ORADELL, N.J. — NorthMarq Capital has arranged $16.5 million in refinancing for the New Jersey Health Care Center in Oradell. Located at 680 Kinderkamack Road, the property offers 75,000 square feet of medical office space. The transaction features a 10-year term and a 30-year amortization rate. Gregory Nalbandian of NorthMarq’s New Jersey office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with Sentinel Investments.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 153 Eagle St. in Brooklyn. The six-unit property sold for $1.7 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both of which are private investors, in the transaction.
ANDOVER, MASS. — Wood Partners LLC has broken ground on a mixed-income rental community on the former site of the Rolling Green Golf Course on Wood View Way in Andover. The 224-unit development will include 134 one-bedroom units, 70 two-bedroom units and 20 three-bedroom units, 56 of which will be affordable units. Leasing is expected to being in April 2016 and construction is slated for completion in July 2016. Interior finishes will include granite countertops, stainless steel appliances, wood cabinets, upgraded lighting and plumbing fixtures and wood-plank style flooring. Additionally, each residential building will include a fitness center with cardio and weigh-training and yoga/stretching space. The community clubhouse will feature gaming and media functions, wireless connectivity, a coffee bar and serving kitchen. Other on-site amenities include a saltwater pool, expansive sundeck, two courtyards with grilling stations and outdoor dining space, a multi-use recreational field, half basketball court, children’s outdoor play equipment and a dog park. The property will be managed by Wood Residential Services, Wood Partners’ property management division. WP East Builders is the general contractor, BlackRock is the equity partner, and Chelsea, Mass.-based The Architectural Team designed the community.
NEW YORK CITY — City Urban Realty and Madison Realty Capital have acquired a mixed-use residential and commercial property located at 14-16 Fifth Ave. in Greenwich Village. The partnership purchased the asset for $27.5 million from an undisclosed seller. The five-story, 20,219-square-foot building features 18 residential units, two commercial spaces and 52 feet of frontage along Fifth Avenue. The property also features 43,000 square feet of additional residential development rights. The buyers plan to renovate the existing apartments, lease-up vacant units and explore potential redevelopment options for the property. Additional terms of the transaction were not disclosed.
WEST CHESTER, PA. — HFF has arranged the sale of Halstead, an apartment and townhome community in West Chester. TGM Associates sold the 198-unit property to Metropolitan Management Corp. for an undisclosed price. Situated on 11 acres at 812 Goshen Road, the property consists of six two-story courtyard buildings containing 48 one-bedroom flats, 109 two-bedroom townhomes and 41 three-bedroom townhomes with flat-style units averaging 770 square feet each and townhomes averaging 1,076 square feet. Community amenities include a newly renovated clubhouse, fitness center and bark park. Mark Thomson, Zac Pierce and Jose Cruz of HFF represented the seller in the transaction.
PITTSTON TOWNSHIP, PA. — Scannell Properties has selected Meridian Design Build’s National Projects Group to coordinate the construction of a 304,317-square-foot package and sorting distribution center in Pittston Township. Situated on 60 acres, the facility will include 99 loading docks, 238 interior van loading positions, 586 auto parking stalls, 375 exterior trailer stalls, 15,618 square feet of office space, a 3,135-square-foot gateway building and a 5,180-square-foot maintenance shop. Precept Design LLC is providing architectural services and Kimley-Horn providing civil engineer services for the project. The facility is being constructed on a build-to-suit basis for a leading provider of global shipping and information services.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 729 Lafayette Ave. in Brooklyn. Bart Zimmerman of the Barcel Group purchased the 17-unit property for $5.4 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds from Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company in the transaction.
How long will the scorching hot multifamily market hold up? The transactional markets continue to be bolstered by low interest rates, as well as an insatiable appetite from both private and institutional equity. I don’t believe the multifamily market will cool off in 2015. Our HFF multifamily team in Philadelphia will soon be shattering price per unit records in both the suburbs and in Center City Philadelphia. Interestingly enough, half of our transactions will be purchased by new buyers, meaning buyers new to our market, new start-up companies, or established funds that are new to the multifamily arena. As is typically the case, attractive debt and abundant equity are fueling the fire. With respect to multifamily debt, it has been encouraging to see some true competition back in the market. We enter 2015 with an extremely robust debt environment wherein the agencies are being forced to compete with regional banks, life companies and CMBS options. Back in October, HFF brokered the sale of Yardley Crossing in Bucks County. This 196-unit, Class B asset, built in the early 1970s, was priced slightly below a 6 percent cap rate and roughly $170,000 per unit, but still commanded 25 tours and 15 offers. …
EWING, N.J. — PRC Campus Centers LLC, a member of the PRC Group, is planning to expand its Campus Town at The College of New Jersey in Ewing by adding two residential buildings, which will accommodate 166 additional students. The second phase, which is scheduled to open in fall 2016, will bring an additional 74,000 square feet of one-, two-, and four-bedroom apartments to the existing 278,000-square-foot mixed-use property. The fully furnished apartments offer each student a private bedroom, a private or semi-private bathroom, full kitchen, living room, laundry room and secure access. The mixed-use complex features an 11,400-square-foot student fitness center and a variety of retail tenants, including Panera Bread, Barnes & Noble Bookstore, Piccolo Trattoria, Yummy Sushi, El Mexican Mariachi, Redberry Yogurt and Spencer Savings Bank. Additionally, the expansion will bring PRCs privately funded total investment to approximately $120 million. Campus Town is a public-private partnership between PRC and The College of New Jersey approved under the NJ 2009 Economic Stimulus Act.
MONTCLAIR, N.J. — The Pinnacle Companies has formed a joint venture with The Hampshire Companies to develop The MC Hotel in Montclair. Part of Marriott’s Autograph Collection, the 148-room boutique hotel will feature a rooftop bar, farm-to-table restaurant, conference center and a public art atrium. The joint venture will submit final construction plans in March, and, pending approval, will break ground in the spring. Construction financing will be provided by US Bank. Chicago-based Aparium Hotel Group will manage the property.