WARREN, N.J. — Deerwood Real Estate Capital has closed an $11 million non-recourse bridge loan for an office building located in Warren. The loan was funded at nearly 80 percent of the purchase price with an additional future funded amount of 100 percent of leasing cost and capital expenses. The 120,000-square-foot property is occupied by multiple tenants. Yaakov Leiser of Deerwood negotiated the loan for the undisclosed borrower.
WALPOLE, MASS. — RK Centers has acquired a 12.5-acre ground lease of a Stop & Shop in Walpole for $6.3 million. Located at 565 Main St., the ground-lease property includes a freestanding 75,096-square-foot Stop & Shop grocery store. Constructed in 2002, the building also features an in-store Citizens Bank and the site has 398 parking spaces. Geoffrey Millerd and Justin Smith of NGKF Capital Markets represented the buyer in the deal. The name of the seller was not released.
EDISON, N.J. — Pennrose and Middlesex County officials have broken ground for Residence at Roosevelt Park, an affordable seniors housing complex overlooking Roosevelt Park in Edison. The $24.9 million project will restore and convert the historic Roosevelt Hospital — which was built as part of the New Deal through Federal Public Works Administration — into 84 one- and two-bedroom apartments with modern amenities for residents who are 62 and older. The apartment units will be equipped with Energy Star appliances, carpeted bedrooms, tiled bathrooms, cable/internet hookups and air conditioning. Six of the units will serve individuals with physical disabilities, and five will be reserved for homeless households. The property will also offer supportive services to all residents, an on-site management office, community room, fitness room, common laundry rooms, a resident site superintendent, security cameras and card/FOB entry systems, an outdoor patio and resident gardening area. The New Jersey Housing and Mortgage Finance Agency, an affiliate of the New Jersey Department of Community Affairs, awarded the project 9 percent federal Low Income Housing Tax Credits, which will generate nearly $14 million in private equity.
NEW YORK CITY — Thor Equities has acquired 180 Bedford Avenue in Brooklyn’s Williamsburg neighborhood from an undisclosed seller for $30 million. The company plans to develop a retail building. Designed by Fradkin & McAlpin Architects, the 14,500-square-foot building will feature 120 feet of wrap-around frontage on Bedford Avenue and North Seventh Street. The building will feature brick exterior finishes, floor-to-ceiling glass windows, a 2,500-square-foot roof deck, and 12,000 square feet of floor space divided equally among three floors, including a lower level with 12-foot ceilings. Additionally, the building’s plumbing, electrical and HVAC systems are designed to accommodate a commercial kitchen, should a future tenant need one.
YONKERS, N.Y. — Housing & Healthcare Finance (HHC Finance) has arranged $27 million in refinancing for an assisted/independent living community in Yonkers. Located on 10 acres, the 195-bed property is the only facility in the area with the Medicaid Assisted Living Program. HHC Finance arranged the financing with an interest rate below 3 percent through HUD for the undisclosed borrower.
ANTRIM TOWNSHIP, PA. — Eldorado Stone has signed a lease for a 432,000-square-foot build-to-suit industrial building at Antrim Commons Business Park in Antrim Township. The company, which manufactures architectural stone veneer, plans to consolidate two operations currently located in Greencastle, Pa., and Hagerstown, Md., into the facility. The company plans to invest nearly $7 million into the new location. The joint venture ownership between Atapco Properties and Chesapeake Real Estate Group plans to construct the new facility on a 25.4-acre parcel of land on Antrim Commons Drive within the business park. The property is slated for delivery in summer 2017. Antrim Commons Business Park is configured to support up to 6 million square feet of industrial and commercial space. Eldorado Stone received a $250,000 Pennsylvania First Program grant and $114,000 in Job Creation Tax Credits that will be distributed after the new jobs are created.
BURLINGTON AND SHELBURNE, VT. — Nedde Real Estate has arranged sale and lease transactions in Vermont. In the first transaction, Champlain Commercial Properties Investment Group completed the disposition of a retail and multifamily property located at 152 Battery St. in Burlington. Red Brick Realty II acquired the property, which features a deli on the first floor and an apartment unit on the second, for an undisclosed price. Cindi Burns of Century 21 Jack Associates represented the buyer, while Fernando Cresta of Nedde represented the seller in the deal. In the second transaction, KPC LLC leased 1,800 square feet of retail space, located at 3198 Shelburne Road in Shelburne, to Natural Mattress Co. Cresta represented the landlord, while Tony Shaw of KW Vermont represented the tenant.
PITTSBURGH — Milhaus Development has broken ground on Phase I of a residential and retail development in Lawrenceville, a suburb northeast of Pittsburgh. The development, called Arsenal 201, will encompass an entire block from 39th to 40th streets. The first phase will contain 243 apartment units and 19,000 square feet of retail. Development costs will total more than $100 million upon completion. Arsenal 201 will be situated on the original site of Allegheny Arsenal, which was the largest arsenal in the Union during the Civil War. The name is in homage to the site’s history, with the numbers being the last three digits in the Lawrenceville zip code. Amenities include Arsenal Alley (a pedestrian walkway), Canteen Resident Lounge, Ammunition Fitness/Wellness Center, a courtyard with hammocks that serves as an outdoor entertainment area called the Fort, and Cannonball Deck and Pool. Arsenal Alley will connect Butler Street to a new one-acre public park and existing riverfront amenities. The first apartments will be available for pre-lease in summer 2017. CBRE’s Jason Cannon, Chad Kosanovic and Carey Miklos are handling the retail leasing. Milhaus Development is an Indianapolis-based developer of multifamily-focused mixed-use properties, specializing in Class A, urban projects. — Nellie Day
JERSEY CITY, N.J. — Fields Construction Co. has begun work for the second phase of 207 Van Vorst Street in Jersey City. The second phase is the second of two 15-story buildings and will feature 153 luxury apartments and 7,305 square feet of retail space. The first phase, which is also under construction, features 255 residences and 7,237 square feet of retail space. Developed by Fields Development Group and designed by Marchetto Higgins Stieve, the project is situated adjacent to St. Peter’s Prep high school and within walking distance of New Jersey Transit’s PATH and light rail lines. Construction of the first phase is scheduled for completion in fall 2017 and the second phase is slated for completion in winter 2018. McLaren Engineering Group is providing structural engineering design and construction support for the project.
STAMFORD, CONN. — A joint venture between The Davis Companies and Highland Development Ventures has acquired a warehouse property, located at 300 Stillwater Ave. in Stamford, for an undisclosed price. The buyers plan to convert the two-story 152,000-square-foot building from a production studio for reality television shows into a self-storage facility. Construction is slated to begin this quarter with completion scheduled for 2018. Designed by Tao Architecture + Design, the facility will feature a leasing office, state-of-the-art security, a center drive aisle for access to units and drive-up units on sections of the property’s parking surface. The acquisition is the joint venture’s sixth self-storage facility development, including both ground-up and conversion projects.
