NEWARK, N.J. — Kuwait-based KFH Capital Investment Co. has received $107.3 million in financing for the acquisition of Two Riverfront Plaza, a 337,543-square-foot office tower in Newark. James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook, N.J., office secured the loan, which was provided by Ladder Capital. KFH Capital Investment Co. acquired the 12-story office tower for $165 million. The property is fully occupied by Panasonic Corp. through April 2031. The acquisition was previously announced in early December.
UNION, N.J. — Bridge Development Partners has completed the disposition of Bridge Point Port West, an industrial building located at 750 Union Ave. in Union. A fund managed by J.P. Morgan acquired the 263,415-square-foot property for $46.5 million. Completed in 2015, the building features 36-foot clear heights, 55-foot column spacing, 50 loading doors, ESFR sprinkler systems, T-5 lighting and on-site parking for 150 trailers. At the time of sale, the property was fully leased to Boxed.com and Union Beverage Packer. Brian Fiumara, Michael Hines and Brad Ruppel of CBRE represented the seller, while Nick Firth provided in-house representation for the buyer.
FALL RIVER, MASS. — CBRE/New England has secured a $31.5 million Fannie Mae loan to finance the acquisition of South Winds Apartments, a 404-unit residential community located in Fall River. Boston-based Taurus Investment Holdings acquired the property for $39.3 million, or $97,400 per unit. Built in 1971, the property comprises 26 buildings featuring a total of 146 one-bedroom, 218 two-bedroom and 40 three-bedroom units. John Kelly and Matt Marshall of CBRE/NE secured financing for the buyer.
WATERTOWN, CONN. — Fischer Commercial Real Estate Specialists has arranged the acquisition of an industrial building located on 8.4 acres at 760 Frost Bridge Road in Watertown. 1 Frost Bridge Road Realty, a title-holding entity of Norwalk-Wilbert Vault Co., acquired the property from Frost Bridge Road LLC for $1.6 million. The buyer plans to relocate its operations from Bridgeport, Conn., to the 47,098-square-foot property once renovations and structural modifications are complete. Alan Fischer of Fischer Commercial Real Estate Inc. represented the buyer, while Nick Longo of Mathews Commercial Properties represented the seller in the deal.
QUINCY, MASS. — An affiliate of Portland, Ore.-based Gerding Edlen has acquired Neponset Landing, a high-rise apartment community located in Quincy. Northwestern Mutual Real Estate sold the 280-unit property for $89.5 million. Built in 2007, the 12-story property features 100 one-bedroom units, 42 one-bedroom with den units, 119 two-bedroom units and 19 two-bedroom with den apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer in the deal.
NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.
NEW YORK CITY — BCB Property Management has completed the disposition of a four-building multifamily asset located at 315-329 Lincoln Place in Brooklyn’s Prospect Heights neighborhood. Related Cos. acquired the buildings for $30 million. Totaling 52,543 square feet, the asset features 13 two-bedroom units, 11 three-bedroom apartments and 24 four-bedroom units. Approximately half of the 48 units were rent-stabilized at the time of sale. Stephen Palmese of Cushman & Wakefield represented the seller in the transaction.
UTICA, N.Y. — KeyBank Community Development Lending and Investment has provided a $7.6 million construction loan to Rescue Mission of Utica Inc. The loan will be used to construct West Street Apartments, a 42-unit low-income housing tax credit and supportive service property in Utica. Lynne Callis-Wilson of KeyBank arranged the construction loan.
MANCHESTER, N.H. — NAI Norwood Group has brokered the sale of two state-owned land parcels in Manchester. A private investor acquired the properties for $1.2 million. The site at 300 Hanover St. includes a 20,360-square-foot office building and the parcel at 436 Maple St. is currently used as a parking lot. NAI Norwood Group represented the seller, the state of New Hampshire, in the transaction.
LONG ISLAND CITY, N.Y. — Blackstone Mortgage Trust has provided a nearly $200 million loan for the acquisition of the historic Falchi Building in Long Island City, Queens. Savanna, a New York City-based real estate investment manager, purchased the mixed-use building from Jamestown LP. The five-story, 711,194-square-foot building occupies a full city block bounded by 47th and 48th avenues. Originally constructed in 1922, the building at one time served as a warehouse and distribution facility for Gimbels department store. The Gimbels chain of stores closed in 1987. Falchi is currently 90 percent leased to tenants such as City of New York, Uber, Lyft, Spaces (Regus), Juice Press and Doughnut Planet. Savanna will implement a $35 million capital improvement plan at Falchi. The improvements will focus on building amenities and infrastructure work for the office tenants, such as upgrading building systems, modernizing elevators, renovating common corridors and bathrooms and developing new ground-floor retail. Mitch Arkin, Joe Grotto Jr., Haley Fisher, Dan D’Agnes and Kelli Berke of Cushman & Wakefield will work closely with Savanna to lease the property’s office space. David Tricarico, also of Cushman & Wakefield, will handle retail leasing. Eastdil Secured brokered the sale and arranged acquisition financing. Savanna …