SYRACUSE, N.Y. — KeyBank has provided a $6.1 million construction loan to Harbor Street Lofts LLC, an entity sponsored by the Sutton Real Estate Cos. in partnership with Bentham Foundation. Proceeds of the loan were used toward the acquisition and rehabilitation of a four-story, historic industrial building in Syracuse’s Westside neighborhood. The borrower is transforming the property into a 40-unit mixed-income apartment property. Lynne Callis-Wilson of Key’s Community Development Lending arranged the financing for the borrower.
CAMBRIDGE, SOMERVILLE AND BRIGHTON, MASS. — Akelius has acquired 258 apartments in Boston in two separate transactions. The transactions, which totaled $92 million, included five properties. One property, which was constructed in 1964, is located in Cambridge with immediate proximity to Harvard University, while the other four properties were built around 1920 and are located in Somerville and Brighton. Jordan Milewicz handled the transaction. The names of the sellers were not released.
NEW YORK CITY — Cushman & Wakefield has arranged the closing of a $53.2 million construction loan for a property at 2341-2349 Adam Clayton Powell Jr. Blvd. in Manhattan’s Harlem neighborhood. The construction loan will finance the development of The Renny, a mixed-income residential rental complex set to open in 2017. The lender was Santander Bank. Preston Flammang of Cushman & Wakefield handled the transaction. The name of the borrower was not released.
PARSIPPANY, N.J. — Mack-Cali Realty Corp. has acquired a vacant office building located at 3 Sylvan Way in Parsippany. The 147,241-square-foot, three-story property features 50,000-square-foot plates with a saw-tooth design and large open spaces. The property, along with 1 and 5 Sylvan Way, will repositioned as an interconnected three-building mini campus, as part of the overall 600-acre Mack-Cali Business Campus. The total campus includes 15 Class A office properties totaling approximately 2.1 million square feet of space. The three buildings will undergo significant renovations, including lobby renovations, the creation of a full-service fitness center with yoga rooms and a golf simulator, an upgraded business-class conference center and numerous dining options, including a full-service café and coffee bar.
MIDDLETOWN, N.Y. — Kimco Realty Corp. has sold Galleria at Crystal Run, an 80,000-square-foot retail power center located at 1100-1300 N. Galleria Drive in Middletown, for $12 million. An undisclosed buyer acquired the property for $12 million free and clear of existing debt in an all-cash 1031 exchange transaction. As an outparcel to the 1.2 million-square-foot Galleria at Crystal Run Mall, the property is fully leased to Best Buy and Christmas Tree Shops. Jose Cruz, Kevin O’Hearn, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.
WILMINGTON, DEL. — NAI Emory Hill has brokered the sale of Stoney Batter Office Building at 5301 Limestone Road in Wilmington. 5301 Properties LLC acquired the property from Rockford Capital Partners for an undisclosed price. Built in 1987, the 45,399-square-foot Class A property is situated on 6.1 acres. Current tenants of the fully occupied building include Simon Eye Care, Lab Corp., Edward Jones & Co., Meridian Bank, and Crown Cork and Seal. Jim O’Hara Jr., Jim O’Hara II and Kevin O’Hara of NAI Emory Hill represented the buyer and seller in the transaction.
PHILADELPHIA — HFF has arranged $88 million in financing for The Left Bank, an apartment complex in Philadelphia. The firm placed the five-year, fixed-rate loan with a regional community bank for the borrower, Dranoff Properties. Located at 3131 Walnut St., The Left Bank features 282 apartment units in a mix of studio, one-, two- and three-bedroom layouts averaging 971 square feet. Community amenities include a lobby, sky deck, landscaped courtyard, fitness center, business center, community conference rooms, clubroom with catering kitchen, bike storage and 24-hour concierge service. The property also includes 98,707 square feet of office space and 22,605 square feet of retail, both of which are 100 percent occupied. Jim Cadranell and Ryan Ade of HFF arranged the financing for the borrower.
NEW YORK CITY — Savanna has closed on the acquisition of a 135,000-square-foot office and retail building located at 1825 Park Ave. in Harlem’s 125th Street corridor. Giscombe Realty Corp. sold the property for an undisclosed price. The 12-story building is adjacent to the Harlem 125th Street station on the Metro North train line and one block from the 4, 5 and 6 subway lines. Savanna has a comprehensive capital improvement program slated for the property that will reposition the building as an institutional-quality property in Harlem’s supply-constrained office market. Jack Bick and Erik Otema of S. Charatan Realty represented the seller in the transaction. Laurie Grasso and Anthony Bonan of Hunton & Williams provided legal counsel for Savanna.
NASHUA, HUDSON, CONCORD AND MANCHESTER, N.H. — Brady Sullivan Properties has acquired two multi-building portfolios totaling 775,000 square feet in New Hampshire. In the first transaction, the company purchased a five-building, 500,000-square-foot office and industrial portfolio in Nashua and Hudson from Chicago-based RREEF Property Trust for $17.5 million. The portfolio includes Birch Pond Office Park, a 73,000-square-foot office building; 22 Cotton Road, a 154,000-square-foot office and R&D facility; 472 Amherst St., a 98,000-square-foot flex building; and 15 Trafalgar Square, a 34,000-square-foot office building, all of which are located in Nashua. The portfolio also includes 5 Wentworth Drive, a 140,000-square-foot medical device facility occupied by Atrium Medical Corp., in Hudson. Tom Farrelly, Denis Dancoes, Sue Ann Johnson and Matt Pullen of Cushman & Wakefield represented the undisclosed seller in the transaction. In the second deal, Brady Sullivan acquired a five-building office portfolio totaling 275,000 square feet for $11.5 million. The portfolio includes One and Two Capital Plaza and Eagle Square in Concord; 146 Main Street in Nashua; and 2 Wall Street in Manchester. Farrelly, Dancoes, Johnson and Pullen of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
MONTCLAIR, N.J. — PMZ Realty Capital has arranged a $26.5 million construction loan for The MC Hotel, an Autograph by Marriott property, in Montclair. Situated within the CentroVerde development, the 150-room hotel will feature 7,500 square feet of office space, a farm-to-table restaurant, rooftop bar, lobby and outdoor plaza. The hotel is slated to open in third quarter 2017.