BOSTON — A consortium comprising New England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler and Highgate has acquired Taj Boston, a historic hotel located at 15 Arlington St. in Boston’s Back Bay neighborhood. Taj Hotels Resorts and Palaces sold the property for an undisclosed price. As part of the transaction, New England Development, Eastern Real Estate and Highgate will serve as asset managers, working closely with the Taj Hotels Resorts and Palaces team, Rockpoint Group and Lubert-Adler. The 90-year-old hotel comprises 273 guestrooms, including 44 spacious suites featuring classic décor and wood-burning fireplaces. The hotel will retain the Taj Hotels Resorts and Palaces brand through a long-term management services agreement. Sentinel Advisors Pte. Ltd. worked closely with Eastern Real Estate in advising the buyers on strategy for the transaction.
DANBURY, CONN. — NorthMarq Capital’s Greater Westchester New York/Connecticut office has arranged $20 million in refinancing for North Street Shopping Center in Danbury. Robert Ranieri of NorthMarq secured the 10-year loan through a life insurance company for the undisclosed borrower. The loan also features a 25-year amortization schedule. Located at 1 Padanaram Road, the 212,406-square-foot property is anchored by ShopRite and Burlington Coat Factory.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a six-story multifamily building located at 2147 E. 17th St in Brooklyn’s Sheepshead Bay neighborhood. 2147 LLC acquired the elevator-serviced building from 2147 BKLYN 12 Realty LLC for $18.3 million. Built in 1939, the 57,552-square-foot building features 60 apartments. Aaron Jungreis of Rosewood Realty represented both the seller and buyer in the deal.
CINNAMINSON, N.J. — Simon Holdings Inc. has acquired an industrial building located at 2303 Garry Road in Cinnaminson. Lynn Bradeen sold the 45,100-square-foot property for $2.1 million. The multi-tenant warehouse facility features 20- to 22-foot ceiling heights, 14 tailgate doors and five drive-in ramps. All American Fasteners and Dade Paper currently occupy the facility. Marc Isdaner of Colliers Southern New Jersey represented the seller, while Scott Mertz of NAI Mertz represented the buyer in the transaction.
AVON, CONN. — Midwood Investment & Development has completed the disposition of Shops at Nod Brook, a grocery-anchored shopping center located at 315 W. Main in Avon. A joint venture between Wilder Cos. and Principal Real Estate Investors acquired the 99,788-square-foot property for $29 million. At the time of sale, the property was 91.5 percent occupied by The Fresh Market, Marshalls, Michaels, Top Nail, Music & Arts, Lane Bryant and Great Clips. Jim Koury of HFF represented the seller in the deal. Additionally, Porter Terry and Lauren O’Neil of HFF arranged a five-year, fixed-rate acquisition loan for $16.2 million through a global life insurance company for the buyer.
SECAUCUS AND WHIPPANY, N.J. — G.S. Wilcox & Co. has secured two loans totaling $19.5 million for two industrial properties located in Secaucus and Whippany. The company arranged a five-year, fixed-rate loan for $13.5 million that includes a 30-year amortization schedule. The loan was secured by a 202,148-square-foot warehouse building in Secaucus. Additionally, G.S. Wilcox also arranged a $6 million, fixed-rate loan for seven years. The loan, which features a 30-year amortization schedule, was placed on a 100,626-square-foot industrial building in Whippany. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing through Kansas City Life Insurance Co. The names of the borrowers were not released.
BOSTON — Canyon Partners Real Estate has provided a $12.7 million investment in subordinate financing to fund the development of The Boulevard, a 12-story residential condominium project located at 110 Broad St. along Rose Kennedy Greenway in Boston. A team led by New Boston Ventures is developing the property, which will feature 31 market-rate units, five artist live-work units, 3,550 square feet of retail space and 48 parking spaces. Construction commenced in May with completion slated for early 2018.
NEW YORK CITY — HelmsleySpear LLC has arranged the sale of a commercial building located at 19-40 Flushing Ave. in the Ridgewood section of Queens. Farmville, Va.-based Tri-Boro Shelving acquired the 25,234-square-foot warehouse for $10.5 million, or $416.10 per square foot. The warehouse features 17-foot ceilings, eight loading docks and 8,000 square feet of outdoor parking. The buyer plans to renovate the property. Gregg Slotnick of HelmsleySpear represented the undisclosed seller in the transaction.
PEARL RIVER, N.Y. — Redwood Realty Advisors has arranged the sale of Courtland Gardens, a garden apartment property located in Pearl River. The 37-unit property sold for $6.3 million, or $171,621 per unit. Kevin and McCrann and Thomas Gorman of Redwood Realty Advisors represented the undisclosed seller in the deal. The name of the buyer was not released.
The Lehigh Valley has seen no shortage of success stories in recent months when it comes to the region’s office sector. The third-largest metropolitan area in Pennsylvania, the Lehigh Valley is located 60 miles north of Philadelphia and 90 miles west of New York City. The region consists of 62 municipalities within Lehigh and Northampton counties, including the cities of Allentown, Bethlehem, and Easton. Last year, Guardian Life Insurance, one of the nation’s largest mutual life providers, announced it would establish a three-story corporate office building in Hanover Township, Northampton County. That 281,680-square-foot facility is expected to be completed by late 2016 and will house 1,500 employees. In March, Paychex Inc., a provider of payroll, human resources, retirement, and insurance services, announced it will undertake a $1.3 million expansion of its facility in South Whitehall Township, Lehigh County. That project will nearly double the company’s square footage and will create 100 new jobs. Many economic factors have contributed to the growth in Lehigh Valley’s office sector. These include its central location, well-developed transportation infrastructure, availability of suitable office space, high relative broadband rank, access to markets, and strong workforce. All these factors led Atlanta-based Garner Economics to identify high-value business …