HOBOKEN, N.J. — Marcus & Millichap has brokered the sales of two apartment buildings in Hoboken. 406 Madison, an eight-unit apartment building, sold for $1.1 million, and 120 Jefferson, an eight-unit residential building, sold for $1.3 million. Steven Matovski and Lawrence Conway of Marcus & Millichap’s New Jersey office had the exclusive listings for both properties. Additionally, Matovski and Conway secured all-cash, non-contingent offers for the properties.
MALDEN, MASS. — Colliers International has arranged $175 million in financing for Granada Highlands, a multifamily community in Malden. The loan will be used to pay off existing debt and the completion of unit renovations and upgrades, plus the construction of an additional 236 units. Situated on 41 acres, Granada Highland currently includes 919 units in 13 buildings. Once the expansion is complete, the property will feature 1,155 units in 15 buildings and upgraded amenities, including a fitness center, business center, media room, outdoor resort-style pool with cabana, basketball courts, tennis courts and professionally landscaped grounds. John Broderick and Kevin Phelan of Colliers secured the financing for the borrower, Metropolitan Properties of America, through JP Morgan Chase.
NEW YORK CITY — Deka Immobilien GmbH, in a joint venture with New York-based Ashkenazy Acquisition Corp., has acquired 522 Fifth Avenue in New York. Morgan Stanley sold the property for $170 million. The two-level asset offers 8,411 square feet of corner retail space with approximately 25 feet of frontage along Fifth Avenue. There is an opportunity to reposition and enhance the property, potentially adding approximately 16,000 square feet of retail space and expanding the property’s storefront by 44 feet. Robert Stamm of Savills Studley’s U.S. cross-border group represented Germany-based Deka in the acquisition. Deka has real estate assets under management globally on behalf of private and institutional clients. The total value of those assets is €25 billion (US$31.7 billion). This transaction is the firm’s first joint venture acquisition in the United States.
BELLEVILLE, N.J. — Rendina has acquired a three-building medical office portfolio, located in Belleville, for $14.75 million. The 128,006-square-foot portfolio is situated on the campus of Clara Maass Medical Center (CMMC), a Barnabas Health facility. The purchase allows Rendina to bring management and leasing expertise to the properties, and also provides Barnadas Health an additional source of capital for the development of an 87,000-square-foot expansion at CMMC. Rendina will serve as the developer for the project, which includes a state-of-the-art intensive care unit, new hospital lobby and custom-designed physician office space. Site work, including a parking garage expansion, began in late September. In addition to handling management and leasing responsibilities, Rendina will invest more than $2 million in capital improvements and upgrades for the newly acquired properties.
NEW YORK CITY — Meridian Capital Group has negotiated $10.7 million in refinancing for a three-property multifamily portfolio located in Brooklyn. Totaling 33 units, the properties are located on Roebling Street, South Second Street and Bedford Avenue in the Williamsburg neighborhood of Brooklyn. The five-year loan, which was provided by a national balance sheet lender, features a 3 percent fixed interest rate and a 30-year amortization schedule. Judah Hammer of Meridian’s New York City headquarters secured the financing.
POTTSTOWN, PA. — Marcus & Millichap has brokered the sale of Hanover Courts, a 92-unit multifamily property located in Pottstown. An undisclosed partnership sold the property for $3.95 million to a regional limited liability corporation. Located at 371 N. Hanover St. and built in 1965, the property features 16 studio units, 52 one-bedroom units and 24 two-bedroom units. Clarke Talone, Ridge MacLauren and Andrew Townsend of Marcus & Millichap’s Philadelphia office represented the seller and buyer in the transaction.
BOSTON — New Boston Fund Inc., Asian Community Development Corp. (ACDC), New Boston’s Urban Strategy America Fund and Suffolk Construction have topped off the North Building of One Greenway, a mixed-income residential development located in Boston’s Chinatown neighborhood. The property, which is revitalizing an entire city block on Hudson Street, consists of two buildings bookended by an open space and new pedestrian connection between Hudson and Albany streets. Upon completion in summer 2015, the 312-unit North Building will offer 217 market-rate rentals and 95 affordable rental units. The second building, South Building, will offer 51 middle-income home ownership opportunities within a transit-oriented location. One Greenway received significant public support for its 146 affordable units from the Massachusetts Department of Transportation, the Department of Housing and Community Development, Department of Neighborhood Development and various other city and state agencies. Private investors and lenders include National Real Estate Advisors, PNC Bank, People’s United Bank, Property and Casualty Initiative, Boston Private Bank and RBC Capital Markets. Suffolk Construction is serving as general contractor for the project.
HUMMELSTOWN, PA. — A joint venture partnership between Heidenberg Properties Group, Norse Realty and Strategic Real Estate Partners has acquired Hershey Square Shopping Center in Hummelstown. Hershey Trust Company sold the property for $28.5 million. Developed in 1994, the 218,290-square-foot, supermarket-anchored center includes 30,600 square feet of in-line retail space and six outlots, including Applebee’s, Panera Bread and Verizon. Heidenberg Properties and its partners own and manage approximately 3.5 million square feet of retail, including several locations throughout Pennsylvania.
BOSTON — CBRE/New England’s Debt & Structured Finance group has secured acquisition financing for 100 High Street, a 28-story office building located in Boston’s Financial District. The 546,336-square-foot property is currently 64 percent leased to a variety of tenants, including technology companies, law firms and insurance companies. The borrower, CBRE Global Investors, plans to upgrade the property’s building systems and add its signature service and amenity program, including conference facilities and outdoor meeting areas. Carlos Febres-Mazzei, Kyle Juszczyszyn, Alex Bradley and Taylor Shepard of CBRE/NE secured the financing through GE Capital Real Estate.
CORTLAND, N.Y. — Binswanger has arranged the sale of a single-story industrial facility located at 3690 Luker Road in Cortland. Situated on approximately 24 acres, the 131,580-square-foot facility features an open floorplan, clear ceiling heights to more than 21 feet, wide-column spacing and heavy infrastructure loading, including 12,500-amp electrical service. Forkey Construction and Fabricating Inc. purchased the property, which was constructed in 1989, from BorgWarner Inc. for an undisclosed price. Jim Panczykowski of Binswanger’s New Haven, Conn., office brokered the transaction.
