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Mallory-Ridge-Bloomfield-CT
ConnecticutMultifamilyNortheast

IPA Arranges $17.1M Sale of Multifamily Community in Connecticut

by Amy Works

BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mallory Ridge Apartments, a multifamily community in Bloomfield. The 78-unit apartment property sold for $17.1 million, or more than $220,000 per unit. Situated on 19.8 acres at 95 Filley St., the property features four three-story residential buildings with 20 one-bedroom apartments, 55 two-bedroom units and three three-bedroom apartments plus one clubhouse/amenity building. Each apartment features nine-foot ceilings, full-size washers/dryers and either a patio with private entry or balcony. Community amenities include a resort-style pool, a fitness center and a nature preserve with walking paths. Victor Nolletti, Steve Witten, Still Hunter, Eric Pentore, Craig Fuller, Erin Patton, Scott Wiles and Josephine Zupan of IPA represented the seller, Mallory Ridge Apartments LLC, while IPA Northeast-Florida procured the buyer, Delaware-based 1881 and Fawn Industrial LLC.

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Affordable HousingLoansMultifamilyNew YorkNortheast

KeyBank Provides $3.9M in Financing to New York Affordable Housing Properties

by Amy Works

SODUS AND WILLIAMSON, N.Y. — KeyBank has provided a $3.9 million letter of credit to SWIIRD Preservation LLC, an entity owned by CB Emmanuel Realty LLC. Located in Sodus and Williamson, the affordable housing properties total 96 one-bedroom apartments. Ninety-four of the 96 residences will utilize NYC HCR project-based rental assistance vouchers, keeping the units affordable to low-income senior and special needs residents for at least 15 years. Joe Eicheldinger of KeyBank’s Community Development Lending arranged the financing, which was used to rehab the properties.

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New JerseyNortheastOffice

Colliers Brokers Sale of 25,000 SF Office Building in New Jersey

by Amy Works

LAWRENCE, N.J. — Colliers International has arranged the sale of an office building located at 134 Franklin Corner Road in Lawrence. David Lerner Associates purchased the 25,000-square-foot property for an undisclosed price. The buyer, a privately held securities broker/dealer, plans to relocate its current offices in Princeton to 8,600 square feet on the second story of the the newly acquired two-story building, which was the former Trenton Savings Bank headquarters. Vinny Di Meglio of Colliers represented the buyer, while Thomas Romano and Tim Norris of Colliers represented the seller in the transaction. Colliers is actively marketing the remaining 12,000 square feet of the available space at the building.

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HospitalityMassachusettsNortheast

Hodges Ward Elliott Negotiates Sale of Godfrey Hotel Boston

by Amy Works

BOSTON — Hodges Ward Elliott has negotiated the sale of the Godfrey Hotel Boston, a luxury boutique hotel located in Boston. Union Investments acquired the 242-room hotel for an undisclosed price. Located at 505 Washington St., the hotel, which is currently under construction, is slated to open in January 2016. The hotel will feature a chef-driven restaurant, local coffee house, lobby bar, 24-hour fitness center, complimentary WiFi, and digital technology. Oxford Hotels and Resorts, an affiliate of Oxford Capital Group, will operate the hotel on behalf of the new owner.

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HospitalityNew YorkNortheast

Maefield Development Acquires Times Square Hotel as Part of Redevelopment Project

by Amy Works

NEW YORK CITY — Maefield Development has acquired the leasehold interest in the DoubleTree Hotel, located at 1568 Broadway in Times Square. Sunstone Hotel Investors sold the 468-room asset for an undisclosed price. The acquisition is part of a planned redevelopment of the property into a premier cultural, entertainment, retail and hospitality experience. The redevelopment will include a renovated luxury hotel, prime street-front retail and entertainment space, a large high-resolution LED screen, and the restoration and enhancement of the Palace Theatre. Construction is slated to begin in the first half of 2017.

