NEW YORK CITY — Sugar Hill Partners has acquired a multifamily building located at 615 W. 136th St. in Manhattan. A Florida-based family trust sold the property for $7.8 million. Built in 1908, the 19,270-square-foot property features 20 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the buyer and the seller in the deal.
WORCESTER, MASS. — Roseland Residential Trust, a wholly owned subsidiary of Mack-Cali Realty Corp., has broken ground for 145 Front Street at City Square in downtown Worcester. As part of a multi-phased mixed-use development, the first phase will feature 237 apartments in a mix of studio, one- and two-bedroom layouts; an outdoor swimming pool with sundeck; a courtyard with fire pit; barbecue grills; a fitness center; a full-time concierge and a clubroom with billiards, computers, lounge area and game room. Additionally, the building will feature 10,000 square feet of retail space. At full build out, the mixed-use development will feature 365 apartments, a hotel, public parking garage and significant retail space. The first-phase community is slated for completion in third quarter 2017.
BOSTON — Chesapeake Lodging Trust has received a $150 million fixed-rate mortgage for the 502-room Hyatt Regency Boston, located at 1 Avenue de Lafayette in downtown Boston. Provided by MetLife, the 10-year loan features a 30-year amortization schedule. Chesapeake plans to use proceeds of the loan to repay outstanding borrowings under the trust’s revolving credit facility.
NEW YORK CITY — Madison Realty Capital has provided a $44 million first mortgage loan to recapitalize a student housing development located at 350 E. 10th St. in Manhattan’s East Village neighborhood. The 110,000-square-foot property was originally constructed in 1906 and operated as an elementary school until its closure in the mid-1970s. The undisclosed borrower acquired the vacant asset in 1999 and has since been pursuing the entitlement and redevelopment of the property. Proceeds of the loan will retire the existing indebtedness and provide capital for the pre-development. Upon completion, the five-story property will offer a variety of suite layouts and amenities, including a health center, fitness room and outdoor spaces.
NEW YORK CITY — Citicore has arranged the sale of a two-building mixed-use portfolio in the Bronx. Steven Staz, a Bronx-based investor, acquired the 81,174-square-foot portfolio from Semper Fi Management 7 Corp. and Cavan Properties for $14.9 million. The portfolio consists of a seven-story, 67-unit apartment building with two commercial stores located at 340 E. 184th St. and a five-story, 34-unit apartment building with five retail units located at 899 E. 169th St. Timour Shafran, Gem Algan and Steven Benatar of Citicore represented the buyer and the seller in the deal.
WOODBRIDGE, N.J. — Case Real Estate Capital, through Case Investors III, has provided a $15.1 million first mortgage bridge loan to SAMTD Acquisitions Woodbridge LLC, a residential developer, for the purchase of 7.1 acres of fully entitled land in Woodbridge. The property is approved for the construction of 355 residential units. Case expects the borrower to partner with a construction lender within a year to develop the residential property.
JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp., has opened M2 at Marbella, a residential tower located at 401 Washington Blvd. in downtown Jersey City. The 39-story property features 311 studio, one-, two- and three-bedroom apartment units. The property also features an 800-square-foot rooftop terrace, a 1,200-square-foot event room, a sky lounge, a 1,700-square-foot club room with lounge and billiard table, a conference room, two fitness centers with a yoga studio, a children’s playroom, an on-site concierge, an on-site dog run and a bike storage.
NEW YORK CITY — Madison Realty Capital has provided a $16.3 million loan to recapitalize a 26,965-square-foot retail condominium located at 68 Elizabeth St. in Manhattan’s Chinatown neighborhood. The retail condo is located on the lower floors of an 81,961-square-foot mixed-use building with 81 residential condominiums units on the upper floors. The retail space is currently occupied by Hong Kong Supermarket and Salon De Tops. The name of the borrower was not released.
NEW YORK CITY — Cignature Realty Associates has arranged the sale of a multifamily building located at 548 W. 164th St. in Washington Heights. Barberry Rose Management Co. acquired the 54-unit property for $16 million, or $283 per square foot. Built in 1910, the 56,634-square-foot property features one studio unit, 24 two-bedroom units, 12 three-bedroom units and 17 four-bedroom units. Lazer Sternell and Peter Vanderpool represented the buyer and the seller, Hillcrest Acquisitions LLC, in the deal.
NEW YORK CITY — The innovative and lifestyle products retailer Brookstone Inc. has retained New York-based RCS Real Estate Advisors to operate as its outsourced real estate department. RCS will work with Brookstone to manage its entire retail real estate portfolio and help the company develop growth strategies for its holiday pop-up stores and outlet locations. RCS will be responsible for all lease negotiations, site selection and implementation of Brookstone’s growth plans.
