EVERETT, MASS. — Natixis has provided a $38 million floating-rate loan on Wellington Parkside Apartments for Boston-based Taurus Investment Holdings. Proceeds from the loan will fund the acquisition and lease-up of the 190-unit, Class A multifamily property. Wellington Parkside Apartments is located in Everett, four miles north of the Boston central business district and one mile from the site of the Wynn Boston Harbor Casino. Taurus has retained Boston-based The Dolben Co. to handle leasing and management of the property. John Kelly of CBRE’s Boston office arranged the financing.
CEDARHURST, N.Y. — Meridian Capital Group has secured $2.6 million in financing for the refinance of a cooperative property in Cedarhurst. The 10-year loan, provided by a regional bank, features a fixed rate of 3.5 percent and full-term interest-only payments. Judah Hammer and Michael Ryback of Meridian’s New York City headquarters negotiated the transaction. The property, located at 272-300 Cedarhurst Ave., includes 47 units.
NEW YORK CITY — Rosewood Realty Group has negotiated the $76.3 million sale of a four-building multifamily and retail portfolio in the Astoria neighborhood of Queens for $76.3 million. Rosewood’s Aaron Jungreis represented the seller, Kushner Cos., in the transaction. Queens-based investor Karan Singh was the buyer. The portfolio includes 21-80 38th St., 21-81 38th St., 23-05 30th Ave. and 23-15 30th Ave., totaling 143 apartments and 11 retail spaces across 123,500 square feet. Former owner RockFarmer Properties purchased the portfolio in 2013 for $32 million and sold it to Kushner for $51 million in January 2015. About 60 percent of the portfolio’s apartments are free-market. Kushner Cos. reportedly invested about $10 million in the buildings over the past two years.
MOORESTOWN, N.J. — Thorofare Capital has funded a $5.7 million fixed-rate bridge loan for the acquisition and renovation of a 219,304-square-foot industrial property in Moorestown. Irvine, Calif.-based Phoenix Investment Funds purchased the asset at auction. The vacant warehouse and distribution facility is located at 540 Glen Ave., about 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features 15,000 square feet of office space, 24-foot clear heights, 29 loading docks and trailer parking. The property is near the New Jersey Turnpike and Interstate 295. The bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facility to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, interest-only bridge loan includes an extension option subject to performance hurdles.
WINDSOR, CONN. — Marcus & Millichap has brokered the sale of a property net leased to Bank of America in Windsor. The 4,650-square foot property sold for $3.1 million. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller, a limited liability company. The Bank of America is located at 1045 Kennedy Road near Interstate 91.
NEW CANAAN, CONN. — Rhys has arranged the sale of a portfolio in downtown New Canaan including a mixed-use building and two residential properties slated for future development. Ivanhoe Collective purchased 19 Vitti St., a 4,700-square-foot mixed-use building for $2.6 million. The new owner plans to open a business called The Cultivated Collector, a showroom catering to those who own or want to own classic cars. The two-story Vitti Street building features an on-site parking garage. It was previously occupied by Young Life, a Christian charity that is moving to Stamford, Conn. HB Nitkin Group is the buyer of two residential properties adjacent to 19 Vitti St. The company purchased 60 and 64 E. Ave. for $1.5 million. The property at 60 E. Ave. is a 1,400-square-foot single-family rental home built in 1900. The house at 64 E. Ave. is 2,020-square-foot rental home built in 1876. The long-term goal of the new owners is to work with the town to redevelop the sites into a mixed-use project.
ROCKLAND, MAINE — Cardente Real Estate has arranged the sale of a retail building located at 166 Camden St. in Rockland. Rockland LLC purchased the former Wendy’s location for $337,000. The 2,887-square-foot building sits on 0.9 acres of. Doug Erickson of The Masiello Group represented the seller, Blackstone Properties, and Michael Cardente of Cardente Real Estate represented the buyer.
CHAPPAQUA, N.Y. — Jeffrey Dunne, Kyle Juszczyszyn and David Gavin of CBRE have secured $68 million in financing for the development of Chappaqua Crossing in Chappaqua. Dunne, Juszczyszyn and Gavin represented The Grossman Co. and Summit Development in arranging the loan for the planned 120,000-square-foot retail center. The team was responsible for procuring the 90 percent institutional joint venture equity partner in addition to securing the new construction financing of $44 million with M&T Bank. Whole Foods will anchor Chappaqua Crossing, which will sit on a 19.1-acre site inside a 114-acre mixed-use development. Other tenants will include Life Time Fitness, Pet Valu, Chase Bank, AT&T and GoHealth Urgent Care.
PLAISTOW, N.H. — Inland Real Estate Income Trust has acquired the 199,335-square-foot Pentucket Shopping Center in Plaistow. The property is located one mile north of the Massachusetts state border and about 40 miles north of Boston. Mark Cosenza of Inland Real Estate Acquisitions facilitated the purchase of the property on behalf of Inland Real Estate Income Trust. Originally constructed in 1986 and remodeled in 2004, Pentucket Shopping Center is located at 58 Plaistow Road. The property was 98 percent leased as of the acquisition date. Tenants at the center include The Home Depot, Staples, Bed Bath & Beyond, Hallmark, Sally Beauty Supply, Sport Clips and Santander Bank.
NORWALK, CONN. — Cushman & Wakefield has arranged the $11.9 million sale of Belden Square, a two-building medical office/residential apartment complex located at 747 Belden Ave. in Norwalk. Belden Square LLC purchased the newly renovated, 45,000-square-foot property, formerly the U.S. headquarters of Virgin Atlantic, from SG Belden LLC. The Cushman & Wakefield team of Al Mirin, Kate Schwartz, Matthew Torrance and Kathleen Fazio represented the seller. The buyer was self-represented.