originally built for Merrill Lynch in 1985. Novo Nordisk currently occupies 563,000 square feet of the campus, with expansion rights through April 2031, no termination rights and a 10-year renewal option. The pharmaceutical company has occupied the campus since 2013, when the property underwent a full redevelopment. The acquisition marks the largest single-asset sale in New Jersey so far in 2016, according to Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which represented the seller. The firm’s Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer executed the transaction on behalf of a partnership between Ivy Equities, LCOR Inc. and Intercontinental Real Estate Corp. Ken Lorman of Lee & Associates represented the buyer. John Alascio, Alexander Hernandez and Alex Lapidus of Cushman & Wakefield Equity, Debt & Structured Finance’s team arranged acquisition financing and future funding for Novo Nordisk’s planned expansion at the campus. The campus is situated in the Princeton Forrestal Center …
NEW YORK CITY — Rosewood Realty Group has arranged the sale of an eight-building multifamily portfolio in Brooklyn and the South Bronx. BFC Partners and K&R Preservation acquired the portfolio from Black Spruce Management for $60 million. Totaling approximately 300,000 square feet, the five Bronx buildings and three Brooklyn properties feature 324 apartments. The apartments, which are fully occupied, are all part of the Section 8 housing program. The Bronx buildings sold for $38 million and the Brooklyn properties sold for $22 million. The buildings are located at 286-290 E. 91st St., 183-185 E. 92nd St. and 178-188 E. 93rd St. in Brooklyn, and 972-976 Leggett Ave., 820-822 Jackson Ave., 949 and 953-957 Anderson Ave. and 951 Woodycrest Ave. in the Bronx. Aaron Jungreis of Rosewood represented the buyer and seller in the deal.