BINGHAMTON, N.Y. — Arbor Commercial Mortgage has provided a $12.2 million loan for a multifamily property in Binghamton. The 716-unit property received the financing through Arbor Realty Trust’s Bridge product line. Alex Kaushansky of Arbor’s New York City office originated the loan.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a two-building apartment property located at 270-274 E. Second St. in Brooklyn. The 12-unit property sold for $3.6 million. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn’s office represented the seller, a private investor, and the buyer, a REIT, in the transaction.
NEW YORK CITY — An undisclosed buyer has acquired a mixed-use building located at 1902 Church Ave. in Brooklyn’s Flatbush neighborhood. The corner property sold for $3.3 million, or $357 per square foot, in an all-cash transaction. The three-story, 9,250-square-foot building features nine rent-stabilized apartments and three commercial units. Richard Velotta of Cushman & Wakefield handled the transaction. The name of the seller was not released.
CHESTER, N.H. — NAI Norwood Group has arranged the sale of the former Chester College of New England in Chester. Busch International acquired the asset for $1.5 million. The property consists of four buildings, totaling 50,000 square feet, of dining, classroom, library and dorm room space. The buyer plans to seek accreditation from the State of New Hampshire and reopen the school, which closed in May 2012, as a private school. Slated to open in May 2016, the new house will house and serve approximately 200 students in grades 7-12. Karl Norwood, Chris Norwood and John Hoben of NAI Norwood represented the undisclosed seller in the transaction.
UPSTATE NEW YORK; HARTFORD, CONN.; AND PHILADELPHIA — Equity Commonwealth (NYSE: EQC), a real estate investment trust (REIT) based in Chicago, has sold 13 properties in three separate transactions totaling $261 million. In the first transaction, the company sold an 11-property portfolio of small office assets totaling 2 million square feet in upstate New York for $104.6 million. The company also sold City Place, an 868,000-square-foot office property at 185 Asylum St. in Hartford, Conn., for $113.3 million. The office is the tallest building in Hartford. As of June 30, the property was 98.7 percent leased. In the third transaction, Equity Commonwealth sold an undisclosed property at the corner of North 16th and Race streets in Philadelphia for $43 million. The 609,000-square-foot vacant property is currently vacant. The buyers in all three sales were not disclosed. Concurrent with the dispositions, Equity Commonwealth has doubled its share buyback program from $100 million to $200 million. The company has repurchased 3.4 million shares of its common stock at an average price of $25.76 per share for a total investment of $87.8 million. The company currently has $112.2 million available for share repurchases over the next 12 months. Equity Commonwealth’s stock price closed …
WALL TOWNSHIP, N.J. — Holliday Fenoglio Fowler (HFF) has arranged $23.7 million in refinancing for a four-building office complex in Wall Township. Located at 1800 Route 34, the 189,836-square-foot complex is occupied by French & Parrello, First Credit Union, The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling. Constructed between 2001 and 2007, the property is 95 percent leased. Michael Klein led the HFF debt placement team that arranged the 10-year, fixed-rate loan through CIBC World Markets for the borrower, The Donato Group.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of an industrial property located at 58-44 Maurice Ave. in the Maspeth area of Queens. The former baking facility of Junior’s Cheesecakes of Flatbush Avenue sold for $4.5 million. The building is split into 14,000 square feet on the ground level, a 1,500-square-foot mezzanine storage area and 1,500 square feet of office space on the mezzanine. The buyer, Quality Installation NY Inc., plans to use the space for the warehousing and manufacturing of furniture and workstation products and repairs. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin represented the seller, Let it Be Realty LLC, while DY Realty represented the buyer, Quality Installation NY Inc.
NEW YORK CITY — An undisclosed buyer has acquired an apartment building located at 316 68th St. in Brooklyn’s Bay Ridge neighborhood for $3.7 million, or $240 per square foot, in an all-cash transaction. The four-story, 15,390-square-foot property features 20 units, of which 19 are rent stabilized and one is rent controlled. Brendan Maddigan and Aaron Warkov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
NEW YORK CITY — Shaw Industries, a carpet manufacturer, has signed a long-term lease to occupy 7,963 square feet of retail space at 853 Broadway in Union Square. The company will take occupancy of the entire third floor at the end of this year to use as a showroom. The third floor is the first of three floors that were recently renovated with a glass curtain wall. The 21-story, 212,000-square-foot office building is owned and managed by The Feil Organization. Robert Fisher provided in-house representation for the landlord, while Nicholas Weld and Michael Affronti of CBRE represented Shaw Industries in the transaction.
GLASTONBURY, CONN. — CBRE Capital Markets’ Debt & Structured Finance team has arranged $51.4 million in debt and equity for the development of Flanagan’s Landing, a 250-unit multifamily complex located in Glastonbury. The $36.5 million construction loan, which was provided by Wells Fargo Bank, carries a three-year term plus a mini-perm at a market spread over LIBOR. A private institutional investor contributed equity in excess of $14 million. The developers will convert a historic mill into a 250-unit apartment community featuring garages, an electric car charging station, carport parking, fitness center, billiards cyber-lounge, a heated in-ground salt water pool, picnic and sundeck areas. In-unit amenities include washers and dryers and top-of-the-line finishes. Additionally, Flanagan’s Landing will include 6,150 square feet of commercial space. Mike Riccio, Susan Larkin, Anna Pfau and Kyle Juszczyszyn of CBRE placed the debt and equity on behalf of a joint venture between Lexington Partners and a private equity firm.