NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 718 W. 171st St. in Manhattan’s Washington Heights neighborhood. Heritage Realty Services acquired the 21,735-square-foot walk-up property for $7 million. The building contains 22 apartments, with an average rent of $1,490 per month. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and the seller, Haven Holding LLC, in the transaction.
PARSIPPANY, N.J. — CBRE Group Inc.’s Capital Markets Debt & Structured Finance team has arranged a $5 million short-term bridge loan for One Gatehall Drive, a 113,220-square-foot office property in Parsippany. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a local commercial bank for the borrower, GLB Gatehall LLC. The borrower is a partnership of Glenborough, a privately held full service real estate firm, and a large institutional real estate investor.
TENAFLY, N.J. — HREC Investment Advisors has arranged the sale of the Clinton Inn Hotel & Event Center located at 145 Dean Drive in Tenafly. The buyer, 145 Dean Drive LLC, acquired the 119-room property for an undisclosed sum. Ketan Patel and Geoff Davis of HREC represented the seller, Concord Hospitality Enterprises, in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged a $95 million mortgage for the refinancing of an office property located on lower Broadway in Manhattan’s Financial District. The 12-year loan, provided by a life insurance company, features a 3.78 percent fixed rate and six years of interest-only payments followed by a 30-year amortization schedule. Constructed in 1983, the 32-story property offers 403,800 square feet of Class A office space. Abe Hirsch and Daniel Jacob Meridian negotiated the financing for the undisclosed borrower.
DEDHAM, MASS., AND FT. LAUDERDALE, FLA. — Chatham Lodging Trust has acquired two hotels from Claremont Cos. for $55 million, or approximately $298,000 per room. The company purchased the 81-room Residence Inn Boston in Dedham, which recently underwent a $2 million renovation program, and is under contract to acquire the 105-room Residence Inn Fort Lauderdale Intracoastal/Il Lugano in Fort Lauderdale. The 14-story property was converted from a Il Lugano Hotel and Residences to a Residence Inn in 2014. Both properties will be managed by Island Hospitality Management.
NEW YORK CITY — Cushman & Wakefield has arranged an $8.1 million construction/rehab loan for a corner retail property located in Brooklyn’s Prospect Park South. The loan features a three-year term, with extensions, at an interest rate of LIBOR (London Interbank Offered Rate) plus 4.25 basis points. The loan will cover 100 percent of the project costs, which include significant renovations to the existing building. Preston Flammang of Cushman & Wakefield handled the transaction. The name of the borrower was not released.
STORRS, CONN. — HREC Investment Advisors has arranged the sale of the Nathan Hale Inn & Conference Center in Storrs. The University of Connecticut (UCONN) purchased the property for an undisclosed sum. Situated on the campus of UCONN, the property features 98 guestrooms. Ketan Patel and Geoff Davis of HREC represented the undisclosed seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 137 Frost St. in Brooklyn. The 7,500-square-foot parcel sold for $5.3 million. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
NEW YORK CITY — A joint venture between Fisher Brothers, Witkoff and New Valley has broken ground on 111 Murray Street, an 800-foot residential tower in Tribeca. Designed by Kohn, Pederson Fox, the property will feature more than 300,000 square feet of condominiums, ranging from one-bedroom to five-bedroom units priced between $2 million and more than $17.5 million. The 157-residence tower will feature a 24/7 doorman and concierge, lobby, private dining room with fully equipped demonstration kitchen, landscaped private garden, 75-foot lap pool, children’s splash pool, fitness center, hair salon, teen arcade, children’s playroom and media room. Completion is slated for early 2018.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 23 E. 17th St. in Manhattan’s Ladies’ Mile Historic District. The 10,998-square-foot property sold for $13.2 million, or $1,205 per square foot. Built in 1902, the six-story property consists of two ground-floor retail spaces, one second-floor commercial space and apartment units on the upper floors. Thomas Gammino Jr., John Ciraulo and Craig Waggner of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.
