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.
MAYNARD, MASS. — Colliers International, on behalf of developer Capital Group Properties, has secured a grocery anchor for the planned 293,500-square-foot Maynard Crossing property in Maynard. Market 32 by Price Chopper has signed a lease for 68,000 square feet of space at the mixed-use project, which is slated to break ground in the second quarter of 2017 with completion scheduled for summer 2018. Upon completion, the project will feature two full-service and two fast-casual restaurants, a 20,000-square-foot health club, a community bank, hardware store, apparel stores, and medical care center, as well as 180 residential rental units and a 143-unit independent senior living facility. Colliers International Boston is the leasing team for the development.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a land site located at 88 Withers St. in Brooklyn’s Williamsburg neighborhood. BK Developers and RYBAK Development acquired the site from Withers 88 Group LLC for $11.5 million, or $340 per buildable square foot. The corner site was purchased with approved plans for a 39,000-square-foot building comprising 33 residential units and a ground-floor retail unit. The residential portion will include three three-bedroom units, 14 two-bedroom apartments, eight one-bedroom units and eight studio apartments. Brendan Maddigan of Cushman & Wakefield represented the seller in the transaction.
R.W. Holmes Realty Facilitates $1.9M Sale of Office, Warehouse Property in Bellingham, Massachusetts
BELLINGHAM, MASS. — R.W. Holmes Realty has arranged the sale of an office and warehouse building located at 24 Williams Way in Bellingham. Gainsboro Brothers LLC sold the property to Matt Clark of TMC Holdings & Development for $1.9 million. Situated on three acres, the building features 34,700 square feet of office and warehouse space. The buyer plans to renovate the property and site for multi-tenant use. John Eysenback of R.W. Holmes represented the seller and buyer in the deal.
NORTH HILLS, N.Y. — ACORE Capital has provided $156 million in construction financing for Phase II of The Ritz-Carlton Residences, Long Island, North Hills, located 20 miles east of Midtown Manhattan on Long Island’s North Shore. Mike Tepedino, Michael Gigliotti and Geoff Goldstein of HFF worked on behalf of RXR Realty LLC to place the construction loan with ACORE Capital. HFF previously secured construction financing on the borrower’s behalf for the first phase of the condominium project in 2013, which is now more than 90 percent sold. The first 120-unit phase of the property was recently completed, and offers two- and three-bedroom units. The second phase of the project will consist of an additional 120 units totaling approximately 270,211 square feet. Each unit will have a minimum of two indoor parking spaces available. Community amenities include indoor and outdoor swimming pools, a fitness center and yoga studio, resident lounge, private reception rooms, boardroom, billiards room, coffee and espresso bar, and movie theater. The Ritz-Carlton Hotel Company manages the property and offers the full array of Ritz-Carlton’s services, including concierge, doormen, porters and membership in The Ritz-Carlton’s worldwide reservations network. The community also offers a number of a-la-carte services such as housekeeping, …
NEW YORK CITY — Greystone Development has secured $42 million in total financing for the renovation of a landmark Beaux-Arts building located at 164 W. 74th St. in Manhattan’s Upper West Side. An institutional lender provided $32.5 million in construction financing, while Black Bear Asset Management provided $9.5 million in preferred equity for the project. Greystone is developing the project in a joint venture with Prime Rok Real Estate. The residential condominium renovation includes a 30,000-square-foot build-out across the eight-story building. Architect Barry Rice and Winter McDermott Design have designed the transformation of the property.
MARSHALL TOWNSHIP, PA. — The Waters, a Minneapolis-based seniors housing developer and manager, has purchased an 18-acre site in the Pittsburgh suburb of Marshall Township. The company plans to construct The Waters of Wexford, a 143-unit seniors housing community on the plot. Units will be split between independent living, assisted living and memory care. The developer plans to break ground before the end of 2016 for a scheduled opening in May 2018. Development costs are estimated at $38 million. The project is the first outside the Midwest for The Waters, which operates eight communities in Minnesota and is developing two more in Minneapolis and Milwaukee. “Through extensive research we identified Pittsburgh has a great opportunity nearly four years ago,” says Kyle Didier, president of The Waters. “Over the next three years we hope to bring at least four or five new senior living communities to the greater Pittsburgh area.” Aron Will of CBRE secured a $27.1 million, five-year, floating-rate construction loan with 42 months of interest-only payments from a regional bank to fund the upcoming development.