MIDDLETOWN, CONN. — Chozick Realty has arranged the sale of Wilcox Apartments, located at 305 S. Main St. in Middletown. Up Realty acquired the property from Hamilton Point Wilcox Investors for $7 million, or $86,420 per unit. The 81-unit property features 11 different floor plans, including flats, lofts and townhome-style apartments. Rick Chozick and Steve Pappas of Chozick Realty represented the seller and procured the buyer in the transaction.
GREENWICH, CONN. — Houlihan-Parnes Realtors has arranged a $3.2 million first mortgage for a retail and office building located at 79 E. Putnam Ave. in Greenwich. Christie Houlihan of Houhlian-Parnes secured the financing for the undisclosed borrower. The non-recourse loan has a fixed interest rate for seven years. The 20,000-square-foot building was fully leased at the time of financing.
WEEHAWKEN, N.J. — Landsea has closed on a $102.3 million construction loan for Avora, a condominium project in Weehawken. With occupancy scheduled for first quarter 2018, the 11-story building will feature 184 condominium units in one-, two- and three-bedroom layouts, 6,000 square feet of ground-floor retail space, a private screening theater, a business center, a fitness center, an outdoor pool, sun decks, grilling areas and an amphitheater. Thomas Didio, Michael Gigliotti and Dan Cashdan of HFF secured the financing through Bank of the Ozarks for the developer.
NEW BRUNSWICK, N.J. — Saxum Real Estate has purchased a vacant retail building, located at 37 Easton Ave. in Brunswick, for an undisclosed price. Completed in 2009, the two-story building features 18,000 square feet of space that can be reconfigured to multi-tenant retail, office and residential space. Marc Duval, Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the undisclosed seller in the deal.
EASTCHESTER, TUCKAHOE AND GREENBURGH, N.Y. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged an $8.9 million permanent loan secured by three properties in Westchester County, N.Y. The borrower is a long-term owner of the properties, which include a retail strip center in Eastchester and two warehouse/industrial buildings in Tuckahoe and Greenburgh. The warehouse buildings are net-leased to Verizon. Jeanne Cronin of Q10 secured the five-year loan, which features a 30-year amortization schedule, through a community bank for the borrower.
CHERRY HILL, N.J. — Cronheim Mortgage has arranged $8.2 million in refinancing for two office properties located in Cherry Hill. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage secured the 42-month loan, which features a 30-year amortization and prepayment flexibility, for the undisclosed borrower. The two buildings offer a total of 112,965 square feet of office space.
MANASQUAN, N.J. — Ariel Property Advisors has arranged a $1.8 million acquisition loan for the $2.4 million purchase of a mixed-used property, located at 140 Main St. in Manasquan. The 6,000-square-foot property features four retail units and five residential units. Ariel’s Capital Services Division arranged the non-recourse seven-year loan for an undisclosed borrower.
NEW YORK CITY — Capital One has provided an $80 million construction/mini-perm loan for 1 Hotel Brooklyn Bridge, located on Brooklyn’s waterfront. The loan was initially part of a larger financing package that included a recently completed 107-unit condominium building. Capital One previously provided a $160 million loan to the borrower, a joint venture between Starwood Capital Group and Toll Brothers, to finance initial construction of the project. The 194-key hotel, which opened yesterday, is the third property in Starwood’s 1 Hotel brand. The property features 20,000 square feet of meeting/event space, a 24-hour fitness center, rooftop bar and pool and a 12,000-square-foot indoor/outdoor restaurant.
SMITHTOWN, N.Y. — Benchmark Senior Living is developing Whisper Woods, an assisted living community located at Route 25A and River Heights Drive in Smithtown. Slated to open in June 2018, the $25 million property will feature 101 units. Project members include EW Howell Construction Group and Moseley Architects. The property will be Benchmark’s first assisted living facility in New York.
DEPTFORD, N.J. — Eastern Union Funding has arranged $52.3 million in senior debt of behalf of Redstone Equities for the acquisition of Narraticon, a multifamily community in Deptford. David Singer of Eastern Union Funding arranged the senior debt, which features a floating rate, with a Freddie Mac seller/servicer. The 171-acre development features 443 rental apartments and townhomes, ranging from one- to four-bedroom layouts. Community amenities include a saltwater pool, lighted tennis courts, fitness center, sauna and a clubhouse with billiards, televisions, a library and complimentary WiFi.