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39-Florence-St-Malden-MA
LoansMassachusettsMultifamilyNortheast

Fantini & Gorga Arranges $19.9M Loan for Apartment Complex in Massachusetts

by Amy Works

MALDEN, MASS. — Fantini & Gorga has arranged a $19.9 million first mortgage for Residences @ Malden Station, a recently completed and stabilized multifamily property at 39 Florence St. within Malden Center in Malden. The transit-oriented development features 18 studio units, 39 one-bedroom units and 27 two-bedroom units with granite countertops, stainless steel appliances, and in-unit washer/dryers. On-site amenities include a 24-hour fitness center, common roof deck, clubroom and a WiFi lounge. Derek Coulombe, John Gorga and Despina Hatzipetrou of Fantini & Gorga secured the financing through Lincoln Financial Group for the undisclosed borrower.

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MultifamilyNortheastPennsylvaniaSeniors Housing

Weber Wood Medinger/CORFAC Brokers Sales of Two Land Parcels in Suburban Pittsburgh

by Amy Works

BETHEL PARK, PA. — Weber Wood Medinger/CORFAC International has brokered the sales of two land parcel located in Bethel Park, a suburb seven miles southwest of Pittsburgh. In the first transaction, Kaufman Jacobs Capital Investments purchased five acres of land to develop an assisted living and memory care community off Baptist Road within the master-planned Cool Springs Sports Complex in Bethel Park. Operated by Vero Beach, Fla.-based Harbor Retirement Associates, HarborChase of Bethel Park will feature a variety of lifestyle choices for residents as well as hospitality-inspired amenities. In a separate deal, Rolling Lambert acquired a 10-acre wooded parcel within the Cool Springs Sports Complex in Bethel Park. Rolling Lambert plans to build a 23-unit carriage-style, townhome community on the site. Construction on both properties will start in early spring 2016, with the townhomes delivered in mid-2016 and the assisted living facility scheduled to open in 2017. Kevin Riley of Weber Wood Medinger represented the seller, Penn Grove Group Capital, in both transactions. The acquisition prices for the transactions were not disclosed.

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LoansMultifamilyNew HampshireNortheast

CBRE/NE Secures $4.1M in Refinancing for Rosewood Apartment Living in New Hampshire

by Amy Works

SALEM, N.H. — CBRE/New England has arranged a $4.1 million loan for the refinancing of Rosewood Apartment Living, a 42-unit multifamily property in Salem. The borrower is Circle Rental Management. Originally developed in 1968, Rosewood Apartment Living features seven colonial-style, three-story buildings containing six units each. John Kelly and Sam Dylag of CBRE/NE procured the financing for Circle Rental Management.

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22-24-W-38th-St-NYC
New YorkNortheastOffice

Eastern Consolidated Arranges $43.5M Sale of 70,000 SF Office Building in NYC

by Amy Works

NEW YORK CITY — Eastern Consolidated has brokered the sale of a 70,000-square-foot office building located at 22-24 W. 38th St. in Midtown. Dalan Management acquired the asset for $43.5 million. The 12-story property features ground-floor retail space. Ron Solarz and Nataliya Stemakh of Eastern Consolidated represented the seller, 22 West 38th Street Associates LLC, while Ben Tapper, also of Eastern Consolidated, represented the buyer in the transaction. Gary Meese of Eastern Consolidated served as analyst for the deal.

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New JerseyNortheastRetail

HFF Negotiates $30.5M Sale of 115,500 SF Retail Center in New Jersey

by Amy Works

LINDEN, N.J. — HFF has brokered the sale of Linden Commons, a 115,500-square-foot retail center situated on 10.7 acres at 1701 W. Edgar Road in Linden. Prestige Properties & Development acquired the asset from Lamar Cos. for $30.5 million. Built in 1955 and reconfigured in 2014, the property is fully leased to eight tenants, including Burlington Coat Factory, Blink Fitness, TJ Maxx, Buffalo Wild Wings and Sprint. Jose Cruz, Kevin O’Hearn, Chris Munley, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.

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