NEW YORK CITY — Equicap has arranged $18 million in construction financing for a condominium development on Manhattan’s Upper East Side. Daniel Hilpert secured the bank financing for the borrower, a foreign developer, at a competitive interest rate.
NEW YORK CITY — Cushman & Wakefield has facilitated the sale of a medical office building located at 407-409 E. 70th St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the five-story building for $17 million, or $1,133 per square foot. The 15,000-square-foot property was sold by a group of doctors who practice in the building. Upon sale, the former owners inked a long-term leaseback for the space. Mitchell Levine, Guthrie Garvin and James Nelson of Cushman & Wakefield brokered the transaction.
GLASTONBURY, CONN. — Katz Properties has purchased Somerset Square, a retail center in Glastonbury, for $26.6 million. Situated on 15.3 acres, the 112,414-square-foot property is fully leased to a variety of tenants, including Stop & Shop, Barnes & Noble Bookstore, FedEx and the Paper Store. Tim Breda of Goedecke & Co. arranged mortgage financing for the acquisition. Winslow Property Management will provide leasing and property management services for the retail center. The name of the seller was not released.
QUINCY, MASS. — CBRE/New England has arranged the sale of 5 Hundred Falls, a garden-style apartment community located in Quincy. An affiliate of Mill Creek Residential acquired the 171-unit property from Fairfield Faxon Park LLC for an undisclosed price. The buyer acquired the asset with an institutional partner and has renamed the community Alister Quincy. Originally built in 1997 and renovated in 2012, the property offers a variety of one-, two- and three-bedroom layouts, with an average size of 1,027 square feet. Community amenities include a clubhouse with fitness center and clubroom, a resort-style heated outdoor pool with sun deck, playground and grilling areas, and 42 detached garages. Simon Butler and Biria St. John of CBRE/NE represented the seller in the deal.
ORANGE, CONN. — SH Corp. has completed the disposition of a retail property located at 249/259 Bull Hill Lane in Orange. AS Realty LLC acquired the 65,303-square-foot property for $10.8 million. Situated on seven acres, the property is fully leased to ShopRite through a 20-year net lease and an auto repair shop. Jim Koury of HFF represented the seller and procured the buyer in the deal.
NEW YORK CITY — Oxford Properties Group and Crown Acquisitions has completed a 175,000-square-foot lease extension through 2035 with the National Basketball Association (NBA) at Olympic Tower, located at 646 Fifth Ave. in Midtown Manhattan. The property owners plan to significantly modernize the office property’s lobby and public space to deliver a more engaging, customer-focused experience. Adam Frazier of Oxford, along with Paul Amrich, Howard Fiddle, Neil King and Patrice Meagher of CBRE, represented the owners, while Mary Ann Tighe, Gregory Tosko, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the transaction.
BETHLEHEM, PA. — J.G. Petrucci Co. has acquired a fully-occupied industrial building located at 1990 Highland Ave. within Lehigh Valley Industrial Park IV in Bethlehem, for an undisclosed price. Hygrade Components sold the property for $2.7 million in a sale-leaseback transaction. In 1996, J.G. Petrucci Co. completed the design/build of the property for Hygrade Components, which has signed a long-term lease for the property.
BRAINTREE, MASS. — The Triad Group has arranged the 20-year lease for the former Kindred Hospital campus, located at 2001 Washington St. in Braintree. CATS Academy, a United Kingdom-based prep school, has leased the 100,000-square-foot facility from 2001 Washington Street LLC. The landlord completely renovated the former hospital facility, which was built in 1918, and built 400 dorm rooms to accommodate students on the property. Andrew Mann of The Triad Group represented the tenant, while David Stubblebine, James Stubblebine and Micah Stubblebine of The Stubblebine Company represented the landlord in the transaction.
CLAYMONT, DEL. — The Galman Group has completed the disposition of The Edge at Greentree, a garden-style apartment community located off Namaans Road in Claymont. A joint venture between two private groups acquired the asset free and clear of existing debt for an undisclosed price. The 26-building community features 286 apartments in a mix of one-, two- and three-bedroom units averaging 844 square feet. Community amenities include a state-of-the-art fitness center and tech lounge. Mark Thomson and Carl Fiebig of HFF represented the seller in the transaction.
BOSTON — EagleBridge Capital has arranged $9.5 million in permanent mortgage financing for an apartment complex located at 8-12-16 Harvard Terrace in Boston’s Allston neighborhood. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, which was provided by a major commercial bank, for the undisclosed borrower. The fully occupied three-building apartment complex features 18 three-bedroom/two-bath units and six two-bedroom/one-bath units. Apartments feature hardwood floors, fully equipped designer kitchens with stainless steel appliances, granite countertops, contemporary cabinetry and a private balcony or patio.