HATFIELD, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $7.65 million in bridge financing for a mixed-use development in Hatfield. The loan was structured with an 18-month initial term, an 18-month extension and 4.25 percent interest rate. The financing has a loan-to-value of 65 percent. Matthew Rosenberg of MMCC’s Philadelphia office arranged the financing.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a multifamily building in Central Harlem and a development site in East Harlem for a combined total of $5.8 million. In the first transaction, a real estate investment firm purchased 227 West 150th St. in Central Harlem for $3.6 million. The five-story, 14,554-square-foot building features 21 residential units. In the second transaction, a developer acquired a development site at 318 East 117th St. in East Harlem for $2.2 million. The property includes a three-story, vacant warehouse and features approximately 7,569 buildable square feet. Victor Sozio, Michael Tortorici, Josh Berkowitz and Marko Agbaba of Ariel Property represented the sellers and procured the buyers in both deals.
HAMDEN, CONN. — Hamden-based Press/Cuozzo Commercial Services has arranged a long-term lease for Cross Sector Consulting LLP. The company will relocate from its downtown New Haven, Conn., location to occupy 1,750 square feet of office space at 2558 Whitney Ave. in Hamden. Joel Nesson of Press/Cuozzo represented the landlord, Cucinelli Whitney LLC, while Kevin Walker, also of Press/Cuozzo, represented the tenant in the deal.
NEW YORK CITY — Madison Realty Capital (MRC) in partnership with USAA Real Estate Co. are developing a 170,918-square-foot multifamily building on the corner of Waverly and Atlantic avenues in the Clinton Hill neighborhood of Brooklyn. The partnership has acquired four properties, plus additional development rights from neighboring properties, through two off-market transactions to assemble a 27,466-square-foot site with 170,918 square feet of development potential. Initially MCR purchased 551 Waverly Ave. for $23.5 million and has now closed on three adjacent properties for $7.5 million to complete the site assemblage with frontage along Atlantic Ave. The partnership expects a total investment of $88.5 million to complete the project. The eight-story residential building will feature 191 apartments, including studio, one- and two-bedroom units, retail storefronts along Atlantic Avenue. Additionally 27,515 square feet of the building will be below grade and used for amenity space, storage space and 96 parking spaces.
NEW YORK CITY — The Moinian Group, along with Tishman Construction, have topped off 605 West 42nd Street, a 1,174-unit residential tower at the northwest corner of West 42nd Street and 11th Avenue in Manhattan. Upon completion, the property will offer studios, one- and two-bedroom units with 939 as market-rate apartments and 235 as permanently affordable apartments. Additionally, there will be penthouses on the top floors. On-site amenities include a 70,000-square-foot clubhouse, complete with indoor and outdoor pools and spa services. The building, which is designed by Goldstein Hill & West Architects, is slated to begin pre-leasing in spring 2015.
MORRISTOWN, N.J. — Mill Creek Residential has opened Modera 44, a luxury apartment community located in Morristown. The 268-unit community offers a mix of studio, one- and two-bedroom residential units. Apartments feature 9-foot ceilings, upscale finishes, custom cabinetry, wood plank-style flooring and spa-like bathrooms with soaking tubs. The units also feature gourmet kitchens with moveable chef islands, quartz countertops and Energy Star stainless steel appliances. On-site community amenities include a 24-hour fitness center that features a yoga studio, spin room and towel service, and two landscaped courtyards with gas grills and a fire pit.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use property located at 1322 Cortelyou Road in Brooklyn’s Ditmas Park section. The 8,000-square-foot asset sold for $2.1 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’ Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
CANONSBURG, PA. — HLC Equity has purchased a retail property located at 601 West Pike St. in Canonsburg. Rite Aide occupies the 13,825-square-foot property under a triple-net lease. Constructed in 2006, the freestanding building has been occupied by Rite Aid since 2006. Dean Zang of Marcus & Millichap brokered the transaction.
NEWARK, N.J. — HFF has brokered the sale of Parkwood Place Apartments, a mid-rise apartment community located in the Forest Hill neighborhood of Newark. A joint venture between Alex Brown Realty and Treetop Development sold the 294-unit property for $23.8 million, or $80,952 per unit, to an undisclosed buyer. Parkwood Place Apartments comprises seven six-story buildings featuring 71 studio, 147 one-bedroom and 76 two-bedroom units. Jose Cruz, Andrew Scandalios, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.
CLINTON, N.J. — Woodmont Industrial Partners has completed the sale of I-78 Logistics Center. Located at 111 Cokesbury Road in Clinton, the distribution center sold for $28 million or $38.50 per square foot. The 729,000-square-foot facility recently underwent a $4 million capital improvements program that included the addition of 36 new loading dock positions, T-5 lighting and new HVAC and sprinkler systems, as well as a parking lot expansion. The name of the buyer was not released.