HARRISBURG, PA. — Cronheim Mortgage has secured $26.3 million in permanent financing for Market Square Plaza, a 172,629-square-foot office building and 275-space parking facility in downtown Harrisburg. The loan features a 10-year term and a 30-year amortization schedule. The property has maintained 100 percent occupancy since its development in 2005. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the financing for the borrower.
HARTFORD, VT. — KeyBank has provided a $6.8 million construction loan to Twin Pines Housing Trust & Housing Vermont for the development and rehabilitation of historic affordable housing properties. The properties are part of Hartford Scattered Sites LP, which is located in downtown White River Junction in Hartford. Lynne Callis-Wilson of Key Community Development Lending arranged the financing.
RAYNHAM, MASS. — Calare Properties has acquired an industrial/flex building located at 480 Paramount Drive in Raynham for an undisclosed price. The 40,000-square-foot property is currently vacant. Situated on 7.5 acres and built in 2004, the facility features 20-foot clear ceiling heights, eight tailboard doors, loading docks and 111 surface-level parking spaces. Calare Properties expects the facility to be fully leased in the first half of 2016. CBRE/New England is handling leasing efforts for the property. The name of the seller was not released.
HARRISON, N.J. — Ironstate Development Co. and The Pegasus Group have opened Harrison Station 330, a collection of 329 rental apartments in Harrison. Situated one block from the Harrison PATH station, the property features studio, one- and two-bedroom residences, a lobby/lounge, a courtyard with a swimming pool, a fitness center, and 9,600 square feet of street-level retail space. Revitalizing the former industrial area, the residential community is the third phase of a multi-phase development that the companies are constructing adjacent to the PATH station. The project’s first two phases include 275 apartments, more than 20,000 square feet of street-level retail space and a 138-key Element hotel. Once completed, the overall development will feature 2,250 residences and 80,000 square feet retail, in addition to the hotel. Residences at Harrison 330 currently offer monthly rents starting at $1,555.
MELROSE, MASS. — Wood Partners has broken ground for 37 Washington, a residential development in Melrose. The 88-unit property will feature granite countertops, stainless steel appliances, in-unit laundry and walk-in closets. Additionally, on-site amenities will include a courtyard with fire pit, and outdoor grills and seating. Leasing is expected to begin in November 2016, with the community slated to open in December 2016.
WESTVILLE, N.J. — Houlihan-Parnes Realtors has arranged the sale of Inverness Apartments, a garden-style apartment complex located at 5600 Shetland Way in Westville. Coolidge Inverness LLC sold the property to an undisclosed buyer for $27.3 million. Situated on more than 30 acres, the property features 368 multifamily units. Robert Tiburzi of Houlihan-Parnes Realtors brokered the transaction.
PHILADELPHIA — A partnership between The Goldenberg Group, Hines and ASB Real Estate Investments has broken ground for a residential tower located at 1213 Walnut St. in Philadelphia’s Center City. At 26 stories and 300,000 square feet, 1213 Walnut will feature 332 for-rent studio, one- and two-bedroom residential units. Additionally, the tower will feature more than 7,200 square feet of retail space on Walnut and Sansom streets and more than 11,000 square feet of amenities, including a great room, outdoor terrace, gaming area, entertainment kitchen, private conference area, a 3,000-square-foot fitness center, rooftop deck, an elevated private dog park and bicycle storage. The project team includes Design Collective Inc. as base-building architect, RD Jones & Associates as interior designer and architect, and Hunter Roberts Construction Group as general contractor. Wells Fargo Bank is providing construction financing for the project, which is slated for occupancy in summer 2017. This project is the first joint venture between Goldenberg, Hines and ASB.
BASKING RIDGE, N.J. — Onyx Equities and Rubenstein Partners have completed a $9 million renovation of a 300,000-square-foot office property located at 211 Mount Airy Road in Basking Ridge. The repositioning program included a new multistory lobby with a 15-foot media wall, refurbished common areas, a fitness center with locker rooms, a cafeteria and a 127-seat auditorium. Additionally, the building’s façade was removed and replaced with a glass curtain wall allowing more natural light and views of the 52-acre campus. Newmark Grubb Knight Frank is handling leasing for the property, which is owned by Onyx and Rubenstein.
NEW YORK CITY — SL Green Realty Corp. is selling its 90 percent stake in the residential condominium property at 248-252 Bedford Ave. in Brooklyn. The 72-unit multifamily building, which was owned in partnership with Magnum Real Estate Group, has a gross market valuation of $55 million, or $1,242 per square foot, excluding the retail portion of the property. The transaction is expected to close in the first quarter of 2016. SL Green acquired its interest in the 44,279-square-foot property, along with 12 townhomes, for $54.9 million in 2012. The company has since sold off the 12 townhomes for gross sales totaling $25.5 million. SL Green will retain its interest in the building’s street-level retail condominium, which comprises 51,470 square feet.
AVENEL, N.J. — Sitex Group has acquired a 20-acre site located at 215 Blair Road in Avenel within the Exit 12 submarket in New Jersey for an undisclosed price. The property includes a 175,000-square-foot warehouse facility with four acres of trailer parking, as well as excess land for development of a 200,000-square-foot cross-dock distribution facility. Sitex plans to rehabilitate the existing property, which is a former C&S Wholesale Grocers/White Rose Foods warehouse, and construct a 200,000-square-foot speculative logistics facility with 36-foot ceiling heights, 53 loading docks and several acres of on-site trailer parking. Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine, Jennifer Ferrara and Susan Strauss-Rickwalder of CBRE represented the buyer and undisclosed seller in the transaction.
