MIDDLETOWN, CONN. — CBRE has arranged the sale of Windshire Terrace, an apartment community located in Middletown. Hampshire Properties acquired the 226-unit property from an affiliate of Fairfield Residential for an undisclosed price. Built in 2000, the property features a pool, clubhouse, cyber café, fitness center, playground, picnic areas and leasing office. Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.
MECHANICSBURG, PA. — HFF has secured a $6.1 million loan for a vacant industrial warehouse property located at 4500 Westport Drive in Mechanicsburg. The borrower was a joint venture between Foxfield Ventures and Novaya Real Estate Ventures. Ready Capital Structured Finance provided the non-recourse, interest-only payment loan that features a two-year term and a one-year extension option with flexible pre-payment. The loan facilitated both the acquisition and future funding needs to implement a light capital improvement program at the 178,000-square-foot property. Situated on 11.2 acres, the property features 2,500 square feet of office space, 20 dock doors and 35-foot ceiling heights. Ryan Ade of HFF led the firm’s debt placement team that arranged the financing for the borrower.
ROSELAND, N.J. — The law firm of Connell Foley is relocating its headquarters to 71,000 square feet of office space at 56 at Roseland, an office building located at 56 Livingston Ave. in Roseland. Mountain Development Corp. and Square Mile Capital Management own the property. Connell Foley is relocating its New Jersey headquarters from a nearby location in Roseland and will occupy space on the first and second floors starting in late spring 2017. Other tenants at the property include Lowenstein Sandler LLP and Brown & Brown. Newmark Grubb Knight Frank is the leasing agent for the building.
BOURNE, MASS. — Linear Retail Properties has leased 18,100 square feet to PetSmart at its Bourne Bridge Crossing, a shopping center located at 2 Bridge Approach St. in Bourne. Joel Kadis and Greg Drocz provided in-house representation for the landlord, Linear Retail Properties, while Andrew Bonica of Eastern Retail and Brian Goodwin of Metro Commercial Real Estate represented the tenant in the deal. Additionally, Eastern Mountain Sports is relocating inline to 4,103 square feet and Starbucks Coffee extended its lease at the shopping center. Kadis and Drocz represented Linear Retail, while Ken Green of RCS Real Estate Advisors represented the tenant in the relocation.
NORWALK, CONN. — Trinity Financial has broken ground for the redevelopment of Washington Village in Norwalk. The first phase of the project will result in the construction of 80 mixed-income rental residences: 40 replacement public housing units, 18 affordable tax credit units and 22 market-rate units on two vacant parcels of land at 13 and 20 Day St. in Norwalk. Upon completion, the three-phased redevelopment will replace the present 136-unit Washington Village public housing project with a 273-unit apartment complex with 50 percent of the units designated public housing. The Norwalk Housing Authority, Norwalk Redevelopment Agency and Trinity Financial are working together on the project. The $45 million first phase is slated for completion in March 2018. Dimeo Construction Co. is serving as general contractor for the first phase.
NEW YORK CITY — A partnership between Quadrum Global, Simon Baron Development, Eagle Point Hotel Partners and KSNY has opened Arlo NoMad, a hotel located at 11 E. 31st St. in Manhattan’s NoMad neighborhood. The 250-key hotel features self-check-in/check-out kiosks, complimentary WiFi, bedside USB charging stations, music lounges, rooftop terrace and patios. This is the second Arlo hotel that Quadrum has opened in New York City.
NORTH CHELMSFORD, MASS. — NorthMarq Capital has arranged $8 million in refinancing for Chelmsford Mills, an office property located at 51 Middlesex St. in Chelmsford. The loan features a 10-year term and a 25-year amortization schedule. The property features 208,698 square feet of office space. Ed Reikstins of NorthMarq secured the refinancing for the undisclosed borrower.
NORWICH, CONN. — O,R&L Commercial has brokered the sale of Briar Hill Plaza, a retail strip center located at 201 Salem Turnpike in Norwich. Easter Seals Goodwill Industries acquired the property from Suncrest LLC for $4.3 million. Built in 2008, the 22,600-square-foot property is anchored by Goodwill. Tim Mahon of O,R&L Commercial represented the seller and procured the buyer in deal.
OAKDALE AND BROOKHAVEN, N.Y. — Dowling College has filed for Chapter 11 bankruptcy protection, and has retained A&G Realty Partners and Madison Hawk to manage the sale of two campuses formerly occupied by the university in Oakdale and Brookhaven. Dowling plans to sell the campuses through two separate, sealed bids as part of its bankruptcy filing. The partnership is currently accepting bids for the university’s 25-acre, waterfront campus in Oakdale. The campus includes over 200,000 square feet of space in six educational, administrative and student housing buildings, including the former W.K. Vanderbilt Estate. The 101-acre Brookhaven campus will be offered for sale in the first quarter of 2017. The property was home to the college’s aviation program, and includes a state-of-the-art athletic complex, a two-story, 65,000-square-foot building and a 10,000-square-foot airplane hangar with runway access to Brookhaven Airport. RSR Consulting is managing the dissolution of the Dowling College estate.
BOSTON — Capstone Development Partners and Provident Commonwealth Education Resources Inc. have closed on the financing for a $139 million student housing and dining community to be constructed on the University of Massachusetts Boston campus. The development will be the first on-campus student housing at the university. The two-building, 250,000-square-foot community is set to feature 1,077 beds targeted for primarily first-year students and an approximately 23,000-square-foot dining facility. The property will also include living-learning amenities such as seminar rooms, study lounges and other social and academic amenities to support student success and enhance the quality of campus life. Structured as a public-private partnership project, the development is being financed by tax-exempt revenue bonds issued by the Massachusetts Development Authority and underwritten by Citigroup. Provident Commonwealth Education Resources will own the housing and dining space, subject to a ground lease from the institution. UMass Boston and Capstone On-Campus Management will manage the housing. The design-build team for the project includes Elkus Manfredi Architects and Shawmut Design and Construction. Construction is slated to begin within the coming weeks, with completion scheduled for fall 2018.
