CAMBRIDGE, MASS. — Brookwood Financial Partners has completed the disposition of One Alewife Center, which is located at the intersection of Routes 2 and 16 in Cambridge. James Campbell Company LLC purchased the four-story, 89,875-square-foot office building for $21.6 million. Brookwood originally acquired the office building in June 2012 and since then increased the property’s occupancy from 53 to 91 percent. The Boston office of Colony Realty Partners advised the buyer, while Robert Griffith, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller in the transaction.
Northeast
PITTSBURGH, PA. — Village Green is breaking ground for the development of Morrow Park City Apartments, an apartment community in Pittsburgh’s Bloomfield neighborhood. The $40 million community will feature 213 apartment units, a hotel-style lobby with a two-sided movie screen, Zen garden, courtyard, indoor/outdoor pool, 24-hour fitness center, business conference center, heated, underground parking and a club room with a bar, fireplace and gourmet kitchen.
NEW YORK CITY — Meridian Capital Group has arranged an $18 million mortgage for the refinancing of an office building in New York. The 12-story, 95,500-square-foot office property is located at 114 West 26th Street at the intersection of the NoMad, Flatiron and Chelsea neighborhoods. The property offers 88,000 square feet of office space and 7,500 square feet of retail space. The 7-year loan, which was provided by a regional balance sheet lender, features a 4.25 percent fixed rate and a flexible prepayment penalty. David Zlotnick of Meridian Capital Group negotiated the transaction.
ERIE, PA. — Hilton Worldwide has opened its 32nd Home2 Suites by Hilton. Located near interstates 90 and 79 in Erie, the four-story, 79-suite hotel features an Oasis lobby area, Home2 MKT, Spin2 Cycle and complimentary continental breakfast. Additionally, the hotel features an indoor pool and gas grills for guests’ use. Chase Hotel Group owns the property.
FAIRFIELD, N.J. —Bussel Realty Corp. (BRC) has brokered the sale of an industrial flex facility located at 25 Dwight Place in Fairfield. Smart-MNLS LLC purchased the 33,484-square-foot property for $2.6 million from Ented Associates. Situated on 2.2 acres of land, the property features 4,000 square feet of office space, 20-foot ceiling heights, a loading dock and drive-in, 1,600 amps of power and parking for 90 cars. James Hodgkins of BRC represented the buyer in the transaction.
READING, MASS. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.6 million in senior financing and joint venture equity capital for LCB Senior Living’s acquisition of a seniors housing property in Reading. M&T Bank provided $13.5 million in acquisition financing, and Virtus Real Estate Capital provided the joint venture equity. LCB plans to rebrand the newly acquired property as The Residence at Pearl Street. The 86-unit assisted living community is situated in a former school building that was converted into seniors housing in 1997 by the previous owner. LCB plans to convert the first-floor units into memory-care units and continue to rehabilitate the property. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield arranged the financing on behalf of LCB Senior Living.
EAST TEXAS, PA. — Smooth-On Inc. has acquired 5700 Lower Macungie Road in East Texas for $3.5 million. Located in the Lehigh Valley region, the 358,000-square-foot property features 10 interconnected industrial and flex buildings with ceilings ranging from 16 to 22 feet. Additionally, the 31-acre property site offers more than 740 parking spaces. Smooth-On plans to expand and relocate from its current location in Easton, Pa. Mike Adams of NAI Summit represented the buyer in the transaction. The seller, Day-Timer, a division of ACCO Brands, was represented by the Cushman & Wakefield team of Gerry Blinebury, Patrick McBride, Adam Campbell, Leah Balerno, Marie Connell, Lou Hall and Daniel Wilkins.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has placed a $13.12 million first mortgage on a property located at 4 West Red Oak Lane in White Plains. The property features a 135,000-square-foot office building, which is occupied by 21 tenants. GHP Office Realty, the office building division of Houlihan-Parnes Realtors, manages and leases the building. Provided by a local bank, the loan has a 4 percent interest rate for a 5-year term on a 30-year amortization schedule. Additionally, the loan features a renewal option and flexible pre-pay schedule. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrower in the transaction.
ELIZABETH AND IRVINGTON, N.J. — Gebroe-Hammer Associates has completed three multifamily sales totaling $5.76 million and 86 units in Northern New Jersey. In Elizabeth, Stephen Tragash and Steven Follman of Gebroe-Hammer arranged the sale of 1009-1015 East Jersey Street, a 34-unit apartment property. The low-rise, garden-style property sold for $2.2 million. Also in Elizabeth, David Oropeza and Tragash brokered the $1.9 million sale of 409-421 Jefferson Avenue. A private equity fund sold the 34-unit property, which was built in 1971. In Irvington, Joseph Brecher and David Jarvis of Gebroe-Hammer arranged the sale of Gold Haven Commons, an 18-unit condominium apartment property located at 512-516 Union Ave. Featuring one-bedroom and three-bedroom units, the property sold for $1.65 million.
BALA CYNWYD, PA. — Philadelphia-based Binswanger has brokered a 20,479-square-foot lease at 401 City Ave. in Bala Cynwyd. LF Driscoll Co LLC will occupy the space at the 400,000-square-foot Class A office building. Nick Sannelli and Josh Haber of Binswanger represented the tenant in the long-term lease.